Minnesota law requires associations to include replacement reserves in their budgets that are adequate for future repairs and replacements, with boards responsible for periodic reevaluation at least every three years. Annual reports must disclose reserve balances. Although reserve studies are not required, they are considered a best practice to maintain association financial health.
Source: Community Associations Institute Summary of State Reserve Fund Laws
Note: This information is for informational purposes and is not intended to provide legal advice.
.png)
