South Dakota reserve studies

43-15A) contains no reserve provision at all — no study requirement, no funding target, no full-funding standard, and no penalty for chronic underfunding — and there is no HOA statute to supply one. Whether reserves exist, how they are funded, and whether they are studied is entirely declaration- and bylaw-driven, backed by the Nonprofit Corporation Act for incorporated associations. Many small South Dakota associations operate pay-as-you-go and fund major repairs through special assessments rather than reserves. The only statutory check is the board's general fiduciary duty under the Nonprofit Corporation Act and common law, which is too soft to set a numeric standard and is litigation-dependent rather than preventive. The practical floor, when one exists, comes from Fannie Mae, Freddie Mac, and FHA condo-project standards (such as the 10-percent-of-budget reserve guideline) that financeable projects must meet. That makes reading the actual reserve balance against the building's components essential — especially roofs and exteriors, which take a beating from South Dakota hail, snow load, and freeze-thaw.