Yes, for condominiums. Under HRS 514B-148, a condominium association's annual budget must rest on a reserve study, and the association must fund at least fifty percent of its estimated replacement reserves, or one hundred percent under a cash flow plan. A study that was not prepared by an independent reserve study preparer must be reviewed by one at least every three years, with a limited waiver for small associations added in 2026. We found no reserve study requirement in the planned community associations chapter (HRS chapter 421J) or the cooperative housing corporations chapter (HRS chapter 421I).
Last verified October 12, 2026 by ReservePath research.
| Reserve study required | Yes |
|---|---|
| Applies to | Condominiums |
| How often | No interval set by statute |
| Site inspection required | No statewide rule found |
A condominium association's annual budget must state the estimated replacement reserves assessments based on a reserve study performed by or on behalf of the association. If the study was not prepared by an independent reserve study preparer, an independent preparer must review it at least every three years [HRS 514B-148(a)(5)]. Under Act 100 of 2026, an association with fewer than twenty units and buildings of no more than two stories may waive that review for a single three-year period by a majority vote of owners present or represented at a meeting, but not for two three-year periods in a row. (see sources)
We found no statewide rule on this in the statutes listed under Sources.
We found no statewide rule on this in the statutes listed under Sources.
A condominium association must assess owners to fund at least fifty percent of the estimated replacement reserves assessments, or one hundred percent when it uses a cash flow plan, and must collect the amount set by its plan each fiscal year. A new association need not collect reserves until the fiscal year after its first annual meeting. Except in an emergency or with approval of a majority of owners, the board may not exceed its total adopted annual operating budget by more than twenty percent [HRS 514B-148(b) and (e)]. (see sources)
The board must adopt a budget and distribute it or make it available to owners at least once a year [HRS 514B-144(a)]. The budget summary must show the replacement reserves fund balance, the estimated reserve assessments based on the reserve study, who performed the study and any conflicts of interest, any component left out of the study and why, planned increases over the thirty-year plan, and whether a percent funded or cash flow plan was used [HRS 514B-148(a)]. (see sources)
An independent reserve study preparer is an organization, company or individual with a reserve study certification from an industry organization. A managing agent with industry reserve study designations is not treated as having a conflict of interest. Associations may prepare their own study, subject to the three year independent review [HRS 514B-148]. (see sources)
ReservePath supports full studies, updates with a site visit and updates without one, 30-year funding projections, and study renewal reminders based on the cycle you set for each study. It includes in-app compliance guidance for each state as a starting point. The preparer and the association's attorney remain responsible for confirming what the law requires.
A condominium association's annual budget must state the estimated replacement reserves assessments based on a reserve study performed by or on behalf of the association. If the study was not prepared by an independent reserve study preparer, an independent preparer must review it at least every three years [HRS 514B-148(a)(5)]. Under Act 100 of 2026, an association with fewer than twenty units and buildings of no more than two stories may waive that review for a single three-year period by a majority vote of owners present or represented at a meeting, but not for two three-year periods in a row.
An independent reserve study preparer is an organization, company or individual with a reserve study certification from an industry organization. A managing agent with industry reserve study designations is not treated as having a conflict of interest. Associations may prepare their own study, subject to the three year independent review [HRS 514B-148].
A condominium association must assess owners to fund at least fifty percent of the estimated replacement reserves assessments, or one hundred percent when it uses a cash flow plan, and must collect the amount set by its plan each fiscal year. A new association need not collect reserves until the fiscal year after its first annual meeting. Except in an emergency or with approval of a majority of owners, the board may not exceed its total adopted annual operating budget by more than twenty percent [HRS 514B-148(b) and (e)].
The board must adopt a budget and distribute it or make it available to owners at least once a year [HRS 514B-144(a)]. The budget summary must show the replacement reserves fund balance, the estimated reserve assessments based on the reserve study, who performed the study and any conflicts of interest, any component left out of the study and why, planned increases over the thirty-year plan, and whether a percent funded or cash flow plan was used [HRS 514B-148(a)].
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