It is that time of year again; time for associations to being preparing their budgets. Starting on January 1, 2009 associations are now required to also distribute a “reserve funding plan” summary to membership. Associations are required to have a reserve study completed every three years. Under Civil Code Section 1365(b) a summary of the reserve funding plan must be distributed to the association’s members annually with the budget. We urge all associations to start their budgets early and to complete this reserve funding plan or have the association’s reserve study analyst complete this plan for the association.