New Boards will often bring new ideas and opinions. These can be both beneficial and adverse. It is very important for Boards to take their time in evaluating their decisions for the long term budgeting projections for common area expenses. Seemingly "minor" changes in how things are being treated and paid for (Operating versus Reserve) can have a dramatic impact on the longer term financial position of the community and its members. 

Here are samples of reserve studies for HOA & Condominium Associations as well as for Organizations like churches / worship facilities and museums. These comprehensive reserve study reports are excellent budgeting tools and typically will pay for themselves in a short period of time.

Reserve studies can be an extremely valuable tool to those in the know. Those that are not knowledgeable about the reports or the process but still question why a community should have one are often giving advice beyond their scope of expertise only with the hope of saving a little money. Typically this bad advice leads to much costlier decisions. 

Home values are extremely important to community members and a Board's decisions to adequately fund a reserve account can have a direct impact on them. Poorly funded community's likely have low market appeal and corresponding values. 

In past years some IRS rulings and accounting practices brought into question whether Paint & Sealing should be included in a reserve study due to their categorization as a maintenance expense for tax purposes. Since reserve studies are completed with a different goal in mind it is typically included in a reserve study.