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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Reserve Study Information

CAI Reserve Study Best Practices

The Community Associations Institute has published a white paper entitles Reserve Study Best Practices. While we believe that this publication is useful, we also believe it is incomplete. It is provided so readers are aware of what others in the industry believe are best practices.

CAI Reserve Study Standards

The Community Associations Institute (CAI) has established standards for reserve studies prepared by those individuals holding the CAI RS (Reserve Specialist) designation.

The standards provide general information regarding reserve studies, describe the three recognized levels of service regarding reserve studies, and list the required report contents of a reserve study.

Click here to view CAI National Reserve Study Standards

Levels of Service

Facilities Advisors, inc. offers three levels of reserve study services, which correspond to the CAI standards; Level 1 - Full Reserve Study, Level 2 - Update of Reserve Study with Site Inspection, and Level 3 - Update of Reserve Study Without Site Inspection.

Level 1 - Full Reserve Study

We perform a complete site assessment, obtaining or verifying measurements and counts of common area components. This also includes a component condition assessment and photo inventory of most components. We then compile the information obtained into our easy-to-understand reports.

Level 2 - Update of Reserve Study with Site Inspection

Once a full reserve study has been completed by Facilities Advisors, inc., we will often perform updates with a site inspection. The level 2 site inspection is less comprehensive than a level 1 site inspection in that we do not obtain or verify measurements and counts unless it appears that there have been changes. We do evaluate condition and update the photo inventory where necessary. We then compile the information obtained into our easy-to-understand report.

Level 3 - Update of Reserve Study Without Site Inspection

An annual update to the reserve study is simply good planning. This allows you to "refresh" the funding plan and account for minor variations form the original funding plan. We inquire about expenditures made, changes in pricing of replacement costs, and variations in funding from the original plan, but do not perform a site inspection. This is a valuable planning tool at a very reasonable cost, generally no more than 25% of the cost of a full study.