Community Association Reserve Study Specialists
All of the above-mentioned Asset Management Plan components make up a complete Asset Management Plan and collectively help boards of directors and/or management companies formulate effective maintenance plans to uphold, or, in some cases, improve, the quality and value of the property. Additionally, the Asset Management Plan's projected reserve funding needs guides the board of directors in making proper budgeting decisions for current and future maintenance; thereby mitigating the possibility of the much-dreaded “Not So Special Assessments.” Each association is unique, which means that each Community Association Reserve Study Specialists Asset Management Plan contemplates the uniqueness of your association, formulating the plan to fit your needs to ensure that its implementation protects, maintains and enhances your community value.
To see a sample Asset Management Plan, please click here.
Asset Management Planning (Reserve Study)
Community Association Reserve Study Specialists, a division of Building Enclosure Design & Inspection Corporation, performs reserve studies for condominium and homeowners association, meeting the legal criteria under Washington and Oregon statute.
For a board of directors of an association to protect, maintain and enhance the property value on behalf of the homeowners, it is important that they gain information and data to make educated decisions to achieve the best results for their community. The Asset Management Plan (or reserve study) is the essential tool that helps the board of directors in its decisions-making process for effective and continuous maintenance of the common areas of the property.
The Asset Management Plan is comprised of the following components:
For a board of directors of an association to protect, maintain and enhance the property value on behalf of the homeowners, it is important that they gain information and data to make educated decisions to achieve the best results for their community. The Asset Management Plan (or reserve study) is the essential tool that helps the board of directors in its decisions-making process for effective and continuous maintenance of the common areas of the property.
The Asset Management Plan is comprised of the following components:
- Identification of all common and limited common areas that are under the association's management and maintenance responsibilities.
- Current conditions of the common and limited common areas and elements.
- Maintenance plan that specifies how to take care of the common and limited common areas and components.
- Useful life expectancy for each common element.
- Cost projections of maintenance and/or replacement of each common component.
- Reserve study analysis that identifies the level at which the association's current reserves are funded. Ideally, the association's reserve funds should be one-hundred percent (100%) funded.
- Reserve funding plan that ensures that the association's reserves build to the projected fully-funded level (100% funded).
- Thirty-year expected cash-flow needs projection.
- Log book for the site, building, and units for the board of directors to record maintenance and repair activities, and to keep an historical record for future board members. It is useful for future board members to understand what was done, who did the work, how much it cost, and if the work was under warranty. In other words, based on the log book records created over the course of managing the association will help future boards make informed decisions. For example, when replacing some common component, the board would have a record if the item had been previously replaced and see if the item is still under warranty, or to avoid a certain vendor due to unsatisfactory service or other issues.
All of the above-mentioned Asset Management Plan components make up a complete Asset Management Plan and collectively help boards of directors and/or management companies formulate effective maintenance plans to uphold, or, in some cases, improve, the quality and value of the property. Additionally, the Asset Management Plan's projected reserve funding needs guides the board of directors in making proper budgeting decisions for current and future maintenance; thereby mitigating the possibility of the much-dreaded “Not So Special Assessments.” Each association is unique, which means that each Community Association Reserve Study Specialists Asset Management Plan contemplates the uniqueness of your association, formulating the plan to fit your needs to ensure that its implementation protects, maintains and enhances your community value.
To see a sample Asset Management Plan, please click here.
Tel: 888-430-5910