Top 10 Reserve Mistakes Continued From Page 23


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damage. Additionally, the investigation can assist the association with narrowing down the time frame for large  be sure to incorporate the results of any envelope investigations within your reserve study.


Be sure to incorporate the results of any envelope investigations within your reserve study.


Building envelope investigations should be performed at the time that a new association is turned over from the  period and every 5-10 years thereafter depending on the age of the building and history of damages.


7 Accepting the Cheapest Proposal


It is completely understandable that boards wish to spend association funds as wisely as possible,


especially when it comes to repairs. Unfortunately,  simply because of the price, failing to give consideration   the project. It is important that the project scope of work is comparing apples to apples when reviewing proposals.


It is important that the project scope of work is comparing apples to apples when reviewing proposals.


The vendor’s license, bond and insurance information  sure to choose someone that you trust; WSCAI has an  your community needs help locating vendors that are well versed in working with community associations. In addition to comparing the scope of work and pricing, be sure to


24 Community Associations Journal | April 2022


consider whether any repairs which are being performed will  wise to replace the item instead.


8 Misunderstanding the Scope


A reserve study site visit is a limited visual review for budgetary purposes only. No destructive testing


is performed and often a sampling of access limited areas (such as unit decks) are viewed as part of the inspection. The inspection focuses on all assets that the association is responsible to maintain, repair or replace including  interiors and any internal systems and equipment.


The inspection focusses on all assets the association is responsible to maintain, repair or replace.


Because the reserve study site visit is limited, prudent  envelope investigations mentioned within #6 of this article and incorporating those results into the reserve study. Some association governing documents require annual  the reserve study site visit, which is performed every three (3) years under Washington statute, and should be arranged for separately from the site visit.


9 Deferring Critical Projects


Associations often defer projects for a variety of reasons, the most common reason being that


adequate reserve funds are not available. Regardless of an association’s reserve funding position, it is imperative that  which may pose a safety hazard if not addressed, are not postponed. In these instances an association may need to levy a special assessment and/or obtain a bank loan to perform the repairs.


 project costs down the road due to additional damages caused by failure to act. Therefore the most cost effective way to manage reserve funds is to perform projects when  coatings should be performed proactively at regular cycles.


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