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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.

Listed: Tue Apr 29th

Herald Marketplace
Real Estate Commercial

Condo Insights <br>#61 Swimming Pools Condo Insights #61 Swimming Pools Part 3 Sanitizing options and operating costs Swimming pools are a common amenity in seashore condos because they offer a comfortable place to swim, exercise, and cool off. Part 3 in this series will discuss the most common types of disinfection chemicals and systems, costs of operation and budgeting for pool operation. Health codes require primary chlorine or bromine sanitation in all commercial aquatic facilities. Chlorine can handle all sizes of aquatic facility water, is convenient to use and is an effective way to kill bacteria and algae. There are various compounds of chlorine used in swimming pools, some of which are stabilized, some are not. Stabilizers extend the life of chlorine in the water. Chlorine can come in liquid or tablet form. There are different types of chlorinators, including inline, floating and saltwater. While chlorine is typically inexpensive to use, recent chlorine shortages have made it significantly more expensive in recent years. A downside to chlorine is that it reacts with organic materials like lotions and sweat and it creates byproducts that cause red eyes, dry skin and lung irritation. According to the Certified Pool Operator (CPO) Handbook, understanding the differences between chlorine and bromine is crucial for maintaining safe and effective pool water sanitation. Both have pros and cons regarding effectiveness, stability, odor, and skin/eye irritation. Chlorine acts as a fast-acting oxidizer, killing bacteria and algae quickly; on the other hand bromine acts as a slower ionizer, sanitizing water over a longer period. Chlorine breaks down quickly in sunlight, requiring frequent dosing, especially in outdoor pools; bromine is more stable making it a better option for indoor pools or hot tubs where sunlight exposure is limited. Chlorine can have a strong, noticeable odor, especially when combined with other contaminants, whereas bromine generally has a less potent odor compared to chlorine. Chlorine can irritate skin and eyes, especially with high concentrations or prolonged exposure; bromine is generally considered gentler on skin and eyes than chlorine. Chlorine is generally more cost-effective than bromine. Bromine is effective over a wider pH range than chlorine. Mixing bromine and chlorine can create bromine chloride, which is less effective at sanitizing and can also cause a strong odor. Saltwater pool sanitation systems have become popular among aquatics facilities because they produce chlorine without irritating swimmers skin. Saltwater pools have lower levels of chlorine than traditional chlorinated pools. Chlorine is produced through electrolysis and uses the added salt (sodium chloride) to form hypochlorous acid (which acts as a sanitizer) and hydroxyl ions (oxidant or filter aid). A downside to saltwater sanitization is that improper maintenance, faulty sensors, or chemical imbalance can cause any saltwater pool to become super chlorinated which can damage equipment, pool surfaces, and become dangerous for swimming. In addition, salt produced by the saltwater pool can damage or attack the cement, plaster, and coping of the pool; and the high salt concentration found in the saltwater pools may affect grass, planters, trees, and shrubs near the pool. Chemical controller systems offer automated pool chemistry management, improving safety, reducing workload, and optimizing chemical use, all contributing to efficiency and a safer environment for swimmers and pool staff. Controllers continuously monitor and adjust pH, chlorine (or other sanitizers), and other key parameters, ensuring optimal and consistent water conditions for swimming. Properly balanced and sanitized pool water is essential for preventing recreational water illnesses and infections. Consistent water chemistry minimizes eye irritation, skin irritation, and other potential health problems associated with imbalanced pool water. Controllers automate the process of dosing and mixing chemicals, reducing the need for manual chemical adjustments, which in turn reduces potential for human error. Controllers dispense chemicals only when and as needed, minimizing waste and saving money. Automatic chemical control allows for consistent water quality around the clock, ensuring the pool is always safe and clean. Controllers can track water chemistry data and alert staff to any problems or unusual conditions. By dispensing chemicals only when needed, chemical costs can be reduced. Controllers can also be integrated with other pool equipment, such as pumps and heaters, optimizing their efficiency and reducing energy consumption. Automation reduces the need for staff to spend time on chemical testing and adjustment, freeing them to focus on other tasks. Maintaining stable water chemistry helps prevent corrosion and damage to pool equipment, extending its lifespan. Annual operating costs for pool facilities include: costs for municipal and county inspections and registration; water quality testing by certified labs; costs of chemicals and consumables; general maintenance & repair to aquatic facilities, pumps, motors, filters and heaters; opening and closing costs; the cost for a Certified Pool Operator; and service personnel for regular cleaning and operation of the aquatic facility. Many of these annual costs (such as for inspections, registration, testing, CPO, opening and closing) are fairly consistent year to year. In New Jersey, a condominium pool is generally considered a public recreational bathing facility and therefore subject to the rules and regulations governing those facilities, rather than being classified as a commercial pool. (NJAC 8:26) New Jersey defines public recreational bathing facilities as any bathing beach, swimming pool, wading pool, hot tub, or spa used by the public or by residents of multiple living units, including condominiums. Because condominium pools serve residents of multiple units, they fall under the category of public recreational bathing facilities and are not considered private. This means that condominium pools in New Jersey are subject to the same health and safety standards, including lifeguard requirements, as other public pools. in New Jersey, public recreational bathing facilities are required to have a written standard operating procedure, also known as an aquatics facility plan. The plan must include: a diagram of the facility, evacuation plan, lifeguard schedule (if not exempt), staff responsibilities, emergency contacts and phone numbers, location of first aid and rescue equipment, staff emergency procedures, location of the emergency shut off switch for suction outlets, hours of operation, schedule of operational activities such as water quality testing and recordkeeping, and a zone of protection of the lifeguards. 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.

Listed: Tue Apr 29th

Herald Marketplace
Real Estate Commercial

Condo Insights <br>#62 Condo Insights #62 Understanding the Capital Reserve Study Part 1 On January 8th,2024 New Jersey Governor Phil Murphy signed into law S2760/A4384, commonly known as the Structural Integrity Act (the Act ). This legislation requires that almost all condominium associations have capital reserve studies prepared every five years, defines and requires adequate funding levels; expands the scope of reserve studies to include any major projects that could arise in the coming 30-year timeframe and that preventive maintenance schedules be included as part of the reserve studies. The Structural Integrity Act is causing a lot of confusion amongst Boards and unit owners it is also a source of financial discipline moving forward to address past funding shortcomings. Why is the Structural Integrity Act important? According to the United States Census Bureau, in 2024 there are almost 3.5 million multi-family housing units in New Jersey. Over 85% are in buildings that are over 25 years old. Over 63% are in buildings more than 45 years old. As buildings get older, they are likely to require more attention to periodic maintenance and replacement of roofs, windows & doors, elevators, and to essential mechanical equipment such as plumbing, electrical, fire alarm & fire suppression systems. Prior to the Act, associations were not required to have a reserve study. Many of those that have a reserve study were not following the funding recommendations in their study. The Act requires the reserve study to be prepared by a licensed professional engineer or reserve specialist and for associations to adequately fund their reserve account for future repairs and major maintenance projects. Periodic maintenance and replacement of capital assets require significant financial investment. The Act is intended to ensure that condominium associations no longer have underfunded reserves and that multi-family residential buildings are regularly inspected and properly maintained. What exactly is a capital reserve study? A capital reserve study ( CRS ) is a comprehensive report that analyzes a property s physical condition and financial health, specifically focusing on the long-term costs of repairing and replacing common area components and recommends a funding plan to ensure those costs can be met. In short, a CRS determines an estimate for the amount of money an association needs to have saved for future capital expenditures, such as roof replacement, paving, or replacement of association equipment such as elevators, HVAC, fire systems and recreational facilities. A CRS looks ahead to what can be expected to be replaced, renovated or rehabilitated in the upcoming 30 years. A CRS includes both a physical analysis of the property s common elements (inventory, condition, remaining useful life) and a financial analysis of the reserve funds and projected costs. It involves creating a detailed list of common area components, including their quantities, ages, conditions, and estimated useful lives. The study helps determine the estimated timing of when components will likely need to be replaced or repaired, based on their condition and estimated remaining useful life. It provides an estimate of the costs associated with repairing or replacing those components over the long term. The study aims to determine the necessary funding level for the reserve account and recommends a funding plan to ensure sufficient funds are available when needed. The purpose of a reserve study is to help associations anticipate and plan for the future costs of repairing and replacing major common area components by providing an estimate of these expenses and when they are likely to occur. Reserve studies provide a roadmap for future capital projects, making it easier for the board and residents to understand the association s financial situation and long-term plans. Reserve studies help ensure that associations have sufficient funds to cover major repairs and replacements, preventing unexpected financial strains and large assessments. By identifying potential problems and planning for future needs, reserve studies help mitigate the risk of unexpected and potentially costly repairs or replacements. Board members throughout New Jersey are now tasked with engaging a qualified engineering firm to prepare a capital reserve study for their association, many for the first time. Prior to the Act, the time frame from engaging the engineering firm, site visit, preparation of the initial draft of the CRS, review and approval of the final CRS was a few months. The Act has caused a surge in demand for new CRS business for engineering firms, and subsequently, the time frame for the process takes much longer than it had prior to the Act. Even though the Act requires associations to have had their CRS prepared by the end of 2024, due in part to procrastination on part of some associations and backlog of work for engineering firms, some associations are still waiting for a first draft as we approach the halfway point in 2025. Historically, engineering firms have been very efficient and accurate in preparation of draft reserve studies. Board members are advised to review the draft reserve studies closely to make sure all information is accurate before finalizing the CRS for their association. 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.

Listed: Tue Apr 29th

Herald Marketplace
Real Estate Commercial

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

Listed: Tue Apr 29th

Herald Marketplace
Real Estate Commercial

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