The Benefit of Updating your Reserve Study Annually

Reserve Studies are budget planning and disclosure documents prepared to help the board meet their responsibility to care for the assets of the association. Many of the association’s common area components are so large that the association needs many years to prepare for those expenses financially. So what happens when Boards don’t update their Reserve Study for years, and instead make decisions based on outdated information?  Reserve Studies involve an evaluation of the current physical assets of the association, and a projection forward of ongoing deterioration, contributions, and expenses. This information quickly becomes outdated, perhaps as soon as weeks after it is prepared.    Read the article…………..


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