Untangling RESERVE STUDIES YOUR PRIMER FOR WHAT THEY ARE, AND WHY YOU NEED ONE BY PAUL HUIJING, P.E. W HAT ARE RESERVES AND HOW IS THAT RELATED TO A RESERVE STUDY? Community associations are responsible for a list of common components defined in the governing documents. Typically, these components are exterior to units. These common elements must be repaired or replaced by association funds at the end of their useful lives. The reserve account is intended to supply the capital to fund these repairs and replacements. 24 CONDOMEDIA