During 2015, the Board employed Association Reserves, a company that since 1986 has done over 30,000 Reserve studies, to fully assess all our common area assets, their maintenance history to date, and the projected costs to maintain or replace over the next 30 years. This study included the Board members and our CPA providing all the historical data and Board members accompanying Association Reserves representatives during onsite visits.
The primary goal of having the Reserve Study was to use the experience of 30,000 such studies to have better financial planning for the foreseeable future and to avoid sudden large assessments. Once an HOA has assessments, that is a giant red flag for institutions dealing in mortgages and it lowers home values by reducing the number of potential buyers. Also large assessments are a hardship to many on fixed incomes and the dues are a fairer method of sharing the costs among the users over time.
The Comprehensive Reserve Study was completed at the end of August 2015 for the fiscal year beginning January 2016. The Executive Summary is shown in the PDF file below.
Click here for the complete, 79-page full report.[Note: This reserve study is also known as the 2015 Reserve Study. We have since changed our nomenclature so that the year of the reserve study will be the fiscal year the study is for and not the year in which the study was completed, which would be the prior year.]