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Reserve Studies:


THE KEY TO HARMONIOUS COMMUNITY LIVING


What is an association board’s role in serving their community association? Can a board accurately navigate changing needs related to replacement schedules and funding needs? Do homeowners have a clear understanding of the association’s current and future capital project and reserve funding needs? Knowing the answers to these types of questions is essential to understanding the relationship between boards and homeowners and how they both play a role in promoting a harmonious community.


By Corinne Billingsley, Great Lakes Regional Executive Director, Reserve Advisors


 As a fiduciary, one agrees to make decisions based on good faith that serve the best interest of the homeowners or association as a whole. This begins with having a comprehensive reserve study that is current (no more than 5 years old). A current reserve study serves as a roadmap by identifying, prioritizing and educating the board about their association’s long-term needs. By prioritizing all capital projects and developing a customized reserve funding plan for the next 30 years, the reserve study supports a board’s ability to proactively manage replacement events and facilitate the annual budgeting process.


20 | COMMON INTEREST® • Winter 2018 • A Publication of CAI-Illinois Chapter


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