Corporate Headquarters
735 N. Water Street, Suite 175
Milwaukee, WI 53202
800-221-9882
Helping you understand community association business with industry leading insight.
Throughout the reserve study process, you’ll hear a lot of terminology that may be unfamiliar to you. Whether you’re just learning what a reserve study is or you have your first report in hand, here is a list of the terms you need to know.
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One indispensable tool in your arsenal is the reserve study—a comprehensive examination of a property’s physical components and financial needs and a long-term capital plan to meet those needs. In this guide, we’ll walk you through each step of conducting a reserve study, demystifying the process, and empowering community associations to feel confident about the reserve study process.
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Reserve studies provide a comprehensive report containing what may seem like an endless amount of information about your association, and can be understandably intimidating to digest. While all the details provided are valuable, reading and utilizing a reserve study report doesn’t have to be an overwhelming task. If you’re looking to get to the meat and potatoes of your report, this guide is for you.
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During the physical inspection portion of a reserve study, a reserve consultant determines the useful life of each reserve component and a cost estimate for its replacement. Here are some commonly asked questions about determining cost estimates and useful lives.
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This is often one of the first questions a board asks when they are presented with the topic of reserve studies. As boards begin to engage with reserve study providers, odds are that most receive, at a minimum, three bids to conduct a reserve study, all of which present a different cost for a variety of reasons.
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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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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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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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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.
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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.
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Corporate Headquarters
735 N. Water Street, Suite 175
Milwaukee, WI 53202
800-221-9882
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