How often should reserve study be updated?

Professionally update at least once every 3 years. Review annually.

CA requires a diligent (onsite) inspection every 3 years, and an annual review. Going to the chart that Tim supplied, I can't tell what your IL laws are, but if you haven't had a diligent inspection for a "few" years," it's probably time to have one done. Your HOA has quite a few reserves components, so tho' it's probably not required that you hire a certified reserves specialist or analyst, I think it's a good idea this first time.

I can't remember or perhaps you haven't mentioned how many THs are in your HOA as the cost will vary, in part, based on your size. I don't recall if you mentioned your HOA's age.

After this initial onsite review, your board or property manager keeps track of how much your withdraw each month for which components. And, what new or replacement components you purchase each year. for your annual review, your analyst can adjust your overall study. So the studies for the next two years don't require onsite visits and are cheaper.

An excellent site for info is Davis-stirling.com, put together by a CA HOA law firm. Go to Reserves in the Main Index and you'll see EVERY thing you'll ever want to know about reserves. While some of it only applies to CA, many of the topics are generalizable to all states.

Do note that not all HOAs reserve for landscaping, and some only reserve for trees but account for the other grounds maintenance items in their op. budgets.

Failing to fund that for which you are responsible is non or possibly even mal feasance.

Now you HAVE been informed of the requirement(s).

You are PERSONALLY responsible for malfeasance. The D & O insurance excludes same.

a 'professional' update to an existing study should not be too expensive.

I would DIY annually between a biannual pro update

In PA, none required. But if you do, there are statutory requirements. Strange.

I'm in Southern California. The board at my HOA believes you are required to do a "full" reserve study every 3 years, and a "review" (mainly of the where the HOA falls in the financial recommendations) every year. But at our HOA this is a waste of money, and that is probably the case at many HOA's. The reserve study contained many errors and incorrect statements. It is obvious few people read it. Some years ago a study was never received by the board and they did not request a copy. The reserve study is a simple, expensive way to pretend you are taking real action, while participating in a useless charade. Doesn't the emperor look lovely in his new reserve study.

Have you read the previous reserve study in the last six months? Was action taken on recommendations contained within it? Were some of the most important recommendations discussed and addressed? Is that previous study free of any obvious fallacies? If your answer to any of these questions is "no," work on addressing some of the needs at your home and forget about a new study until those concerns are addressed. Don't throw good money after bad.

Not sure what the gist of your argument is Thomas - Are you saying that every 3 years is to frequent? - Or are you saying that reserve studies are a waste of time and shouldn't be done at all?

You heading asks one question. But the content of your post seems to be about the other question.

Yes, I can imagine these studies actually being useful if someone really read the recommendations, responded to the study, followed through , etc. Like so many things in an HOA, this is typical of an action taken because not doing so is seen as some violation of the law. But there are about 50 things in my HOA that are violations of the law that no one dares to concern themselves with; it might actually involve some effort. More often than not, Reserve Studies cost money better spent elsewhere.