Why Update a Reserve Study Annually?
December 13, 2013 No Comments
At this time of year, many Boardmembers and Managers are asking themselves this very question.
At this time of year, many Boardmembers and Managers are asking themselves this very question.
Good question! There are two ways to answer a question regarding the appropriate use of Reserve Funds in 2020, depending on how it is asked. But first, it helps to know what the purpose is of a Reserve Fund.
All buildings begin to deteriorate the moment they are built. Anyone who owns a home quickly learns that they are guaranteed to have repair costs and replacement expenses down the road. But owners of homes in Association-governed communities face a unique challenge.
A multi-yr client of ours, a 30-unit condominium townhome property about 20 years old, recently asked for a revision to their Reserve Study.
I had a phone call earlier this week from a new Boardmember client, thanking me for their recently completed Reserve Study.
We just finished a Reserve Study for an Association with a split personality that really should have been created as two separate associations.
I’ve spent much time and energy trying to simplify the concept of Reserve Fund planning for the benefit of those who care.