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.
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.
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.
Expert Collaboration for the Betterment of Your Community
As awareness regarding reserve studies continues to grow, many associations that have not yet commissioned one are asking 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.
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.
Andrew McGowan Promoted To Regional Engineering Manager of the Great Lakes Region
Andrew McGowan, PE, RS, joined Reserve Advisors in 2018 and was recently promoted to the Regional Engineering Manager of the Great Lakes Region. In this role, Andrew will oversee our wonderful team of Great Lakes engineers while continuing to provide clients in the Chicago region with reserve studies.
Florida Structural Integrity Reserve Study and Funding Requirements: Frequently Asked Questions
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.
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!
Reid Nelson Receives Community Associations Institute’s Reserve Specialist (RS) Designation
Reid Nelson, RS, is a member of Reserve Advisors’ Engineering Team, serving the firm’s clients from its Oak Park, IL office. A graduate of Montana Technological University, Nelson received his bachelor’s degree in Mechanical Engineering.
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.