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.
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.”
It is estimated that more than 22 percent of the U.S. population resides in community associations. According to Community Associations Institute’s latest statistical review, these residents are represented by roughly 346,000 community associations.
Shira Tessler, RS, is a member of Reserve Advisors’ Engineering Team, serving the firm’s clients from its Chicago office.