CAI Updated Reserve Study Terms and Definitions
Below are the updated terms from Community Association Institute July 2023. David Bach & Associates Adequate Reserves: Definition: A replacement reserve fund and stable and equitable multiyear funding plan that together provide for the reliable and timely execution of the association’s major repair and replacement projects as defined herein without reliance on additional supplemental funding. […]
Navigating the Impact of Inflation on HOAs in 2024
As 2024 looms in the distance, Homeowners Associations (HOAs) face a financial landscape marked by the ever-present challenge of inflation. Inflation, driven by various economic factors, has far-reaching implications for HOAs, impacting operating costs, reserve funds, vendor relationships, and the overall financial health of the community. In this blog, we’ll explore the potential impact of […]
Embrace Condo and HOA Budget Season with Confidence
Embrace Condo and HOA Budget Season with Confidence As summer gracefully bows out, another season comes into focus. While most people welcome the arrival of fall, for boards of directors in Homeowners Associations (HOAs) across the country, it marks the onset of what can often be a daunting period – “budget season.” Budget meetings can […]
Are reserve studies required in Washington State?
Is a Reserve Study Required for Our HOA? The straightforward answer is yes, in the state of Washington, Homeowners Associations (HOAs) are generally required to conduct a reserve study and update it annually unless specific exemptions apply. In the earlier versions of Washington’s Condominium Act, there was some ambiguity surrounding the requirement for a reserve […]
What is a Reserve Study and Why is it Important?
This article begins by explaining the importance of maintaining and managing a property, especially for property owners and associations. It introduces the concept of a reserve study as a crucial tool for effective property management. What is a Reserve Study? A reserve study is a comprehensive analysis of a property’s physical components and infrastructure. It […]
What is the purpose of the reserve study
Whether you live in a condominium, a homeowners association, or any community with shared amenities and common areas, you’ve probably heard of a reserve study. But what exactly is it, and why is it essential? A reserve study plays a crucial role in ensuring the financial health and sustainability of these communities. In this blog, […]
Understanding the Role of Reserve Specialists RS™
Maintaining financial stability is a crucial aspect of any organization’s success. For many, this includes effectively managing reserve funds to ensure the long-term viability of their operations. Enter the Reserve Specialist (RS™) – a highly skilled professional with expertise in assessing and managing reserve funds. In this blog post, we’ll delve into the role of […]
Construction Management for Older Condos and HOAs
Construction Management for Older Condominium and Homeowner Associations: Maximizing Value and Minimizing Costs Older condominium and homeowner associations often face unique challenges when it comes to renovation and construction projects. From balancing budgets to managing aging infrastructure, it’s essential to have a well-designed plan in place to ensure that the project is completed on time, […]
A Complete Guide to Reserve Studies
Making sure the HOA’s finances, including future expenses, are in order is one of the board’s primary duties. A reserve study is the finest technique to accomplish this goal. A reserve study is a valuable tool for long-term budget planning for capital. It may also be used to evaluate and appraise an association’s real estate […]
Reserve Study – Do You Need It?
Reserve studies are an integral part of maintaining or managing an HOA. They help evaluate the reserve fund’s state of the associations so that a long-standing budget may be more effectively planned. As the HOA reserve study is complex, board members are often intimidated when approaching it. However, if you have the proper knowledge and […]
