Reserve Studies 101: The Component List (2025)

Robert Nordlund 0:07
Thank you for taking some time out of your day to join us for a program on reserve components. We’re here to help you be prepared and not surprised for all your upcoming major repair and replacement projects. This is the outline we’re going to be using today. And you’ll note that before we dive into the answer to the question of which components should appear in our reserve study, we’re going to spend a little bit of time on the why. But to start this out, I want to show you a typical component list. It’s longer than I can actually show on screen. I really don’t want you to try to read it just a long list with components use fly for many useful life and replacement cost. Your component list may similarly be a long list, but I’m going to take a moment and focus on just one component, and that’s the roof project. This is the roofing component in this reserve study. And as you can see, it’s for the town homes. Roof, all of the roof, all 120,000 square feet of it, and it’s currently old and needing to be replaced this year. We don’t casually recommend a client spend $600,000 we’ve been watching this roof gradually deteriorate over the years that we’ve been preparing updates for this association, and one of the projects we’re recommending this year is their big re roofing project. What’s interesting is that after delivering the reserve study, we got an email from the president of the board asking the question you see on screen, if we could change the life to 12 years. So I want to pose that question to Christian because caring as much as we do about accuracy, what do we do in this situation?

Christian Colunga 1:56
Yeah, Robert, thank you so much. Great to be here. And yes, this is a common scenario. I would say this is almost a daily scenario that we get in our office in some form or fashion where there was a request to change the service life for the remaining school life, or the actual the due date of the project. So again, you’re talking about a very substantial cost, a very substantial component here at 120,000 square feet. So really, this comes down to communication. First, trying to clarify, you know, are we talking about the remaining useful life, or are we talking about the useful life? Oftentimes, we’ll get some confusion between those two. Typically, we’re talking about the remaining useful life or when the project is coming due next. So in that scenario, you know, we want to make sure that we know where this question is coming from, where this request is coming from. Does it have any evidence to back it, or is this simply a scenario where the community may be just trying to run it high for the project that’s coming up in the near future? Typically, it’s the the latter of those those elements, and we take a deep dive into to looking at the documentation, the history of the community. In this particular scenario, we’re fortunate to have the history and the ability to know that it has been normally deteriorating over time, and it’s just simply time for that roofing project to come do so, knowing that we simply stand on what we’ve seen and the evidence, and we kindly say we understand, but we are going to continue to recommend that that project be completed in the near future. And luckily for us, we have new planet at our disposal our proprietary software. So even though we can still stand in our recommendation, we can show the client what it looks like to push that project out maybe two, three or four years, something appropriate for showing them that fantastic

Robert Nordlund 3:48
Christian I want to emphasize what you said that we welcome questions from our clients. It’s it’s your property, it’s your budget, and we want to make sure you understand why we’re recommending what we’re recommending, and if indeed, we’ve watched the years tick down of remaining useful life, and now is the time, that’s what we’re going to make clear to the board so they know that we are not just being casual about this. It’s a big deal, and getting the roof project done on time means that they’re going to save a lot of money in water leak bills and mobilization on the first rain and all of that costs when you are dealing on an emergency basis. So and in addition, it’s going to significantly change all the financial analysis, all the calculations about the reserve strength, which is called present funded and the funding plan, where we’re designing a funding plan over the years, so that this project and future projects can get done in a timely basis. So we want to make sure that everyone here is understanding that the components are indeed a moving target. We see them deteriorating over time. Time, but all the financial analysis is dependent on where these components are. Is the asphalt okay? Or is it pothole and uneven upheavals and literally failing? Is the roof Okay? Can you see repaired areas? Is the roof on the verge of leaking, or is it? Has it actually started leaking? Remember that deterioration is ongoing. It doesn’t take a day off. So we say here that mother nature and Father Time don’t care if you have a tight budget, they’re going to continue to do everything they can to take a new component and make it old and bring it to the point where it needs to be repaired or replaced. So we have some opponents here, and our opponents are Mother Nature and Father Time. You need a plan to offset this ongoing deterioration. It’s like offense and defense. You need a plan, and that’s what reserve planning is going to do for your association. It’s going to help you get ready to do your reserve projects on time. And remember, that’s the board’s job to budget so that the association has the cash to sustain itself. And if you’re not looking at your reserve components, if you’re closing your eyes, pretending they’re not deteriorating, then you’re not preparing financially, and you’re just getting behind the deterioration. So in that case, you’re headed for failure, and in an association, that means special assessments, possibility of loans and lagging property value. So establishing the Reserve component list and getting it accurate is significant. All right, so now we change gears to talk about component selection, how we decide which component projects are appropriate for reserve funding. So I’ll hand over the microphone to our guest expert here. Christian, all yours. Awesome.

Christian Colunga 7:01
Robert, thank you. Thank you. And yeah, this is a reminder here. This is ongoing curriculum we started last month with reserve study basics. And this week we’re talking about the physical analysis and reserve studies, 101 and the component list. And then in March, we’ll move on to the financial portion, the financial analysis with reserve studies 102, and talking about reserve fund strength, percentage funded. And then in May, we will talk about funding plans and moving forward. Once you know your position, awesome. So quickly you know all the curriculum that we have here is based on national reserve study standards. First national reserve study standards were put in place back in 1998 and really served us well for a long time. And in 2021 unfortunately, we were hit with the Champlain towers tragedy, and that gave us an opportunity to really revisit what was working with national reserve study standards and what wasn’t working and how we can move forward. And that really brings us to 2023, where we have the new three part test, and we’ll dive into that in further detail as we move along here. And really this is the foundation, again, as we’ve said, for the physical analysis, first off, we want to take a look at who is responsible. Is this an association obligation? And where do we first look for that? We look to be community declarations, to see how the community is legally defined, how it’s legally structured. Perhaps you guys are familiar with communities that have different elements of ownership, like cities or counties, perhaps with easements, waterways, piping, so on and so forth. We want to look to the declarations to see how the community is defined in common area. Second one is reasonably anticipated. Does this project have some evidence for how we can set up the frequency structure? Is this project income due in five years? Well, how do we know that? Is there reliable standards from vendors, history, so on and so forth? Can we reasonably predict the project, and also, is it a significant cost, typically for an association, and you’re looking at about half a percent to 1% of the annual budget would be appropriate for a reserve funding level, something below that would likely fit into the operating budget or could easily be absorbed into the operating budget, if not foreseen. Robert, can we talk a second about signature authority?

Robert Nordlund 9:32
Signature authority is what we call it, when the board or manager has authority to spend money, and so if it’s something that they can just spend money on because it needs to be done. That’s typically an indication that it is below the level of significance for reserve funding.

Christian Colunga 9:50
Really, really, again, to reiterate, taking a look at the declarations to see where something like signature authority is discussed for the board and manager as we’re looking. At diving into the appropriateness of certain components and the inclusion of them in a reserve study. It’s important to realize that one size does not fit all communities vary in size and complexity. So it’s really easy to get caught up in perhaps thinking that there is a master list that you could use. And what we found over the years that whenever there is a checklist that’s being used. Vital details really get skipped over. So we want to make sure that we’re using our eyes and our ears and all of our senses to see what’s actually at the community, rather than looking at a checklist and trying to go at it that way. And really kind of the guide there comes back to the national reserve study standards and the three part test that really works well in nearly every situation, whether we’re talking about wood frame townhomes, perhaps a steel and concrete high rise that has complex mechanicals and pressure systems, older communities with stucco and wood that likely haven’t been painted in a long time, maybe some water moisture penetration issues resort communities that have vast amenity areas with pools and golf courses and restaurants or something like this, that has major deterioration. Again, we’re looking to the national reserve study standards to guide us as to what’s appropriate for inclusion in the reserve study. And this looks like a great example of something you’d see up in northern Washington, out in the fields, there an old bar, and it simply hasn’t been touched. You know. Again, this is about risk planning. This is about seeing what’s in front of us that’s inevitable and predictable. A lot of things aren’t predictable, but we want to make sure that those things that are have a great plan as we move forward in time. So with that, let’s take a look at the national reserve study standards and kind of put them to the test in a couple different scenarios and see how they meet these real world examples. We’ll start off with some simple ones. Here we have a community where the association has deemed that the HVAC systems are owner responsibility. Now, even though they sit on potentially a common area for this community, this is a pretty easy one, right? It’s it’s a tee up. Simply looking at the declaration shows that that’s, these are owner responsibility. And then the the situation near you have a on site manager’s office. And in this particular scenario, the computing systems, furniture, perhaps they have a copier in there. Those are all owned by the management company. So even though they serve a common purpose, and they’re there for the community, and they keep the community moving forward, the ultimate maintenance, repair and replacement of those elements would be considered responsibility of the management company. Let’s say we move into a situation where there’s a subterranean garage here. This is certainly a common area, but a little bit more of a nuance here is the replacement of structural concrete, typically with concrete components. You wouldn’t be looking at necessarily a total replacement of the entire concrete area of the garage. Rather, you’d be looking at some, some normal repair and replacement elements that come up as major practice form, or perhaps some waterproof issues. So we wouldn’t set aside funding for a total replacement because that’s not really a predictable project, with an exception of saying, if there was a, perhaps a structural report doesn’t come out from an engineer that is recommending a large scale reconstruction effort, then that’s when we would start to take a look at that as a reserve project. And say, we’re in that same garage here, and we’re taking a look over at the sump pump system. Now the Board may not know that this is even there. That’s a very common occurrence, but the city engineer on site has seen this before. Replacement hasn’t occurred in in a long time. However, we know that typically these last around 10 to 15 years. The community knows that it’s working normally now, but since it is getting to that kind of maybe 10 plus year level replacement would be considered something that should be anticipated in the near future, especially if the engineer is saying, we really don’t know the edge of that unit, it is a substantial cost. So this is a great representation of a good common area component to include. And if we go up to the roof area here, likely the same building, we see this hallway ventilator system, a very simple system here, motor belt, those types of small cost items that would be a part of repair elements, and this one would be a great example of simply just being able to absorb into the operating fund, belts and motors. Those are generally low cost, especially for a building like this, so that typically wouldn’t meet the half percent to a 1% of annual budget type of level. Now we get maybe move into some more complex scenarios. Here we have a another, you know, subterranean garage, type of atmosphere where we have some common plumbing systems. The community has identified that there is a leak issue, obviously, as they have put up some sheet metal gutters here to prevent water from dripping onto the vehicles. Below, you can also see some staining on the the ceiling there, noting that there has been some efflorescence around. So this is an interesting one, right, where we have common piping, some training garage. Obviously, this is a common area, certainly when we’re talking about repiping, especially in garage areas like this, that would be a substantial cost and absolutely predictable on timeline as it is naturally failing right now in front of our eyes. So this is a great idea of how we can easily put this into reserves. Hopefully they have a plumbing assessment or a structural engineer assessment to let us know what is needed there. And this is an interesting one, too, where we get to look at the history of projects to guide us as we put this into the component list. This is a hillside here, probably one of 10 or 15 or many more than that at this community. And we see some areas here where they have tried to shore up from two landslides. And now we might not predict that all of the slopes in the community are going to fail at once. But this particular community has some history here, where approximately every five years or so they get something like this that costs about maybe $50,000 or so. So even though we don’t think of that all the hillsides are going to fail at once, we do have that history of projects that gives us kind of an average to go on, right? Every five years, we’ll set aside $50,000 or so to cover those hillside projects that could require $50,000 or even more. And so this last one here is a good representation of a capital improvement and why that’s not appropriate for reserves. And this particular scenario, this pickleball court didn’t exist at a certain point. This was just common area that existed between a home and a perimeter fencing. But the community decided that they wanted to do some improvement, and so they put in this, this pickleball court. Now the installation would not qualify as a reserve component, because it didn’t exist there before, right? The community hadn’t been setting aside funds to basically factor for that resurfacing or net replacement or so on and so forth. It just simply didn’t exist yet. So that would be considered a capital improvement rather than a reserve component. Now, once that is built and in place, the community can start reserving for projects like striping, perhaps regrading at the long periods of 20 to 30 years, landscaping around the area, maybe the gazebo replacement, something like that. So those are some really good, simple examples of how national reserve study standards really filter out, you know, indeterminate projects, long life components that expect to be there for the life building or the the project itself, small cost components. We can totally eliminate those capital improvements. We see how those aren’t appropriate. And really what this boils down to, in the end is, on average, we see around the country that there are about 35 to 50 components total for simple condominiums and town owns. And I’ll obviously take that with the greatest salt, because we know that there are more complex communities out there that could have hundreds of components, or simple communities that could have maybe only a dozen or so, again, that we really want to take a dive into. What details are going to go into our reserve study, where we have components that are included. So we have a good basis for how we determine what goes into the study now, what is appropriate to include about those components. And so first off, we want to get a good description of a component right. We got to know what we’re looking at, whether it’s a pool, asphalt, so on and so forth. And in the second one here, we want to identify all the important things about it, right? If it’s asphalt, how much asphalt are we looking at in terms of gross square footage? If it’s a mechanical component, perhaps we’ll put it in some details about the BTU ratings, something that gives us as much information as we can absorb about that particular project or asset. And then, of course, we want to have the overall service life, how often that’s expected to be completed, and then the the due date, the remaining useful life, when that project is coming up next for completion, and that overall, of course, we want to have the current replacement cost with some basic information that shouldn’t be present in all of your reserve components.

Next, we’ll take a look. This is an excerpt from our executive summary here, and you’ll see how that looks in the actual reserve study itself. Now in this one, keep in mind we’ve eliminated the detail element of it, where we’re looking at quantities or sizes or counts and things, and that’s just simply to save space within the executive summary. But you’ll here, you’ll see as we move from left to right, left to right, we have a description of the component itself. It pool furniture, pool roof, asphalt. And then it goes into a little bit more detail about whether we’re replacing full furniture. We’re resurfacing the pool. Feeling of the asphalt as compose as compared to research. Surfacing, so giving you a good description of what that project means. And then as you move right, you’ll see the overall service life, or the useful life. And then when the project is coming due, next the remaining life, and then the cost of the project as well. And the pull furniture. Gives us a good example here of the relativity of how this differs from association to Association. You could have from I think this example, it seems like this is a pretty mid sized Association, maybe 30 to 50 units, and they have just a simple amount of pool furniture, not a whole ton, but that can expand into sometimes you see hundreds of 1000s of dollars with the pool furniture when you’re talking about resort style entities. So keep in mind it is all relative from association to Association, and as you extrapolate that component list out into one of our charts here that simply shows the annual reserve expenses. You’ll see what that looks like in a graphical form. So this is a 30 year looking report for those simple components, and you’ll see where those major costs start to hit. Right? Those are going to be your roofing projects, your asphalt projects. Those are where the major costs are going to come in. And it’s important to remember that, you know, we simply don’t have a crystal ball. We would love to have that. But as you are moving forward in time and you’re completing more and more reserve studies, our hope is that the precision gets better and better and better, and that we are able to, as projects come closer, have more and more refined details, so that that precision can be utilized really well. And so when we start talking about the importance of these major projects, right, we look back at that annual reserve expense chart here we see in those big years, you know, 14 years out, 25 years out, those are very impactful projects. And so what we want to talk about next is how the impact is determined and why that is important for each community.

Robert Nordlund 21:56
Fantastic Christian so now that we’ve made the point that the components create the foundation of the reserve study, meaning that all the financial analysis is going to be done. On top of that, identification of which projects happen at which time for what cost. And you know, also know how the component list is selected, as Christian suggested, we’re going to turn to the topic of, okay, now, how does that affect us? How does the component selection affect our decision making and our financial plan that results so Christian, let me turn it back over to you for this next section of the webinar today.

Christian Colunga 22:32
Awesome, awesome. Yeah, so we got that foundation in place. How does it affect us? And really, kind of the the question that you you want to ask yourself, is and maybe you can do this as an exercise right now. Think about your your association. Think about your community. What are the five or so different major projects that really drive the funding plan for your reserve site? I see that about 80% of people hold that they have a professional reserve study in place. So think about those big projects as we’re talking about this, when we’re thinking about that component list, you know, we said about five or so. We’re really doing that, and it really kind of what it boils down to. We call it the big six in the Pacific Northwest, and most of those are about exterior cladding. So let me take a look at those dominant components. Robert, really for condominiums and townhouse. We’re looking at roofing, painting asphalt roadways again in Pacific, Northwest areas, northeast areas, it really comes into play when you’re talking about all of exterior cladding from top down. Maybe when you’re talking about high res communities, there’s more mechanical systems rather than asphalt or roadways, there’s more interior renovation type of projects. If you’re in an HOA or a PUD, you know that roadways are much more substantial, and then also the recreational components, like playgrounds, are shockingly expensive for those that have experienced that. So again, it’s coming down to these real core components that we want to pay attention to in the planning process. Of course, we’re going to pay attention to the boiler system in the common room that is going to affect overall quality of life functionality. But again, when we’re talking about the major dominant drivers, we want to think about these core elements. And when we think about those core elements, our natural inclination is to go to the largest dollar bill sign that we see, right? But we want to make sure that we’re taking a look at the frequency as well, and back to remember talking about cost per year, and that’s a that’s a big thing to think about, right? So on its head, we see in our seesaw example here, $100,000 on its you know, on the face of it, is much more impactful than $50,000 however, when we take a look at frequency, say this $100,000 component is the roof, and say the $50,000 component is paint, we can see how that plays out when we take a look at the frequency. See these projects, a roof may last for 2025, years, and painting should be factored, depending on the material, somewhere around five to 10 years. So that painting project, even though it is, you know, half as much is happening four times as often. So that cost per year, you’ll see is about 10 is $10,000 and that could be also called the deterioration rate as well. If you’re looking at a different study that may call it something different. But when you look at those differences, we see, okay, great, we’ve got this $100,000 component, but it’s only $5,000 a year impact. And then we have the $50,000 component, that’s $10,000 a year. So you see the difference there. And so as we talk about significance and impact and domination of the reserve components here, we always want to make sure that we discuss the importance of updating the reserve study so that these projects are precise, as we talked about a little bit before we do really expect that as the years move forward and we gather more and more information, especially about major projects, that these these figures are refined, and that just helps the community plan better and better. And so with national reserve study standards really being updated in 2023 best practice around the United States is having that site inspection every third year, and the between years really should also be taking a look at at all the different components and their costs, reserve balances, anything that’s really changed at the community should be factored on an annual basis. And so when we’re talking about the impact of all this, right, again, we’re going back to that three part test as a foundation for for what is going on at our communities. And anybody who’s been involved in insurance recently knows that climate is changing very, very quickly. If you haven’t, I would suggest taking a look at your deductible and how that’s changed over the years. I’m sure that will be surprising to you. So a question that we get along that line is, you know, can we factor the insurance deductible as a reserve component, right? So it’s a great opportunity for us to take the three part test and take a look. Is that a common area? Sure, absolutely we could argue that. Is it significant cost? Absolutely it is. However, when we talk about anticipation, when is that going to happen, right? When, when did something like a an accident or an act of God happen in a community? Well, we simply don’t know that. And that’s the nature of the plant. If it’s just not suitable for reserves. Even though we would love something like that to to be covered, it’s just simply not and that’s a it’s a good reason to to keep money and operating funds for those emergency types of situations. And that is actually a really good lesson to talk about in terms of tax and the IRS elements. Robert, can you shed some light on that, that side of things?

Robert Nordlund 27:52
Certainly, the IRS defines capital projects. Sometimes people call those reserve projects, but sometimes not. But the IRS defines capital projects as replacing a thing, and so the IRS doesn’t consider a roof inspection or tree trimming or asphalt sealing or even paint application as a capital project. And so there’s some people that think that they can’t reserve for such things, and the bottom line is, do your taxes according to tax standards, and do your reserve planning according to reserve standards. And Christians have been talking about your major projects that are the association’s obligation, right, reasonably anticipated and a significant cost. So do your reserve planning based on those three standards, not tax standards, really.

Christian Colunga 28:39
Robert, thank you. Thank you. Yeah, and as we take a look down at this yes column here, really the updated three part test gives us the ability to take a different look at at these bullet points here extended light projects. Those are projects that we’re talking about that are over the 30 year mark. Those can be something like a sea wall or really durable siding that’s anticipated to last like 50 years. Some of those things haven’t been looked at in the past, and the reserve study standards are now taking a closer look at those things, based projects, parsha and replacements, professional inspections, major scheduled maintenance, all new things that are that are very much looked on very well in research studies, especially when it comes to elements of professional inspections and major scheduled maintenance. And yeah, this is again, all about minimizing risk, and we want to simply make sure that we minimize the amount of surprises that are going to happen. We know surprises are going to happen anyway, but we want to make sure that we get ahead of the things that we can get ahead get ahead of. And it’s about having a good plan. And when we take a look at these, this cycle here, where you look at reserve planning, infrastructure inspections and preventive maintenance, these are all working together really well. Preventive maintenance really allows the reserve projects to either be a. Extended, perhaps, or at least, meet their their service lives, right? So take, for example, asphalt, if you have the asphalt resurface project that 20 to 25 years that overall service life really is assuming that you take care of the normal crack ceiling projects around the three to five year timeline. If you don’t do that, you have the basically that asphalt, depending on usage and location, could be more along the lines of a 15 to 20 year project. So typically, you know, especially with asphalt, the the cost for those larger projects is quite a bit more than, say, crack sealing and repair. So having that preventive maintenance done, it really does influence the overall plan. So keeping on top of that is good money spent. Then also influencing that are things like infrastructure inspections, plumbing inspections, electrical inspections, really high cost projects that really do affect the overall plan. Those should be a part of your overall maintenance and reserve study process. And in chatting about reserves, or insurance and reserves and that intersection a little bit more, we want to make sure that it’s very clear that insurance and reserves are very separate things, and insurance is not something to be relied on as part of a an overall plan to take care of the ongoing deterioration of the community two different sides. Insurance plays its role in accidents and acts of God and things like that. Deterioration is not an accident. Those are things that we can see coming, and that is the reason that we want to have a great plan in place for the things that we can’t see for the things that we can’t see.

Robert Nordlund 31:43
Fantastic. Hey, Christian, these photos are mine. You can see a dock on the left that I didn’t want to walk out on, just because of it was just a hazardous situation. It was moving even right where it was connected to the sea wall, and then the very upheaval of the concrete sidewalk on the right. These are clear safety hazards. There’s no excuse to find these types of situations at your association. These are going to drive your insurance rates higher, so spend your reserves on taking good care of your property. These are board failures. Don’t let these types of things happen at your association. And then just think what, not only what it does to your insurance costs, but think what deterioration does to your home values. The drop in home values due to this type of deterioration is huge compared to the monthly budgeted reserve funding that would have prevented these eyesores. So think of it from a real estate agent point of view. Don’t shoot yourself in the foot losing 1000s of dollars in property values to save just a few $100 in reserve funding, and that’s the comparison that it boils down to. So at this time, let me spend a few moments summarizing what we’ve learned today. I hope we’ve made it very clear that the reason we’re talking about reserve components is that your property is deteriorating every day. Insurance isn’t going to help pay for normal deterioration, and ignoring that normal deterioration doesn’t make it go away. Mother Nature and Father Time are unstoppable. A reserve study is how you see those big upcoming expenses, prepare for them and keep them from causing problems at your association, and the key is your attitude. We’re trying to help here with this webinar. So care about the condition of your association, learn what it needs, keep your eyes out for it and budget for it. The overall plan for building to age successfully was captured nicely in the April 2020, Cai Research Foundation report on aging infrastructures. It’s a free download if you haven’t seen it. So remember the summary of the plan number one, update your reserve study regularly. Fund reserves as recommended. Spend those reserves, get those projects done in a timely manner and perform periodic infrastructure inspections to get insights that only those specialists can offer. Now we have a number of additional written and video resources on our website, reservestudy.com and at the top right corner of our website is where you’ll find a link to click if you’d like a free proposal for a reserve study at your association, if you’d like Association reserves on your team, or you can always go straight to YouTube for full webinars and webinar shorts. And if you subscribe to our channel on YouTube, you can get notified of every time that we upload new content on our website, you’ll also find a free link to a or a link to a free download or the first chapter of our understanding reserves book that’s available for sale on Amazon. We’ve covered most of those fundamental principles in today’s webinar. I’ve got two copies today that I’ll be handing out during our Q and A time together. And for those of you who enjoy podcasts, we have a weekly 30 minute podcast called HOA insights common sense for common areas. It’s a podcast designed to encourage and equip board members in nice little weekly 30 minute bursts for the hard work you do, leading your associations, carrying the entire community, association industry on your shoulders, and we have episodes that rotate among guest speakers, current events and some featured board member heroes. Well, I hope you found this webinar helpful, and I hope that you’ll join us in future. Webinars, free, great resources. Next is a deep dive on reserve components coming up. Reserve studies, 102 is the financial analysis that Christian mentioned. Reserve studies, 103 is a deeper dive on the funding plan. And then one that might interest you engaging homeowners, helping them to understand the importance of reserve funding. Sign up for our email list and you’ll get the invitation. You can do that by scrolling to the bottom of any page on our website, and that brings us to the end of our prepared content today.