Getting Ready for Your Reserve Study
Given the rapidly approaching statutory deadline for completion of your association reserve study, you need to do everything you can to speed the process along. Accordingly, we're providing this information to help you prepare for your reserve study.
Following the guidelines below will help you get your reserve study completed faster, increase accuracy, and just as important, it will help you keep your reserve study costs as low as possible.
What you can do to help the process:
1) Establish reserve policies - this can be as simple as documenting what are considered reserve expenditures versus what are considered operating expenses.
2) Create your tentative component list. This will help ensure that all components are included in your reserve study.
3) Expand your component list to include the date each component was placed in service. This helps us determine when it will probably require replacement.
4) Expand your component list to include the cost you last paid for a given component, if you have replaced it. Provide us with the the invoices or contracts if possible.
5) Expand your component list to provide us with counts or measurements of various components, if you have this information.