News and Resources

RESERVE-ations Required

By: Linda J. Schiff, CMCA and President of COMMUNITY ADVANTAGE® of Barrington Bank and Trust Company, N.A. Fellow CAI Wisconsin member and CAI National Trustee.

Well it’s official! AB 254 is a reality and among many other things, it states your association must have a reserve account. So, now what? Well, there are a few ways to look at this:

1. We already have a reserve account so this doesn’t affect us.
2. We will open a reserve account with a minimum balance to be in compliance with the law.
3. We know about the law but no one is really going to check anyway…
4. AB 254, what’s that?

For a complete copy of this article, please contact Linda Schiff by phone at 847-842-7980 or by email at lschiff@communityadvantage.com.

January 2, 2006