Condo Media - July 2015 - 16
Homeowner's Corner
Reserves and
Reserve Specialists
Vital Tools in Budget Preparation
Certain expensive common elements must
be replaced every 10, 15, or 20 years. Part of
preparing the association's annual budget includes
calculating how much money the association must
set aside this year so the necessary funds are available
when the siding needs to be replaced or parking lots
need to be repaved. To make sure the association
estimates as accurately as possible, boards should
work closely with a professional.
A reserve specialist can prepare a study that will
provide the board with guidance on how to keep
the association's physical assets from deteriorating
faster than their financial assets increase. The reserve
specialist will visit the community to inspect it and
prepare a written reserve study for the association.
That report will include an inventory of all common
area items, as well as recommendations on what needs
to be replaced and when, what the replacements will
cost, and a plan for paying for them.
The reserve specialist working with the board
will have the expertise and experience to accurately
determine the lifecycles of common components
and will help the board estimate the cost to repair or
replace them.
DID YOU KNOW?
RESERVE SPECIALIST DESIGNATION
Credential for Professional Service Providers
The RS designation is awarded to experienced,
qualified reserve providers who, through years of
specialized experience, can help ensure that your
community association prepares its reserve budget
as accurately as possible. RS designees must meet
comprehensive requirements, including preparing
at least 30 reserve studies; holding a bachelor's
degree in construction management, architecture,
or engineering (or equivalent experience and
education); and complying with strict rules of
conduct outlined by CAI's Professional Reserve
Specialist Code of Ethics.
16
CONDOMEDIA
The reserve specialist is also an expert at analyzing
the financial resources needed to maintain the
common elements over time and will advise the board
on how to balance the size of the reserve fund against
the deterioration of the common elements.
Since the community's physical assets are constantly decaying, the guidance and expertise of a
reserve specialist is an investment that will help the
board protect those assets and keep the community
looking its best at all times-and that helps protect
homeowner property values.
Condo Media - July 2015
Table of Contents for the Digital Edition of Condo Media - July 2015
Table of Contents
Condo Media - July 2015 - Cover1
Condo Media - July 2015 - Cover2
Condo Media - July 2015 - Table of Contents
Condo Media - July 2015 - 2
Condo Media - July 2015 - 3
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Condo Media - July 2015 - Cover3
Condo Media - July 2015 - Cover4
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