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Helping you understand community association business with industry leading insight.
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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Reserve studies are a useful capital planning tool for any association, but in order for your reserve study to work best for your association, it’s crucial that you choose and implement the correct reserve study service. There are four levels of reserve studies as defined by the Community Associations Institute. It’s important to understand the scope of each and how they can contribute to your association’s long-term success.
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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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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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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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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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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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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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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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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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