What is this ‘Reserve Fund’?

Why do we have a reserve fund?
A reserve fund is to prevent increasing dues because of an unforeseeable issue.  When an HOA without money in a reserve fund faces expenses outside its general operations budget, the HOA will likely have two choices: increase dues significantly right away, or levy special assessments.  So it is recommended to have a reserve

Churchill Club Clubhouse, Oswego, IL

HOA/Master Association Comparison

There has been some confusion between the HOA and the Master Association.  Below you will find a table with some comparisons of the two, as well as some FAQ underneath.

HOA  Master Association
What are the fees  $20/month  $535/year
Who pays the fees All single family homes in Churchill Club. Both single family homes and town homes in Churchill Club.