 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:
- Inspected
- 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 four (4) 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.
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