Minnesota HOA reserve study requirements

A plain-language summary of Minn. Stat. § 515B.3-1141. Last checked October 2026.

Who it applies to: Common interest communities under the Minnesota Common Interest Ownership Act, for fiscal years starting on or after January 1, 2012. Nonresidential communities are exempt unless the declaration says otherwise.
How often: Replacement reserves go in every annual budget. The association must reevaluate their adequacy at least every third year.
Who can prepare it: The statute does not name a preparer. The reserves are those "projected by the board to be adequate".
What it must contain: Reserves must be adequate to replace components, based on each one's estimated remaining useful life. Components with more than 30 years of remaining life may be left out. Reserves must be kept separate from operating funds.

Can a board do its own reserve study in Minnesota?

Board may prepare it

Minnesota requires adequate reserves and a re-evaluation every three years, but does not require a formal study or a credentialed preparer. The workbook gives a board a documented basis for the amount it budgets.

Your governing documents may set stricter rules than the statute. Check them too.

The workbook

Reserve Study Kit is an Excel workbook that builds a 30-year reserve funding plan from your component list: every year's balance, percent funded, and the contribution that keeps you above your minimum.

See how it works

Source

Minn. Stat. § 515B.3-1141. Read the statute itself before relying on this summary.