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Generate the Reserve Funding Disclosure Report

Overview

The Reserve Funding Disclosure Report produces the statutory disclosure packet that California and Washington law require an Association in those states to distribute to members with its annual budget.

The report states your current assessment amount and any additional assessments already scheduled. The report also states whether reserves are projected to be adequate over the next 30 years, and gives a multi-year summary of reserve contributions and balances under the funding plan your board adopted.

Property managers, reserve analysts, and account admins use this report to prepare the annual budget disclosure for an Association's board. Board members use it to review or distribute the finished document.

SmartProperty shows this report only for Associations located in California or Washington.

Setup

  • View access. You need at least View only access to Reports to open this report.

  • Edit access. View only access is enough to run the report the first time, when the questions window opens on its own. Reopening the questions to change your answers needs Reports edit access. Without edit access, "Edit Report Settings" is not shown. You can view the most recently generated report, but you cannot change its answers or run it again.

  • Annual Assessment Fees. "Annual Assessment Fees" is set for the property for the fiscal year you are disclosing. The report asks you to confirm or update this figure. See Set your financial assumptions.

  • A funding plan for the year. At least one Funding Plan exists for the fiscal year you are disclosing. The report asks you to choose the plan your board adopted, and lists only plans created for that fiscal year. See Create and compare funding plans for your next budget year.

  • The fiscal year. The fiscal year selector in the top navigation shows the year you want to disclose. The funding plan choices and the report both come from that year's data.

If your Association operates in California or Washington and you do not see this report, contact SmartProperty.

How-to

Step 1: Open the report

  1. Select "Reports" in the left navigation. This opens the Reports page.

  2. Select the "Summary Reports" tab. This lists the "Reserve Analysis Report" and the other summary reports available to you.

  3. For a California Association, select "Reserve Funding Disclosure Packet (CA Civil Code §5570 and §5565)". This opens the report for the fiscal year shown in the fiscal year selector.

  4. For a Washington Association, select "Reserve Funding Disclosure Packet". This opens the report for the fiscal year shown in the fiscal year selector.

If the report has not been run yet, the "Reserve Disclosure Report" window opens on its own, with the heading "Please provide the following information to prepare your disclosure". On later visits, select "Edit Report Settings" at the top of the page to reopen the same window and change your answers.

Step 2: Answer the assessment questions

  1. Under the question that begins "Will your current Annual Assessment Fees change from", select "Yes" or "No". The question ends with your current amount, for example "Will your current Annual Assessment Fees change from $250,000.00?". "Yes" shows a "New Amount" field.

  2. If you selected "Yes", enter the new amount in "New Amount". The amount must be between $0 and $99,999,999.99.

  3. Under "Are there additional assessments that have been scheduled to be imposed or charged?", select "Yes" or "No". "Yes" shows the "Amount", "Date", and "Purpose" fields.

  4. If you selected "Yes", enter the "Amount", "Date", and "Purpose" of the additional assessment. "Purpose" accepts up to 250 characters.

You can enter one additional assessment at a time. An additional assessment you enter on a later run replaces the one you entered before.

Step 3: Choose the funding plan and who prepared the disclosure

  1. Select the "Select a funding plan to adopt" dropdown, then select the plan your board approved. The list shows each funding plan created for this fiscal year. Some plans also show their contribution, threshold, or target to help you identify the right one.

  2. Select the "Prepared By" dropdown, then select a name. The dropdown starts with your name, or with the name chosen on the last run. Select your company's name instead if your board prefers that attribution.

Step 4: Acknowledge and run the report

  1. Read the acknowledgement that begins "By checking this box, I agree that all of the information and any representations made throughout this application are complete, accurate, and truthful."

  2. Select the checkbox beside the acknowledgement. This enables "RUN REPORT".

  3. Select "RUN REPORT". This closes the window and builds the report from your answers, the Association's current reserve study, and its financial data. See What the report contains in Reference.

When you reopen the window with "Edit Report Settings", your previous answers are already filled in. The acknowledgement checkbox is cleared each time. Select the checkbox again before you select "RUN REPORT".

Step 5: Create the PDF

  1. Select "View As PDF" at the top of the page. This generates the finished document as a PDF.

This report does not offer filters, column selection, or an Excel export. For those controls on other reports, see Generate and export a report.

Reference

Disclosure questions

Field What it does
Will your current Annual Assessment Fees change from "Yes" or "No". The question ends with your current amount. "Yes" shows a "New Amount" field, between $0 and $99,999,999.99
Are there additional assessments that have been scheduled to be imposed or charged? "Yes" or "No". "Yes" shows the "Amount", "Date", and "Purpose" fields. "Purpose" accepts up to 250 characters. Holds one additional assessment at a time
Select a funding plan to adopt Required. Lists the funding plans created for the selected fiscal year
Prepared By Required. Starts with your name. You can select your company's name instead
Acknowledgement checkbox Required to enable "RUN REPORT". Cleared each time the window opens

What the report contains

For a California Association, the report opens with the Assessment and Reserve Funding Disclosure Summary required under Civil Code section 5570.

  • Your current average assessment.

  • Any additional scheduled assessments.

  • Whether reserves are projected to be sufficient over the next 30 years.

  • The status of major components.

  • A five year projection of contributions, expenditures, and reserve balances under the funding plan you selected.

The California report closes with a Summary of Association Reserves, citing Civil Code section 5565. The summary shows your starting balance, fully funded balance, percent funded, and a "Component Summary by Category".

For a Washington Association, the report opens with the same reserve summary, then the disclosures required under RCW 64.34.308.

  • A comparison of your current and recommended funding plans over five years.

  • Any additional scheduled assessments.

  • The 30 year sufficiency determination, with any additional contributions required.

Report controls

Control What it does
View As PDF Generates a PDF version of the report
Edit Report Settings Reopens the disclosure questions with your previous answers filled in, for you to change them and run the report again. Shown only with Reports edit access
RUN REPORT Builds the report from your answers and closes the window
Cancel Closes the questions window without running the report

State requirements

State Requirement
California Civil Code section 5570 requires the disclosure to accompany the Association's annual budget report. The report cites section 5570 for the disclosure summary and section 5565 for the reserve summary
Washington RCW 64.34.308 requires these disclosures as part of the Association's annual report to members

Troubleshooting

Select a funding plan to adopt has no options. No Funding Plan exists for the fiscal year shown in the fiscal year selector. Create a plan for that year, then reopen this report.

Edit Report Settings does not appear. You have View only access to Reports. Ask a user with Reports edit access to change the answers and run the report again. See the role reference.

The report does not appear on the Summary Reports tab. If you believe the report should appear for your Association, contact SmartProperty.