Capital Reserve Fund Analysis
A properly funded reserve program is the right formula for keeping a Community's physical assets in prime condition while providing some key benefits to residents, such as:
- Maintaining/increasing property values by maintaining exterior appearances through timely repair/replacement of common elements
- Facilitating project efficiency, and cost effectiveness, as well as, minimizing disruptions and unit owner inconvenience by allowing the Association to secure contractors to complete an entire project during a finite and desired schedule
- Reducing the likelihood of member dissatisfaction associated with the passage of large or sudden assessments
Each Reserve Funding Analysis we perform is a customized study, prepared in coordination with our Reserve Specialist and our client, and is based on a "real-world" methodology which provides for each item to be:
- Evaluated for repair/replacement
- Integrated into a repair/replacement plan and budget
Our findings and recommendations are delivered to our client in a comprehensive report, which is presented to the Managing Agent and Association Board.
Our staff includes five (5) licensed Reserve Specialists (RS). The CAI's Reserve Specialist designation is awarded to experienced, qualified professionals who help condominium, cooperative and homeowner associations plan for the long-term repair and replacement of major components.
The prerequisites for the Reserve Specialist designation include the preparation of 30 reserve studies within the last three years; a bachelor's degree in construction management, architecture or engineering (or equivalent experience and education); and professional- level CAI membership in good standing. RS designees must adhere to CAI's Professional Reserve Specialist Analysis Standards and Code of Ethics.
Reserve Specialist designees are required to perform reserve studies according to CAI's new National Reserve Study Standards, which include a list of tasks that must be performed in each of three levels of service, minimum contents that must be included in each study, required disclosures and terms and definitions.