This question came up in our recent Reserve Studies “under the hood” webinar (see www.ReserveStudy.com/webinars), designed to provide a general introduction to what a Reserve Study is, and what useful and valuable information you’ll find in a Reserve Study.
Sometimes a client will be candid with us, and ask for the recently completed Reserve Study to be revised “because the Board has decided to not do the _________ project this year as recommended, they plan to do it __ years from now.”
Yesterday three things happened that were the result of people taking Reserve Study projects into their own hands. Weird that they all happened in one day. Unfortunate, because they each point out that some tasks are best left to a professional.
Independence in the Reserve Study process means freedom from control or influence. Independence means the Reserve Study professional is able to provide their complete findings and recommendations without interference.
A client recently asked a good question: if Reserves are all about becoming prepared for future expenses, why would you use current cost in computing the Percent Funded (Reserve Fund strength) value for the association?
So you’ve received your Reserve Study. You notice that the asphalt seal coat project, which the association just paid $30,000 to have done, shows a $20,000 estimated (current) cost in your Reserve Study.
