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March 31, 2015 By admin

What Should Be in the Reserve Schedule?

The purpose of the reserve schedule is to disclose reserve information to members of the association in the annual budget.  The reserve schedule lists each reserve item, how much longer it will last (remaining life), how long it will last when new (useful life), and how much it will cost to replace (replacement cost).  Also […]

Filed Under: Blog Tagged With: budgeting, effective reserve funding, Reserve Study

January 30, 2015 By admin

Reserve Study Frequently Asked Questions Part 8

Why are our reserve dues higher or lower than neighboring communities? The reserve dues in your association have very little to do with other associations’ reserve dues.  There are many factors that go into figuring out the current reserve dues.  Some of the main differences for current reserve dues of competing communities may be: The […]

Filed Under: Blog Tagged With: FAQ, Reserve Study

December 30, 2014 By admin

Why Some Associations Hesitate to Get a Reserve Study

Associations can be reluctant to get a reserve study for a number reasons.  There can be a general misunderstanding of what a reserve study does and what it accomplishes.  Here are some of the most notable reasons community associations hesitate to get a reserve study: We Can Do It Ourselves This sentiment is pretty common.  […]

Filed Under: Blog Tagged With: DIY Reserve Study, Reserve funding mistakes, Reserve Study

November 30, 2014 By admin

Should an Insurance Deductible be a Reserve Item?

Many associations have relatively high insurance deductibles, sometimes as much as $100,000 or $200,000.  This is the case in particular in hurricane prone areas.  I have been asked several times if it should be a reserve item or how to go about funding it.  Sometimes I already encounter it in an association’s current reserve schedule […]

Filed Under: Blog Tagged With: Insurance, reserve items, Reserve Study

October 31, 2014 By admin

Maximize Reserve Fund Interest

One of the powerful things about having a large reserve fund balance is the ability to gain interest earned on the money in the fund.  The last several years since the Great Recession, however, have produced paltry returns, typically less than 1% for regular savings or money market accounts. Many associations just use money market […]

Filed Under: Blog Tagged With: effective reserve funding, reserve funding, reserve planning

September 30, 2014 By admin

Reserve Study Frequently Asked Questions Part 7

We have to make very costly renovations to our building and do not have the reserve funds to cover it.  What should we do?  In this case, there are two realistic options the board has.  The first is to get a bank loan for the community to cover the cost of the renovation.  There are […]

Filed Under: Blog Tagged With: FAQ, Special Assessment

August 29, 2014 By admin

What is the Purpose of a Reserve Study

A reserve study is a tool for budgeting.  Reserves funds are part of the budget.  A reserve study will help the association manage their long-lasting assets. Part of the Budget Each year an association puts together a budget.  Most of the budget consists of one-year-only expenses.  The remaining portion is for items that will last […]

Filed Under: Blog Tagged With: effective reserve funding, Reserve Study

July 31, 2014 By admin

How a Reserve Study Can Save Your Association Money

Reserve studies are beneficial to associations for several reasons. Proactively Get Organized A reserve study helps an association get organized with its capital assets. A reserve study will have an itemized section for that shows projected asset repair and/or replacement year by year. This serves a meaningful purpose. If an association is not well organized, […]

Filed Under: Blog Tagged With: Funding Reserves, Reserve Study, save money

June 30, 2014 By admin

Reserves for New Community Associations

There is a lot of organization involved when setting up a new community. Budgeting for reserves is not necessarily the first thing that new boards may be concerned with. However, the opposite effect of not setting up reserves properly can have lingering effects. Money that is not set aside is an opportunity lost to fund […]

Filed Under: Blog Tagged With: Funding Reserves, Reserve Study

May 31, 2014 By admin

Reserve Study Frequently Asked Questions Part 6

What are some of the most typical reasons that a reserve study would require revisions? A reserve study can require revisions for a number of different reasons.  Some typical reasons may be that the reserve study had omitted a reserve item or certain group of items.  It is also possible that the reserve study included […]

Filed Under: Blog Tagged With: Component Method, FAQ, Pooled Method

April 30, 2014 By admin

What Your Reserves Do

Reserve funds are the backbone of community associations.  It is how they are able to pay for big ticket repairs and replacements.  Funding reserves is advantageous to your association for several reasons: Keep Property Values Up The biggest reason why you fund reserves is they help maintain and increase property values.  It is very difficult […]

Filed Under: Blog Tagged With: effective reserve funding, Funding Reserves, Special Assessment

March 31, 2014 By admin

Identifying Reserve Items

Identifying all of the reserve items in an association can be difficult.  One of the most common budgeting mistakes that associations make is not getting all of the proper items on the reserve schedule. Condominiums For condominiums in Florida, Florida Statutes 718.112(2)(f)2, says that reserves must be established for capital expenditures and deferred maintenance of: […]

Filed Under: Blog Tagged With: Funding Reserves, Reserve funding mistakes

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