California law also requires detailed reserve disclosures in the annual budget package, including:
- A summary of current reserve funding level (often expressed as ‘percent funded’)
- Whether special assessments are anticipated
- A summary of the reserve funding plan
- The status of each major common-area component covered by the study
New developments must prepare an initial reserve study early in the life of the association — typically by the end of the first year of operation — so that budgets and assessments reflect long-term capital needs from the outset.
Reserve funds may only be spent on the items they are reserved for. Any withdrawal for other purposes is considered borrowing and must be disclosed to members. Association records, including reserve studies, must be made available for member inspection and copying.
California is effectively a model for what comprehensive reserve study legislation looks like. For a full breakdown, see our detailed guide to [reserve study requirements in California].
Colorado
Colorado’s reserve study requirements have evolved significantly in recent years.
Historically, the Colorado Common Interest Ownership Act (CCIOA) did not explicitly require associations to commission a professional reserve study.
It did, however, require every association to adopt a written reserve fund and reserve study policy describing if and how studies would be done and how reserves would be funded.
That policy had to address whether the association has a reserve study, whether there is a funding plan tied to it, and whether the study includes both physical and financial analysis. The law allowed studies to be internally prepared.
Recent legislation, such as House Bill 22-1387, strengthens existing law by moving Colorado toward mandatory reserve studies and funding plans for many common‑interest communities, but the exact application and timing can vary. Boards should consult Colorado counsel for current obligations.
This moves the state from “policy required, study optional but strongly implied” toward regular reserve studies and funding plans being required under updated law.
Colorado also requires associations to keep any existing reserve study as part of official records and make it available to owners upon request.
For the full details, see our guide to [reserve study requirements in Colorado].
Florida
Florida overhauled its reserve requirements after the Surfside condominium collapse in 2021.
Post-Surfside legislation mandates Structural Integrity Reserve Studies (SIRS) for condominium buildings three stories or higher, with dedicated reserves for specific structural components.
SIRS requirements go beyond traditional reserve studies by focusing specifically on structural safety — foundations, load-bearing walls, primary structural members, and other building elements where deferred maintenance poses a safety risk. The scope and cost of these HOA reserve studies are significantly greater than a standard reserve study.
Florida’s changes are the most dramatic example of how building-safety events are reshaping reserve study requirements nationwide. Exact SIRS components, timelines, and exemptions are defined by Florida statute and have been amended multiple times, so boards should rely on Florida counsel or their manager for current specifics.
Hawaii
Hawaii requires reserve studies for condominium associations under HRS § 514B.
Studies must be updated on a regular cycle, and associations are required to disclose reserve fund status to owners. The law reflects Hawaii’s recognition that the state’s climate and building environment create particular urgency around long-term maintenance planning.
Nevada
Nevada requires reserve studies for common-interest communities under NRS 116.
The state also requires reserve study specialists to hold state-issued permits — one of the few states with a specific licensing requirement for reserve professionals. Studies must be updated on a regular cycle and results disclosed to members.
Oregon
Oregon requires condominium associations to conduct an initial reserve study and review it annually under ORS § 94.595.
The declarant (developer) must conduct the initial study, and the association takes over responsibility for updates after transition. Oregon’s approach emphasizes that reserve planning should begin before homeowners even move in.
Virginia and Washington
Both states require reserve studies for condominium associations, generally with three- to five-year update cycles and annual review requirements. Washington’s law requires that studies include a visual inspection by a reserve study professional.
Maryland
Maryland requires reserve fund disclosures in resale certificates and has specific reserve study requirements for condominium associations under its Condominium Act. Reserve information must be available to prospective buyers during the resale process.
