Helping you understand community association business with industry leading insight.
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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Legislation Regarding Structural Integrity and Condo Safety
Since Surfside, condominiums throughout the nation have been evacuated as a result of safety concerns. Horizon West (Waukesha, WI), Port Royale (Miami Beach, FL), Renaissance Tower (Myrtle Beach, SC), and Camelback Village (Olney, MD) to name a few. Many states, and in some cases, counties, have taken action to address the issue of aging infrastructure.
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Dues, Special Assessments, and Reserves – What’s The Deal?
As you know, dues and special assessments come with the territory of residing in any type of community association. Understandably, it can be confusing for boards and residents to navigate exactly what both of these payments are used for, when they should be used, and how they affect the association as a whole.
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Inflation and Reserves: The Implications on Capital Planning
This webinar provides valuable insights into the implications of inflation on reserve studies and capital planning for community associations.
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Inflation and Reserves: The Implications on Capital Planning
As we all know by now, inflation has moved into our lives and isn’t estimated to move out for about a year or more. While some industries are already seeing some relief, this is not and will not be the case for many other industries for the foreseeable future, including those that community associations rely on for capital projects.
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Expert Collaboration for the Betterment of Your Community
When you commission a reserve study, you’re commissioning an overall health check of your community, much like an annual physical exam with your primary care provider. However, when there is an issue with a specific organ or body part, a specialist in that particular area will join your list of physicians to uncover the root of the issue and formulate a remedy.
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Reserve Studies – Does Your HOA Need One?
As awareness regarding reserve studies continues to grow, many associations that have not yet commissioned one are asking themselves, “do we need one?” While this question is easy to answer in states such as Florida and Maryland who recently put into place legislation requiring reserve studies, in states without a legal requirement, the question remains.
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Protecting Community Infrastructure – Reserve Studies
This webinar addresses the critical topic of structural integrity and building safety for aging community associations, covering how to protect your community’s infrastructure through reserve studies and engineering services.
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Florida Structural Integrity Reserve Study & Funding FAQ
Introduced and signed into law in 2022, Florida Senate Bill 4-D establishes requirements for structural integrity reserve studies and funding for condominiums and cooperatives.
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Maryland Reserve Study Legislation: Frequently Asked Questions
Introduced and signed into law in 2022, Maryland House Bill 107 establishes statewide reserve study and funding requirements for condominium associations, cooperatives, and homeowners associations. Here are answers to the most common questions we receive about this new legislation!
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Reserve Funding Strategies
Boards and managers who want to ensure adequate funds and avoid shortfalls (or at least get into a better financial position) should familiarize themselves with common reserve funding goals and the strategies to achieve them. As outlined in the National Reserve Study Standards (NRSS), four accepted funding goals are available to community associations.
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Using A Reserve Study As A Budget Tool
With the budget season fast approaching, it’s time to seriously consider your association’s near and long-term financial needs, goals, and ultimately, its future. Capital planning is no easy feat, but having a continuous blueprint for the future is the key to a thriving community.
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The Evolution of Reserve Studies
In 1960 in Salt Lake City, the first condo buildings in the U.S. were built. But it was prior to this, in 1947, that the concept of reserve funds was first born. First referred to as the Fire and Tornado Fund by insurance companies, early reserve funds were meant primarily for emergencies and disasters. However, it wasn’t until the late 1990s that uniform standards for reserve studies were established by the Community Associations Institute.
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How Much Money Should Our HOA Have In Reserve Funds?
When it comes to reserve funds, a common question we hear is “how much money should our HOA have in reserves?” The truth of the matter is, it depends. Each association is unique in a variety of ways, so the answer to this question varies widely depending on the community, its components, and its wants and needs.
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Electric Charging Stations in Community Associations
Is your community association considering going electric? In 2021, electric vehicles (EVs) accounted for only 3% of car sales worldwide. By 2040, it’s predicted that EVs will account for a whopping 58% of global passenger vehicle sales. As more Americans trade in gas-operated vehicles for electric vehicles, infrastructure needs are rapidly changing.
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