Joe Coffee Receives Community Associations Institute’s Reserve Specialist (RS) Designation
Joe Coffee, RS, is a member of Reserve Advisors’ Engineering Team, serving the firm’s clients from its Palm Coast, FL office. A graduate of Embry-Riddle Aeronautical University, Coffee received his bachelor’s degree in Civil Engineering.
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 reserves studies were established by the Community Associations Institute.
How Much Money Should Our Association Have In Reserve Funds?
When it comes to reserve funds, a common question we hear is “how much money should our association 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.
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.
Brandon Bloomer Receives Community Associations Institute’s Reserve Specialist (RS) Designation
Brandon Bloomer, RS, is a member of Reserve Advisors’ Engineering Team, serving the firm’s clients from its Jacksonville, FL office. A graduate of Texas A&M University-Commerce, Bloomer received his bachelor’s degree in Industrial Engineering.
Andrew McGowan Receives Professional Engineer (PE) License
Reserve Advisors is pleased to announce that Andrew McGowan has received his professional engineer (PE) license in the state of Illinois.
Inflation’s Effects On Community Associations
While inflation affects us all, it affects community associations and those who live there in unique ways. From something as little as a homeowner’s grocery bill to something as intensive as the cost of a roof replacement, the effects of inflation can be felt far and wide in association living.
Jon Walker Receives Community Associations Institute’s Reserve Specialist (RS) Designation
Jon Walker, RS, is a member of Reserve Advisors’ Engineering Team, serving the firm’s clients from its Arlington, VA office. A graduate of Virginia Tech in Blacksburg, VA, Walker received his bachelor’s degree in Aerospace Engineering.
What Components are Included in a Reserve Study?
When it comes to a building or home, the entire structure is only as strong as its foundation. Similarly, when it comes to planning for your community’s future, the scope of work, or component inventory, serves as the foundation for a reserve study provider to conduct a thorough review of your property.
Classification of Property in Common Interest Communities
The classification of property helps assure that future boards understand whether reserves, the operating budget or homeowners fund certain repairs or replacements and also assists in preparing annual budgets. Furthermore, it helps establish an accurate scope of work when commissioning a reserve study.
