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Reserve Study Contents

  • Summary of the association’s number of units, physical description and Reserve Fund financial condition.
  • A projection of Reserve Starting Balance, recommended Reserve contributions, projected Reserve expenses, and projected ending Reserve Balance for a minimum of 20 years.
  • A tabular listing of the Component Inventory, component quantity or identifying descriptions, Useful Life, Remaining Life, and Current Replacement Cost.
  • A description of methods and objectives utilized in computing the Fund Status and development of the Funding Plan(s).
  • Sources utilized to obtain component Repair or Replacement cost estimates.
  • A description of the Level of Service by which the Reserve Study was prepared.
  • Fiscal year for which the Reserve Study is prepared

Levels of Service

    Level 1

    Full Study: A Reserve Study in which the following six Reserve Study tasks are performed

  • Component Inventory
  • Condition Assessment (based upon on-site visual observations)
  • Life and Valuation Estimates
  • Fund Status
  • Funding Plan(s)
  • Disclosure Summary Form
  • (CA only)

    Level 2

    Update, With-Site-Visit/On-Site Review: A Reserve Study in which the following six Reserve Study tasks are performed:

  • Component Inventory (verification only, not quantification)
  • Condition Assessment (based upon on-site visual observations)
  • Life and Valuation Estimates
  • Fund Status
  • Funding Plan(s)
  • Disclosure Summary Form (CA only)

    Level 3

    Update, No-Site-Visit/Off Site Review: A Reserve Study in which the following four Reserve Study tasks are performed:

  • Life and Valuation Estimates
  • Fund Status
  • Funding Plan
  • Funding Plan(s)
  • Disclosure Summary Form (CA only)

    Transition Study

    Transition Study: A Reserve Study in which the following five Reserve Study tasks are performed:

  • Component Inventory
  • Condition Assessment (based upon on-site visual observations)
  • Life and Valuation Estimates
  • Fund Status
  • Funding Plan(s)
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