Nevada community association law
Reserve studies & budgets
NRS 116.3115, 116.31151-116.31152
What the law requires
Nevada associations must fund adequate reserves and commission a study of reserves meeting statutory requirements for who may conduct it and what it must contain, with a summary submitted to the Real Estate Division. Operating and reserve budgets, or summaries of them, go out to unit owners annually and are subject to ratification.
What it means for boards & managers
The Division filing is the part boards forget. The study, the annual budget distribution and the ratification meeting are three separate obligations on one calendar.
Read the full text
The sections this topic covers, as we hold them. Each opens the statute text itself, not a summary of it.
This summary is for orientation and is not legal advice. Statutes are amended; confirm the current text of NRS 116.3115, 116.31151-116.31152 with the official Nevada code, and consult counsel for specific situations.
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