Several of the board members in our community assoc consider our reserve study to be "only a guide". Upon conversation with board members of two different condo associations, I learned they follow their recommended reserve expenditures precisely as outlined by their studies. Should we be following the study to 'the letter of the law' or is it acceptable to use it only as a guide? Also, we obtained a reserve study but did not formally vote to accept it at a board meeting. Are we required to do that?
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