Yes. Utah Code § 57-8a-211 (HOAs under the Community Association Act) and § 57-8-7.5 (condominiums) require the board to have a reserve analysis conducted at least every 6 years and to review and, if necessary, update it at least every 3 years, unless the governing documents provide otherwise. The annual budget must include a reserve fund line item based on that analysis, and owners must receive a summary of the most recent analysis every year — though owners can veto the reserve line item by a 51% vote within 45 days of budget adoption.
Verified against the statute 2026-07-06
Both planned-community HOAs (Community Association Act, Title 57 Ch. 8a) and condominium associations (Condominium Ownership Act, Title 57 Ch. 8), regardless of when the association was created. The core duties (subsections (2)-(9)) do not apply during the declarant's period of administrative control, and the default study/update frequencies apply 'except as otherwise provided in the governing documents' (for condominiums, 'except as otherwise provided in the declaration').
Full reserve analysis at least every 6 years; review and, if necessary, update at least every 3 years (statutory defaults that governing documents may vary). The board may conduct the analysis itself or engage 'a reliable person or organization' — no professional credential is mandated.
Each annual budget must include a reserve fund line item in an amount the board determines, based on the reserve analysis, to be prudent (or a higher amount if the governing documents require it) — there is no statutory minimum percentage. Within 45 days after budget adoption, owners may veto the reserve line item by a 51% vote of allocated voting interests at a special meeting; if vetoed, the last un-vetoed reserve line item controls. Reserve funds must be kept separate and may not be diverted to other purposes or daily maintenance without a majority member vote (with a narrow statewide-emergency budget-shortfall exception).
The association must annually give every owner a summary of the most recent reserve analysis or update, and must provide the complete analysis to any owner who requests it. If the association fails to comply, an owner (after 90 days' written notice) may sue for an injunction, the greater of $500 or actual damages, and attorney fees, and a court may order expedited production of the analysis at the association's expense.
Reserve analysis at least every 6 years, review/update at least every 3; annual summary to lot owners plus full copy on request; budget must include a prudent reserve line item; 51% owner veto within 45 days; reserve fund kept separate; owner enforcement action with $500-or-actual-damages remedy after 90-day notice. Verified against the official versioned PDF (effective 5/5/2021, amended by Chapter 218, 2021 General Session).
Parallel provision for condominium associations, imposing materially the same rules on management committees: 6-year analysis / 3-year update ('except as otherwise provided in the declaration'), annual owner summary, prudent budget line item, 51% veto within 45 days, $500-or-actual-damages enforcement after 90-day notice, and separate reserve fund. Verified against the official versioned PDF (effective 5/5/2021).
Read the full official text of both sections from the Utah Legislature's versioned PDFs on le.utah.gov (each effective 5/5/2021, amended by Chapter 218, 2021 General Session): § 57-8a-211 confirmed the 6-year/3-year cycle, annual owner summary, prudent budget line item, 51% veto within 45 days, $500-or-actual-damages enforcement after 90-day notice, and exemption during declarant administrative control; § 57-8-7.5 confirmed as the materially identical condominium provision. Informational only — not legal advice. Confirm with the primary source and a community-association attorney licensed in Utah. Report an issue.
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