I don’t think many of the BOD or the voting members really understand how the reserve study and operating budget work together to create the yearly assessment. They don’t understand the reserve analysis model and how it needs to be “tweaked” when reserve study expense projections don’t occur, useful life is either too short or much too long, etc. Can you recommend a good training site/person or company that offers a seminar to give a class on this?
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I’ll gladly do a seminar for your community for free. Including an excel spreadsheet that I developed. for my own community. There are many professional reserve study companies that will try and sell you on their product and services. They develop pretty reports with grafts and charts and calculations for percent funded evaluation but all of that is really smoke and mirrors and is only as good as the initial assumptions. Depending on the complexity of your common property this could run you thousands of dollars, but if not truly understood by the board will be useless in one year or less. The only true issue with a reserve study is first to understand and determine your true needs and then to make sure that when each individual item needs to be performed there is enought money in the reserve fund to pay for that expense. Percent funded is a trully useless term but used by every reserve study company, the only true consideration is just in time funding for each and every item in your plan.
Our BOD president would like to contact you about a training seminar. Please let me know how he should communicate with you. He would also like to see your resume. I have given him your info from the HOA Coalition website.