Jason F. Wood quoted in article "What is your condo reserve fund?
Below is an excerpt:
Paid for as part of Homeowners Association (HOA) assessments on individual condo owners, the reserve fund is maintained by the condo HOA which should maintain a balance adequate to cover anticipated common-area maintenance items, said attorney Jason F. Wood, Arizona practice group chair for the Phoenix-based law firm of Quarles & Brady LLP.
Quarles & Brady has helped write CC&Rs (Covenants, Conditions and Restrictions) and other development documents for projects developed by companies such as Scottsdale-based Deco Communities. CC&Rs are the agreements and limitations established for a community at start-up.