National Reserve Study Standards started in a way you might not have expected… over lunch! Back in 1990, one of my competitors and I began meeting monthly for lunch. We felt the need to discuss our processes and terminology, planting the seeds of an agreed-upon “correct way” to say and do things in our industry.
This topic comes to you this month because the Board of a current client Association is in hot water because of what they didn’t disclose to their homeowners and to their prior Reserve Study consultant. We hear disclosure problems so often in the news nowadays that it is no longer surprising – a CEO of a large company sells stock in the company for a big profit right before bad news hits.
Keeping adequate Reserve Funds for the repair and replacement of common area facilities is an essential board responsibility in all Association governed communities.
We just finished working on a Reserve Study project involving three different Associations, built at different times along the growing edge of a major metropolitan area. Originally (40-50 years ago) the area was considered “horse country”, featuring rustic homes, stables,
We were recently on a site inspection for a luxury mountain timeshare. It was a relatively new property, and the engineer had plenty of tales of the “kinks” that he had to work out to get the facility running smoothly.
Picture yourself onboard an airplane for a long-awaited family vacation. As you watch the clouds float by, you happily day-dream of the adventures in store for you and your loved ones. As the flight attendants hand out the first round of drinks, the pilot makes a sudden announcement: “Folks, we’re terribly sorry, but the plane is almost out of fuel. What’s worse,
