Condo Media - October 2021 - 39

INCLUDE FINDINGS
IN RESERVE FUND STUDY
The structural inspection report
(or other in-depth investigation such
as elevators or video examination of
underground piping) should then be
provided to the Reserve Specialist
who would include it in the Reserve
Fund Study done for that building,
including estimated costs. Reserve
Studies should be done (or updated)
at least every five years. Reserve Fund
Studies are projections for repair or
replacement of existing assets. They
are a budgeting tool; they are not an
in-depth building evaluation.
All of this means more work for the
board or management company that
should identify systems or components
that deserve in-depth investigations
and then retain appropriately
qualified experts to conduct those
investigations. Consultants familiar
with buildings and building
systems (such as some
engineering companies
and Reserve Specialists)
can assist the board or
management company
with identifying the investigations
that are needed. The resulting reports
should be shared with the Reserve
Specialist to include in the Reserve
Fund Study to assure that the recommended
reserve contributions
include the results of those investigations.
That may mean a significant
increase in reserve contributions.
Why? When the studies and investigations
reveal needed work that
will require increased funding from
the owners, that information may
not get past the board to be shared
with the owners, or, if it does reach
the owners, it may get defeated by a
vote of the owners. In some states,
associations can even choose not to
The structural health and future of any building
depends on many variables including age,
climate, maintenance, structural materials used,
renovations that have occurred, quality of
construction, original design, and much more.
TAKING ACTION
Unfortunately, condo boards are
often the roadblock in the process.
They get important information from
qualified professionals and don't
act on it. My personal experience
includes many similar situations.
fund a reserve. CAI is aware of some
state and federal legislation that is
being considered to mandate structural
inspections, assure adequate
reserve funding, and mandate action
to address the issues revealed.
Being a board member is tough!
It involves fiduciary responsibility,
accountability, and liability. It means
answering to your constituents and
it's a " highly paid " volunteer position.
A good management company
will make good recommendations,
but the board must make the decisions,
and that may mean
being unpopular with the owners,
some of whom may be your
friends and neighbors. I have been
a president of an HOA board, so I
understand the challenge.
Full disclosure and good communication
are best. Our buildings are
getting older, and we are being challenged
to plan for that effectively.
A better understanding of your
building is the best place to start.
n H. ALAN MOONEY, P.E., R.S.
IS FOUNDING PRESIDENT-
CRITERIUM ENGINEERS IN
FREEPORT, MAINE.
October 2021 CONDOMEDIA 39
Condo Media - October 2021

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