Helping you understand community association business with industry leading insight.
Navigating Financial Challenges: Structural Integrity Reserve Studies
Ensuring the structural integrity of buildings is a primary concern for community associations in Florida, where climate and weather events can pose a significant threat to buildings and their residents. Structural Integrity Reserve Studies (SIRS) address this, but the financial implications of the required implementation of these studies have proven a significant challenge for many associations.
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Exploring Reserve Funding Strategies
This webinar covers essential information on reserve funding strategies, focusing on the importance of reserves and how they can be effectively managed for future capital expenditures.
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Reserve Study Terminology
Throughout the reserve study process, you’ll hear a lot of terminology that may be unfamiliar to you. Whether you’re just learning what a reserve study is or you have your first report in hand, here is a list of the terms you need to know.
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Navigating the Reserve Study Process
One indispensable tool in your arsenal is the reserve study—a comprehensive examination of a property’s physical components and financial needs and a long-term capital plan to meet those needs. In this guide, we’ll walk you through each step of conducting a reserve study, demystifying the process, and empowering community associations to feel confident about the reserve study process.
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Getting the Most Out of Your Reserve Study Report
Reserve studies provide a comprehensive report containing what may seem like an endless amount of information about your association, and can be understandably intimidating to digest. While all the details provided are valuable, reading and utilizing a reserve study report doesn’t have to be an overwhelming task. If you’re looking to get to the meat and potatoes of your report, this guide is for you.
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Useful Lives and Cost Estimates – The Bottom Line
During the physical inspection portion of a reserve study, a reserve consultant determines the useful life of each reserve component and a cost estimate for its replacement. Here are some commonly asked questions about determining cost estimates and useful lives.
READ MOREReserve Studies vs Structural Integrity Reserve Studies Explained
The core purpose of any reserve study is the same – to serve as a capital expenditure forecasting tool and reserve funding plan to offset such expenditures. However, there are some key differences between a typical reserve study and a Structural Integrity Reserve Study (SIRS).
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How Much Does a Reserve Study Cost?
This is often one of the first questions a board asks when they are presented with the topic of reserve studies. As boards begin to engage with reserve study providers, odds are that most receive, at a minimum, three bids to conduct a reserve study, all of which present a different cost for a variety of reasons.
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Enhancing Community Safety
This webinar covers the critical 2023 updates to the Reserve Study Standards and their impact on community associations, including how they directly enhance community safety.
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Landscaping and Irrigation – Are They Included In Reserve Studies?
When your association decides to commission a reserve study, you may be wondering what components will and will not be included in the capital plan, or, if certain elements can be included. Landscaping and irrigation are both important parts of any community, but are they included in a reserve study?
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Choosing a Structural Integrity Reserve Study (SIRS) Provider
By now, if you have buildings of 3 or more stories, your condominium association or co-op has hopefully begun the process of fulfilling Florida’s structural integrity reserve study (SIRS) requirements and, if applicable, milestone inspection requirements. Because these laws are new, it can be understandably stressful or conflicting to choose a firm to conduct your SIRS or milestone inspection. Every community has different needs, so what route is best for your association?
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A Closer Look at The Latest Changes to CAI’s Reserve Study Standards
In March of 2022, a task force of fourteen community association industry experts gathered to begin the process of revising Community Association Institute’s Reserve Study Standards. Originally published in 1998, the Standards provide a consistent framework for reserve studies. Since then, both the community association and reserve study industries have grown, and the Standards have been revised to reflect the current climate. Here’s what you need to know!
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Maintenance Matters – Case Studies and Best Practices
This webinar explores the critical connection between maintenance and long-term cost savings for community associations, including case studies in deferred maintenance and best practices.
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Inflation and Capital Planning: What You Need To Know
Inflation. We’ve all heard the word, and frankly, we’re all probably sick of hearing it. The reality is that many associations may feel the impact of this current inflationary period, regardless of when it lets up, for years to come. Part of what makes this particular period of inflation so impactful is that prior to March 2020, we experienced a fairly unprecedented level of inflationary stability ranging from 3-5% each year.
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Your Association is Unique – Reserve Contributions
This webinar addresses the common question, “Why are our HOA fees higher than our neighbors?” By examining sample operating budgets and reserve studies, we uncover the many factors that influence community association costs and reserve contributions.
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Long-Lived Assets: The Bottom Line
When conducting a reserve study, one of the first steps your consultant will take is evaluating the inventory of your community’s components and classifying them into groups, with reserve studies focusing most prominently on reserve components. However, long-lived assets are equally as important to keep an eye on.
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