AB 1516
Civil Code § 5570
Annual Budget Report / Assessment and Reserve Funding Disclosure Summary Form
Current law requires an association to distribute to its members an annual budget report and the Assessment and Reserve Funding Disclosure Summary form. The Davis-Stirling Act requires the form to contain certain information and disclosures regarding the association’s assessments and reserves, including a statement that the major components, as defined, are included in the association’s reserve study and calculations.
This bill makes technical changes to that form. Boards and Management companies are advised to update their Assessment and Reserve Funding Disclosure Summary forms to comply with these changes prior to issuing their next Annual Budget Report.
