Reserve Studies - The Complete Guide is 436 pages explaining the concepts and process for making a reserve study. For more information and to order, click here.

 

 

Facilities Advisors, Inc.

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Utah Reserve Studies

The FAI Utah office is located at 2150 South 1300 East, Suite 500, Salt Lake City, Utah  84106

 Our local telephone is (801) 839-4371.

 


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The Utah legislature adopted specific statutes related to reserve studies in the Spring of 2010 that requires most associations to have a reserve study completed by July 1, 2012.

Now that it's a requirement, you should turn to an experienced industry professional reserve study team.  Facilities Advisors, Inc. has been preparing reserve studies nationwide since 1982.  We have prepared numerous reserve studies for all types of associations; condominiums, planned developments, timeshare associations, and cooperatives.  We can usually have an experienced, credentialed reserve consultant on site within two weeks, and the report delivered to your shortly after the site visit is completed.  Join the Utah associations that have already engaged Facilities Advisors to conduct a reserve study.Alex-Fraser

Alex Fraser is our representative in Utah.  Alex joins us with a backgound in evaluation and appraisal of condominium and homeowners associations in Utah.  As a long time Utah resident, he is very familiar with the unique factors affecting Utah associations.

We offer fixed fee engagements at competitive rates; there are no charges for travel time or expenses, or any other additional costs.  Plus, you will have access to our web-based software at no cost for a full year, so you can update your reserve study annually, or engage Facilities Advisors to update the study at a reduced cost.

Our reserve study reports are unique - they are designed to meet your statutory requirements, to serve as a maintenance plan, and the reports and disclosures are designed to save you time.  You save time in budget preparation because we prepare summary reserve disclosures for you.  Our unique reserve study comparison exhibit also saves you time by showing you where our current report differs from the previous report, no matter who prepared the prior report.  It helps report users understand and evaluate what has changed since the prior report was issued.

 

Utah reserve study law is shown below

57-8a-211. Reserve analysis -- Reserve fund.

(1) As used in this section, "reserve analysis" means an analysis to determine:

(a) the need for a reserve fund to accumulate money to cover the cost of repairing, replacing, and restoring common areas that have a useful life of three years or more, but excluding any cost that can reasonably be funded from the association's general budget or from other association funds; and

(b) the appropriate amount of any reserve fund.

(2) Except as otherwise provided in the governing documents, a board shall:

(a)

(i) subject to Subsection (2)(a)(ii), cause a reserve analysis to be conducted no less frequently than every five years; and

(ii) if no reserve analysis has been conducted since March 1, 2008, cause a reserve analysis to be conducted before July 1, 2012; and

(b) review and, if necessary, update a previously conducted reserve analysis no less frequently than every two years.

(3) The board may conduct a reserve analysis itself or may engage a reliable person or organization, as determined by the board, to conduct the reserve analysis.

(4) (a) A board may not use money in a reserve fund:

(i) for daily maintenance expenses, unless a majority of association members vote to approve the use of reserve fund money for that purpose; or

(ii) for any purpose other than the purpose for which the reserve fund was established.

(b) A board shall maintain a reserve fund separate from other association funds.

(c) This Subsection (4) may not be construed to limit a board from prudently investing money in a reserve fund, subject to any investment constraints imposed by the governing documents.

(5) Subsections (2), (3), (4), and (6) do not apply to an association during the period of administrative control.

(6) An association shall:

(a) annually, at the annual meeting of lot owners or at a special meeting of lot owners:

(i) present the reserve study; and

(ii) provide an opportunity for lot owners to discuss reserves and to vote on whether to fund a reserve fund and, if so, how to fund it and in what amount;

(b) prepare and keep minutes of each meeting held under Subsection (6)(a) and indicate in the minutes any decision relating to funding a reserve fund.

(7) This section applies to each association, regardless of when the association was created.