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, […]
Reserve Studies According to ChatGPT Open AI
What is a reserve study? A reserve study is a financial planning tool used by homeowner associations (HOAs), condominium associations, and co-operative housing corporations to estimate the long-term costs of maintaining, repairing, or replacing common elements and amenities. The purpose of a reserve study is to ensure that the association has sufficient funds to cover […]
Reserve Study – Pricing and Cost
A reserve study is a vital document crafted for an association-governed community that aims to protect the properties and their integrity. The purpose of conducting a reserve study is to evaluate the state of common areas and identify as well as address building infrastructure problems. The study thoroughly examines wall covering, flooring, and fixtures of […]
