The evolution of reserve studies from its beginning many years ago has necessitated the introduction of better computer programs and talented and educated reserve study providers. These providers will have specialized training and education as a Reserve Specialist (RS) accredited by the Community Association Institute (CAI) or a Professional Reserve Analysts (PRA) credentialed by the Association of Professional Reserve Analysts (APRA). Both of these are qualified and educated to provide a viable, accurate and understandable reserve study.Cathedral Commons
Anyone not holding one or more of these qualifications should be looked at very carefully to be certain the product meets the requirements of state statutes, regulations, governing documents and civil codes.
In order to meet the required results of a "cash flow time value of money reserve study" (TVM) and future cash flow needs, many guidelines have been developed by reserve study providers, construction cost analysts, architects, engineers and product suppliers. This information may also be, but is not limited to, component costs and useful lives, which is required for the association to have adequate guidance in the maintenance, repair and replacement of the association's assets. In order to protect the association's and owners' assets an expanded approach to Common Element and Limited Common Element maintenance, repair and replacement should be taken with the use of roof inspections every 6 years, water intrusion and building envelope inspections every 12 years. These inspections may require intrusive test work and systematic and regular up-dates (annually) to the reserve study.
The building envelope inspection, which includes windows, doors, siding, roof, trim, gutters/downspouts, decks and balconies, is vital to understanding the condition of the building(s) and future work that may need to be done to protect the value of each member's home. This work should be done by a licensed and qualified contractor. The results of the building envelope inspection should be dove-tailed into the reserve study.
Reserve Studies by RF will make a complete physical analysis of the common elements and limited common elements to arrive at conditions, useful remaining lives and replacement costs.
Once all data has been received, Reserve Studies by RF will produce a reserve study and maintenance plan in PDF format for your convenience.