Older Condos Part 2 Q&A eBook
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.
Older Condos Part 1 Q&A eBook
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. On July 28, 2021, a panel of four industry experts were brought together to address key issues and best practices so managers, board members, and homeowners can respond appropriately, making the present less stressful and the future more secure for their associations. The content of this eBook consists of questions asked by the webinar attendees and answers provided by our expert panel.
Why Reserve Studies
Reserve Studies help you outsmart disrepair at your property. In this eBook, you’ll learn about the three key results of a Reserve Study: the Component List, Reserve Fund Strength, and the Funding Plan.
Reserve Fund Strength (% Funded)
Reserve Fund Strength is a calculated ratio that compares the actual amount in Reserves to the current value of Reserve Component deterioration. In this eBook, you’ll learn: -How much is enough for your Association -Fully Funded Balance basics -What % Funded means and how to calculate it -Why % Funded matters
All You Need to Know About Reserve Components
The “Component List” serves as the foundation of a Reserve Study by spelling out the scope & schedule of all necessary repairs & replacements. In this eBook, you’ll learn: -Component List basics -Components to include -Useful life & cost information -Importance of updating -Why Reserving is important
Funding Plans
The “Funding Plan” is a calculated plan of regular monthly assessments and/or special assessments necessary to perform common area repairs & replacements in a timely manner.