Before buying in an HOA community, what financial document is most important to review to assess the HOA's financial health?

A reserve study is an engineering assessment that estimates the remaining useful life and replacement costs of major common elements (roofs, pools, elevators, paving, etc.) and recommends how much the HOA should be saving monthly. If the reserve fund is underfunded relative to the reserve study's recommendations, the HOA may need to levy a special assessment, which is an unexpected, sometimes large charge to every unit owner. Reviewing the HOA's financial statements, reserve fund balance, and meeting minutes for mentions of upcoming projects, deferred maintenance, or pending litigation is critical before committing to a purchase in any HOA community.