Your HOA Reserve Study Report: A Guide for HOA Board Members
August 21, 2023 No Comments
Uncover the results of your HOA reserve study report with this comprehensive guide. Learn what it means and empower your association today!
Uncover the results of your HOA reserve study report with this comprehensive guide. Learn what it means and empower your association today!
What does the reserve study process look like? Here’s what you can expect from your reserve study provider from beginning to end!
Everyone wants a good Reserve Study. But what does that mean exactly? A complex process broken down into simple things to look for in a great Reserve Study.
Association Reserves has prepared over 70,000 reserve studies across the nation, which means we’ve worked with a lot of managers! We’ve identified the top 5 things that we wish Managers knew when it comes to reserve studies and the reserve study process.
We were shocked, along with the rest of the world, by the collapse of our client property, Champlain Towers South Condominium Association, in Surfside, FL on June 24, 2021. Our hearts broke for the families and friends of the 98 people who lost their lives in this unprecedented disaster. Although the underlying causes of the tragedy have yet to be determined, we know, based on our March 2020 Reserve Study, that the towers were 40 years old and the Association was significantly “underfunded”.
The collapse of Champlain Towers South, a 12-story condominium association in Surfside, FL, captured the nation’s attention because it was so unexpected and so deadly. In the midst of so many unanswered questions about what led to this tragedy, Association Reserves’ goal is to help associations respond effectively, and rise to meet the specific challenges of maintaining properties as they age. We can’t change what happened down at Champlain Towers South. But we need to examine if there is something to learn from that tragic collapse that can help us all do a better job at our associations. Julie Adamen, management consultant of Adamen Inc, and Robert Nordlund, PE, RS of Association Reserves came together to address the four C’s of effective board behavior and share insights about how you can learn the combined physical and financial condition of your association and keep your eye on the numbers that matter.