TomD (Florida)
Posts: 2
Posts: 2
Posted:
Does anyone know if there are Professionals who will do a community "survey"....to help put together proper reserve accounts?
Thanks,
Tom
Thanks,
Tom
A service of:
Community123.com
Professional websites for HOAs & condos, since 2004
Professional websites for HOAs & condos, since 2004
🎁 1st year FREE for HOATalk members! →
"Reserve Survey" ????
Started by TomD • 6 replies • 1411 views
💬 Join us to post & get advice from 50,000 HOA & Condo leaders.
Create Free Account →
⚡ Takes 30 seconds
Already a member? Log in
PatrickH (California)
Posts: 204
Posts: 204
Posted:
Hi Tom,
If your HOA is in a metropolitan area, you should be able to locate some by searching on the Internet. You could also check with other HOAs in your area to see who they use.
If you have a management company, they should be able to give you some references. If you don't, you could always contact a management company in your area and ask them.
If your HOA is in a metropolitan area, you should be able to locate some by searching on the Internet. You could also check with other HOAs in your area to see who they use.
If you have a management company, they should be able to give you some references. If you don't, you could always contact a management company in your area and ask them.
RobertR1 (South Carolina)
Posts: 5,164
Posts: 5,164
Posted:
I am sure the CAI would give you all the advice or help you need. Ask about them doing a "Case Study" on your complex, all that information needs to be considered to establish a "Reserve Fund" if you want to do it that way. Our Board had a voice vote on whether to build a Reserve Fund of 10% of a value they got somewhere, or, spend the money on doing preventative maintenance and fix it jobs. President says voice vote was overwhelming to spend money and let "Reserve" slide.
Don't think I approve of this type goverance, I don't.
Don't think I approve of this type goverance, I don't.
GlenL (Ohio)
Posts: 5,491
Posts: 5,491
Posted:
There are many posts on how to find a reserve specialist, use the search feature at the top of the forum page.
Also there may be specific guidelines for your state as to whether or not you can "let" reserves slide. For instance in Ohio an Association must contribute not less than 10% of its annual budget to reserves or the majority of the Association must vote each year to waive the reserve requirements in order to allow special assessments.
Also there may be specific guidelines for your state as to whether or not you can "let" reserves slide. For instance in Ohio an Association must contribute not less than 10% of its annual budget to reserves or the majority of the Association must vote each year to waive the reserve requirements in order to allow special assessments.
Studies show that 5 out of 4 people have problems with fractions
RogerB (Colorado)
Posts: 5,067
Posts: 5,067
Posted:
Tom, I do a 20 year reserve plan for the associations we manage. An Check with management companies in your area or with an Engineer or Architect.
JosephW (Michigan)
Posts: 882
Posts: 882
Posted:
Both the Association of Professional Reserve Anaylsts (www.apra-usa.com) and CAI (www.caionline.org) accredit Reserve Specialists. You might want to check to see if any local ones are on their lists.
APRA also publishes a newsletter you can subscribe to and I believe has back issues available on their web site.
Joe
APRA also publishes a newsletter you can subscribe to and I believe has back issues available on their web site.
Joe
Joseph West
Official HOATalk.com Sponsor
Community Associations Network, LLC
www.CommunityAssociations.net
*See legal notice below (end of page) or go to www.hoatalk.com/legal
Official HOATalk.com Sponsor
Community Associations Network, LLC
www.CommunityAssociations.net
*See legal notice below (end of page) or go to www.hoatalk.com/legal
GeraldT1 (<Not Specified>)
Posts: 519
Posts: 519
Posted:
TomD,
My north new jersey community consits of single-family and townhouse units. We hired Falcon Engineering a professional engineering firm to perform a Capital Reserve Analysis based upon their analysis of all our common, limited, and general common elements. So, yes there are professionals you can and should utilize. Our studies were to compare developer forecasts and "as built" construction to actual industry standard lifespan, construction code, and cost of replacement. Armed with this info, our HOA and COA associations have the ability to determine if current reserve funding is adequate.
With an attorney, engineering firm, and a pro-active board, the association can seek and gain a settlement from the developer to fund shortfalls uncovered in the Engineering analysis.
I caution you in "surveying" the residents to determine proper reserve accounts. Rather, reserve account adequacy needs to be based upon empirical evidence that may need to hold muster in a court of law. In the course of the engineering study it may be found the developer/builder was negligent in forecast of reserves in your Public Offerring Statement (POS) or adherance to state, federal, and local construction codes.
Best of success!!
GeraldT1
NNJ
My north new jersey community consits of single-family and townhouse units. We hired Falcon Engineering a professional engineering firm to perform a Capital Reserve Analysis based upon their analysis of all our common, limited, and general common elements. So, yes there are professionals you can and should utilize. Our studies were to compare developer forecasts and "as built" construction to actual industry standard lifespan, construction code, and cost of replacement. Armed with this info, our HOA and COA associations have the ability to determine if current reserve funding is adequate.
With an attorney, engineering firm, and a pro-active board, the association can seek and gain a settlement from the developer to fund shortfalls uncovered in the Engineering analysis.
I caution you in "surveying" the residents to determine proper reserve accounts. Rather, reserve account adequacy needs to be based upon empirical evidence that may need to hold muster in a court of law. In the course of the engineering study it may be found the developer/builder was negligent in forecast of reserves in your Public Offerring Statement (POS) or adherance to state, federal, and local construction codes.
Best of success!!
GeraldT1
NNJ
🎯 You've read this entire discussion
Join the conversation with 50,000 HOA & Condo Leaders:
- ✓ Ask follow-up questions
- ✓ Share your experience
- ✓ Get expert advice
- ✓ Access 350,000 discussions
Create Free Account →
⚡ Takes 30 seconds
Already a member? Log in here