A reserve study is a long-term budget planning tool consisting of two key parts -
An Engineering Assessment (Physical Analysis) is performed to determine the current state of the properties infrastructure, then to chart the expected failure and replacement costs.
This information is then turned into a Budget Guideline (Financial Analysis) stretching far out into the future which is then integrated into each year's annual budget.
The goal in having fully funded Reserve Study is to allow owners to meet the financial impact of ongoing deterioration by having those funds available when they are needed. While this means that Association Dues are typically higher than for properties who do not have a reserve study in place, it also means that when infrastructure fails - and it will fail - owners will not be caught surprised by costly and unexpected assessments.
Click here or here for more information on why having a reserve study is essential for Homeowner's Assocations.
Over the past several years, significant changes have been made to meet the demands of maintaining our property. We are proud of the work that has been done and the improvements that have been made to ensure the safety and well-being of our owners.
As we work to be good stewards of the property in which we live, we also recognize that we are a part of a larger community and bear a certain responsibility to those around us. As a board, we are continually looking to reduce our impact on the world around us while at the same time dealing with the demands of today. We will contine to seek out new ways to reduce both our financial and our ecological footprint and welcome discussion over ways to do so.