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Condo Insights <br> <br>#64 Condo Insights #64 Understanding the Capital Reserve Study Part 3 Reserve Studies are prepared with three different levels of service: full service, update with site visit and update without a site visit. Specifying the level of service allows for easy comparison between different reserve studies and ensures that the association understands the scope of the work performed. Knowing the level of service helps the association understand the methodology used in the study, which is crucial for interpreting the findings and making informed decisions. Different levels of service come with different costs. Clearly stating the level of service helps the association understand the budget implications of the reserve study. Level I is a Full Reserve Study. It includes both a physical and financial analysis with an engineer s site visit. The component inventory list and current component condition assessments with useful life and valuation estimates are determined from a visual on-site inspection. This information is used to conduct the financial analysis which includes the current fund status and recommended funding plan. A Full Reserve Study is recommended if the association has never had a reserve study, if a substantial time has lapsed since the last study or if there are concerns about the accuracy of component inventory, quantities or measurements. Level II is an update to the previous reserve study and includes an engineer s site visit. The report updates both the physical analysis and financial analysis of an existing report. A site inspection is conducted to verify and/or make adjustments to the existing component asset list, condition assessments, useful life and component valuation estimates. The financial analysis is updated, including the current fund status and recommended funding plan. A Level II Reserve Study is recommended after major projects and as required by state law. Level III updates the financial analysis only, with no site visit. The current fund status and funding plan is updated, using information gathered from board members, vendors, the association manager and information contained within a prior reserve study. A Level III report is recommended to review, adjust and verify that the existing funding plan is accurate and suitable for current economic conditions. How should the board approach a reserve study. First step is to identify firms experienced in preparation of reserve studies. Engineering firms that specialize in reserve studies and those that specialize in forensic analyses serve distinct purposes. Reserve Specialists have a thorough understanding of how buildings age and deteriorate and are qualified to determine if an issue is normal or abnormal based on their observations. Forensic engineering firms specialize in invasive or destructive analyses to determine the exact cause of a specific issue and the appropriate remedial action. Look for a reserve study company with multi-disciplined engineers who have industry accreditation (CAI s Reserve Specialist Designation and/or APRA s Professional Reserve Analyst designation). Ask to see samples of their work. A detailed report that utilizes tables, graphs, pictures, diagrams, spreadsheets and explanatory graphics make the report easy to understand. These items are important pieces of a reserve study and should not be considered as extras. If possible, have the engineering firm commit to a timeline or schedule that includes site visit and delivery of the first draft. It should be obvious but confirm the report will be in compliance with requirements in the Structural Integrity Act. The engineering firm will request information about the association, to identify common elements, and to have clear understanding of the scope of association responsibilities for operation, maintenance, repair and replacement. Associations should provide the engineering firm with the Master Deed, building plans, the most recent capital reserve study (if one exists), a schedule of recent replacements including date, type and cost of any major repairs or replacements that have been performed on the common elements since original construction, the projected balance in the reserve fund at the start of the study period, the amount of the current annual reserve contribution and the association s current maintenance schedule and/or maintenance budget. Condo board members should expect a comprehensive report that clearly explains the condition of their community association s common elements and a funding plan to pay for future replacements. Jim Yost owns Elite Management and Advisory Services, LLC and is co-owner / Managing Partner for Ocean Property Management Corporation, based in Wildwood. The firms provide management and advisory services to numerous community, condominium and homeowner associations in southern New Jersey. He can be reached at yostopmc@comcast.net. Karim Kaspar, Esq. is Senior Counsel with Lowenstein Sandler LLP. He serves as general counsel to numerous community and condominium associations throughout New Jersey. He specializes in complex commercial litigation and real estate matters and has been active and instrumental in the firm s pro-bono activities. He can be reached at kkaspar@lowenstein.com. The entire Condo Insights series of articles is available online at www.oceanpropertymgmt.com.
 
Condo Insights <br>#63 Condo Insights #63 Understanding the Capital Reserve Study Part 2 TheCommunityAssociationInstitute ( CAI ) is the trade organization for community, condominium, and homeowner s associations. According to CAI, a capital reserve study should include the following: a summary of the association s number of units, physical description of the property, reserve fund financial condition; a projection of reserve starting balance, recommended reserve contributions, projected reserve expenses, and projected ending reserve fund balance for a minimum of 30 years; a listing of the component inventory, component quantity or identifying descriptions, useful life, remaining useful life and current replacement cost; a description of methods and objectives utilized in computing the Fund Status and development of the Funding Plan, source(s) utilized to obtain component repair or replacement cost estimates; a description of the level of service by which the reserve study was prepared and the fiscal year for which the reserve study is prepared. A physical description of the common areas and infrastructure (e.g., roofs, siding, landscaping, common buildings) is essential for identifying areas of association responsibility, potential areas of concern and estimating future repair and replacement costs. This allows the reserve study to accurately assess the condition of the assets, identify potential problems, and develop a realistic plan for addressing them. A reserve study includes a schedule of associationassetsincludingacomponent inventory, quantity, estimated useful life, estimated remaining useful life, and replacement cost to provide a structured, comprehensive, and easily understandable overview of the association s capital assets and future needs. Atableallowsforeasycomparison and identification of different components, their current condition, and their estimated future needs. The tabular format facilitates long term analysis of the association s reserve fund status, funding needs, and the timing of potential replacements. A clear and transparent overview of the association s assets and responsibilities promotes accountability and informed decision-making. By identifying the useful life and remaining useful life of components, the reserve study can help the association anticipate future costs and plan for necessary repairs or replacements. The tabular format allows the association to determine the current replacement costs, which is essential for developing a sustainable funding plan for the reserve fund. In many states, reserve studies are legally required to provide this level of detail to association members and prospective purchasers. The reserve fund is the savings account for the association, used to cover repairs and replacements for association assets. A reserve study must analyze the current balance in the reserve fund, future contributions, and projected expenses to determine if the fund is adequately funded and to develop a sustainable funding plan. An adequately funded reserve fund allows the association to cover unexpected expenses without resorting to special assessments. Regular maintenance and timely repairs, funded by the reserve fund, help maintain property values and prevent costly deferred maintenance. The reserve study provides the board with the data needed to make informed decisions about budgeting, maintenance, and capital projects. A reserve study includes projections of the starting balance, recommended contributions, expenses, and ending balance to help associations plan for future major repairs and replacements, ensuring adequate funding and minimizing the need for unexpected special assessments. A starting fund balance establishes the current financial status of the reserve fund, serving as the baseline for projections. The study estimates timing and future costs for major repairs and replacements of common area components, such as roofs, paving, and other infrastructure. The study analyzes the association s financial needs and recommends the necessary annual contributions to the reserve fund to ensure the association is adequately funded for future expenses. The CRS includes a projected annual ending reserve fund balance which allows the association to monitor its financial health and make adjustments as needed. Reserve studies are designed to help associations plan for future expenses, so specifying the fiscal year for which the study is prepared ensures that the recommendations are relevant to the association s budgeting cycle. Reserve studies are often used as a long-term financial planning tool, and specifying the fiscal year helps the association track progress towards their reserve funding goals. Some jurisdictions or lenders may require reserve studies to be prepared for a specific fiscal year, so specifying the fiscal year ensures compliance with any applicable requirements. Reserve studies help associations plan for the long-term maintenance and replacement of common area components, ensuring the property remains well-maintained and valuable. By setting aside funds in advance, associations can avoid unexpected financial shocks when major repairs or replacements are needed, minimizing the need for special assessments. Proper reserve planning helps protect the longterm value of the property by ensuring that major repairs and replacements are addressed in a timely and sustainable manner. Governing boards have a fiduciary duty to manage association funds and property, and a reserve study helps them fulfill this duty by providing a clear understanding of the association s financial condition and future needs. Jim Yost owns Elite Management and Advisory Services, LLC and is coowner / Managing Partner for Ocean Property Management Corporation, based in Wildwood. The firms provide management and advisory services to numerous community, condominium and homeowner associations in southern New Jersey. He can be reached at yostopmc@comcast.net. Karim Kaspar, Esq. is Senior Counsel with Lowenstein Sandler LLP. He serves as general counsel to numerous community and condominium associations throughout New Jersey. He specializes in complex commercial litigation and real estate matters and has been active and instrumental in the firm s pro-bono activities. He can be reached at kkaspar@lowenstein.com. The entire Condo Insights series of articles is available online at w w w. o c e a n p r o p e r t y m g m t . c o m
 

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