Lenders finding lack of Reserves may not lend money. The board has a fiduciary responsibility to plan for predictable expenses. The costs of maintaining the property will be fairly shared by all owners. The Reserve Study provides a predictable maintenance plan. A healthy Reserve Fund helps maintains the highest market value of the homes.
Adequate reserves help avoid special assessments which are both unfair and difficult to collect.
For a more, see Reserve Study Component List To ensure a thorough list, consider all structures on the property, not just the most obvious ones. For example, unit roofs are obvious but don't overlook garages, clubhouse and shed roofs. This will be the case in associations which were built in phases. Avoid combining dissimilar items together, like clubhouse roof and unit roofs. Separating these gives a more accurate picture of your Reserve needs and reduces confusion should questions arise in the future.