The most likely answer is. CWA owners are paying into a second reserve fund that the CWA board setup for CWA itself. That’s on top of the reserve funds paid to the individual resorts.
Your usual rambling just to post somethingThe maintence fees and associated fees of the resort are in the CWA fee(s) to the Owners. A reserve fund can be used for a lot of things depending how it is set up. A good possible example would be special assessments if they get hit with many many many of them due weather etc. Or unexpected costs that are incurred such as lawsuit losses that are not insured etc.