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Q.What is the difference between operating funds and reserve funds?
A.“Operating Funds” are monies collected and used for recurring expenses the homeowners association will typically incur such as common area maintenance, janitorial services, utilities, management, insurance, and real property taxes. “Reserve Funds” are monies collected and used by the homeowners association to repair and replace major components of the property maintained by the HOA, such as the roof or an elevator.
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