The Utah Condominium and Community Associations Acts were amended to require all owners associations to conduct and periodically update reserve analysis. Under the new laws, every association must conduct a reserve analysis before July 1, 2012 (unless you have had one performed since March 1, 2008). The reserve analysis is meant to determine the amounts needed to cover the costs of repairing and replacing common areas with a useful life of more than 3 years. After the initial reserve analysis is conducted, the association must update its reserve analysis every 2 years and conduct a complete analysis every 5 years.
The new laws also restrict how reserve fund money may be spent. The law prohibits reserve fund money from being spent on daily maintenance or for purposes other than what the reserve fund was established for, unless a majority of owners approve the expenditure.
The new laws do not apply to developer controlled associations. See law at the following link:
CONDOMINIUM AND COMMUNITY ASSOCIATIONS ACT