> There could easily be a formula of like 10% of annual dues I was on the board of a 10 unit condo building. The annual budget for the association was ~$60k. W

> There could easily be a formula of like 10% of annual dues I was on the board of a 10 unit condo building. The annual budget for the association was ~$60k. We had a reserve provision of 10% of dues, plus whatever was leftover in the budget at the end of the year. Even with that budgeting provision we had several additional assessments over the course of a decade. Those assessments were used to address roof issues and interior renovations. If something more structural had come up, that would have led to another (large) assessment, for sure.