Robbie Pepper, CMCA, CCIM, GRI Recently while attending the CAI Convention in Orlando, I attended a presentation during some training provided by Marc Tamres and Michael Arulgnanendran of Homerun IQ. The presentation started out with the question, “what is the real rate of inflation relating to the costs of materials and services required in HOA …
Montana has not (as of April 2019) adopted any statutes specific to Reserve Studies. Industry standards are that HOAs and Community Associations should have a Level 1 Reserve Study (full initial with site visit) on file, and should perform Level 3 updates (Update Without Site Visit) annually. States that have adopted reserve study laws dictate …
The primary responsibility of a common interest community is to preserve, protect and enhance the community as a whole. Each director is responsible to ensure the association fulfills its obligations. State statutes legally define the standard of conduct for directors in their duty to oversee the affairs of the association. While Declarants and their appointed …
Over the years we’ve helped many clients prepare and plan for future expenditures with Reserve Studies. Reserve Studies serve as a “Road Map” to guide an association through the ups and downs of the uncertain future. However, understanding a Reserve Study is not always the easiest thing to do. Most Reserve Studies are approximately 40-60 …
We are Licensed Professional Engineers that assist manufactured (sometimes called “mobile”) home owners by providing On-site Inspections and Engineering Foundation Certifications for the Mobile Home industry. We help you out when you are selling (or buying) your manufactured home by providing you with a Engineer’s Foundation Certification to ensure that loan guidelines are met. Many …
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When it comes to adopting an operating budget, reserve contributions are far down on the list of items to include. A typical operating budget will include things like; utility bills, insurance premiums, landscaping maintenance, and management fees. Unfortunately, reserve contributions are viewed as something that can only be done if the association generates an end-of-year …
Do we have enough or too much money in our reserve fund account? This is a very common question board members and homeowners ask. In this article we will explain what percent funded level is and how to understand how it applies to reserve strength. First, if you don’t already have a Reserve Study, you …
A Reserve Study is a budget planning tool which identifies the current status of the reserve fund and a stable and equitable funding plan to offset the anticipated future major common area expenditures. The reserve study consists of two parts: the physical analysis and the financial analysis. Source: CAI National Reserve Study Standards (pdf). As …