Yes. Oregon requires both planned communities (ORS 94.595) and condominiums (ORS 100.175) to maintain a reserve account and to determine reserve requirements every year, either by conducting a reserve study or by reviewing and updating an existing one. The reserve account must fund major maintenance, repair, or replacement of common property expected in more than 1 and less than 30 years, and after turnover an association may elect not to fund reserves only with the approval of all owners each year.
Verified against the statute 2026-07-06
Both condominiums under ORS Chapter 100 and planned communities under ORS Chapter 94. For planned communities, the mandate reaches Class I and Class II communities (classification under ORS 94.550 based on lot count and assessment levels); small Class III communities and certain older subdivisions are covered only if their declaration or bylaws require it, the board adopts a resolution, or owners petition to opt in. Condominiums are covered generally, with narrow exceptions for very small (one- or two-unit) condominiums.
Annual — the board must conduct a reserve study or review and update the existing study every year (ORS 94.595(3); ORS 100.175). No multi-year statutory cycle; the review happens each budget year.
The reserve account must be funded by assessments based on the reserve study for items requiring major maintenance, repair, or replacement in more than 1 and less than 30 years; the board may adjust reserve assessments in line with the study without an owner vote. The board or owners may not simply vote to eliminate required reserve funding — after turnover, an annual election not to fund the reserve account requires approval of all owners. Reserves must be kept separate, used only for their established purpose, and borrowing from reserves requires a board resolution with a written repayment plan adopted no later than the adoption of the following year's budget.
The declarant must deliver the initial reserve study, maintenance plan, and reserve account records to the owner-controlled board at the turnover meeting (ORS 94.616), and the reserve study and maintenance plan are association records that owners may inspect. Neither statute requires a licensed professional preparer, but the study must account for the account balance, estimated useful life and replacement cost of each item, inflation, and expected investment return.
Declarant conducts the initial reserve study and maintenance plan; the board annually conducts a reserve study or reviews and updates the existing one; post-turnover, an annual election not to fund reserves requires approval of all owners; borrowing from reserves requires a board resolution and a written payment plan for repayment within a reasonable period.
Parallel condominium provision: reserve account for items needing major work in more than 1 and less than 30 years (including exterior painting), annual study or review/update, unanimous-owner election not to fund, reserves kept separate and used only for their designated purpose.
Re-verified against the official ORS Chapter 94 text at oregonlegislature.gov: ORS 94.595 confirmed verbatim (annual study or review/update, more-than-1-and-less-than-30-year funding scope, all-owner annual no-fund election after turnover, borrowing resolution with written repayment plan). ORS 100.175 is listed with its official catchline on the official oregonlegislature.gov Chapter 100 page (the full chapter page truncates in automated retrieval before the section text); its parallel substance was additionally corroborated via the full section text on oregon.public.law. Informational only — not legal advice. Confirm with the primary source and a community-association attorney licensed in Oregon. Report an issue.
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