Our association has hired a professional reserve study provider to conduct a reserve study for our association.
A reserve study is a complex document that projects when numerous major components—like the roof, parking lot or tennis court—will need to be replaced, what they will cost and how much we need to set aside each year to pay for the various components at the necessary time. Preparing it requires a unique combination of specialized engineering knowledge, a keen understanding of financial projecting and savvy investing skills.
Professional reserve study providers are extensively trained before they are considered qualified to perform competent reserve studies tailored for each community. These professionals have met stringent requirements and are held to high standards. They have a thorough knowledge of common interest developments, HOAs, and community associations, and can provide the board with sound guidance.
We prepared a request for proposal that specified the reserve study must conform to the National Reserve Study Standards of the Community Associations Institute and our state law.
The board takes its fiduciary responsibility very seriously—we want to be good stewards of your money. By hiring these professionals we’re confident we’ve done the right thing.