Helping you understand community association business with industry leading insight.
Supply Chain Issues & Rising Costs – Capital Planning Best Practices
We are often asked, “how can my association account for supply chain issues and rising costs when addressing our capital planning needs?” Unfortunately, this question often times arises when a community is in the thick of addressing urgent capital projects.
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What Is A Reserve Study & What Is It Not?
When you go to the doctor for your yearly checkup, chances are you’re seeing a family doctor or general practitioner. If your doctor identifies an underlying health issue with your heart for example, they will point you in the direction of a cardiologist for further testing to uncover the root of the internal issue.
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Are You Feeling Lucky?
Arbitrary percent funded values do not provide a complete measure of the health of your reserve funds. Threshold funding provides a clear understanding of financial health.
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Importance of Reserve Studies – Champlain Towers Collapse Lessons
In the wake of the tragic collapse of the Champlain Towers Condominium in Surfside, Florida, many people want to know how such a thing could happen.
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What to Know as a First-Time Board Member
Becoming a board member of an HOA or community association is an exciting move. But with a newfound position comes potentially unfamiliar responsibilities. Let’s explore the essential things you need to know to be a successful board member!
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The Value Of Establishing Dependable Service Provider Relationships
No two community associations are the same, so it’s imperative to create relationships with service providers that don’t approach their work in a one size fits all manner. From your Board’s decision to choose a particular vendor until the work is done and beyond, it’s important to work with firms that keep you in the loop.
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Effectively Communicating The Results of Your Reserve Study
As a board member, you have a fiduciary responsibility to your community to act in every homeowner’s best interest. While this can be difficult, especially in a position of governance, it’s imperative that Boards maintain this obligation.
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FAQ: Reserve Studies & Aging Infrastructure
The recent highly-publicized Surfside tragedy has motivated many property managers to contact us with questions about reserve studies for aging infrastructure. Below are answers to the most common questions we receive.
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What is a Reserve Study and Why is It Important?
A reserve study is a vital capital planning tool for HOAs and condominium associations that provides directional guidance and an in-depth analysis of community assets.
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What is Included in a Reserve Study?
A Reserve Study is made up of two parts, as defined by Community Associations Institute (CAI) and the Association of Professional Reserve Analysts (APRA) – the Physical Analysis and the Financial Analysis of the common elements.
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When Should a Reserve Study be Done?
A reserve study is a tool used to provide an opinion of the annual reserve contributions required to support the reserve expenditures at a property.
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How Much Should a Condo Have in Reserves?
Boards and owners alike must balance the need to keep adequate savings for future projects with the desire to keep monthly or quarterly fees at reasonable levels.
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Are Your Reserves Fully Funded?
Are your reserves fully funded? It’s a great question, but at the risk of making this sound like a legal blog, it depends. In order to answer the question accurately, we first have to define the term fully funded.
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What Does a Reserve Study Do?
A Reserve Study is a long-term budget planning tool that identifies the common elements belonging to an Association, and recommends a funding plan to maintain, repair or replace these common elements over a specified time period.
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Three Keys to Assuring the Most Efficient Use of Reserve Funds
Community leaders, as defined within the Community Associations Institute’s Rights and Responsibilities for Better Communities, “have a responsibility to fulfill their fiduciary duties to the community they serve and to exercise discretion in a manner they reasonably believe to be within the best interests of their community.”
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Three Reasons Why Your Condo Association Needs a Reserve Study
If you love where you live and your condo association is pretty great too, a reserve study can help ensure everything stays that way for you and others who live there after you.
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