Sonnenberg & Company CPAs, A Professional Corporation

Specializing in Not-for-Profit Organizations and Homeowners Associations since 1972

Reserve Studies

We are CAI designated Reserve Specialist #14 and have earned the title of Professional Reserve Analyst with the APRA (Association of Professional Reserve Analysts). In accordance with California Civil Code 5550, our firm prepares Reserve Studies with Physical Inspection and Reserve Study Updates.

Our reports include:

  • A detailed 30-year projection of components, replacement costs, annual funding, and cash balances
  • Budgetary recommendations
  • Three possible funding projections
  • Simplified summary page suitable for mailing to homeowners
  • Preparation of the annual Assessment and Reserve Fund Disclosure Summary


A partial list of California Civil Code sections relevant to HOAs:

§4100 "Common Interest Development" Defined

§4925 Open Meetings; Open Forum

§4280 Content of Articles of Incorporation

§5300 Annual Budget Report

§5305 Review of Financial Statement

§5550 Reserve Study Requirements

§5565 Summary of Association Reserves

§5800 Limitation of Officer and Director Liability

§5805 Limitation of Member Liability

§5600 Duty to Levy Assessments; Fees to Defray Costs

§4525 Disclosure to Prospective Purchaser