You may need to check the HOA bylaws. I doubt the entire amount you are charged each month is solely for future capital improvements. Unless you are already doing the math and know the percentage of your monthly fee that goes to capital improvements.
I point this out because my son used to own a condo where the monthly HOA fees for something like $150/mo. Per the bylaws, 30% of collected fees were for future capital improvements, and the remaining 70% was for continuing maintenance/repairs/utility costs of common areas. Doing the math he only claimed $105/mo for HOA dues, and the remaining $45/mo which came to 540/year just "sat there" in limbo with the intention of claiming it either when a capital improvement was done, or when the property the sold.
He sold the property after a few years, and just added the accumulated 4-5 years of money paid into the capital improvement fund to the land value since the funds were never actually spent for capital improvements while he owned it, and you can't depreciate land anyway, or any other improvement until it's actually done and placed in service. At least, that was the reasoning used by his CPA back in 2012-13 when he sold the property.
