RESERVE FUNDING
Issues to consider when narrowing your choice of a reserve professional:
1. Have they earned the RS designation with CAI? What other designations and credentials do they hold? 2. Does the firm have other professional licenses or credentials, such as professional engineer, general contractor, architect, or other qualifications demonstrating competency? 3. Will all work in the study be completed by employees of the firm? 4. In what other professional organizations is the reserve company involved? 5. What type of insurance does the reserve study specialist carry? Do they have errors and omissions insurance? 6. Can you view a sample study from the firm? 7. What level of study is offered? 8. Does the study conform with CAI’s Reserve Study Standards as well as any statutory requirements? 9. What deliverables will be received? 10. Will the provider allow the manager and board to participate in the development of the study? To what extent? 11. Are you able to revise the report? 12. What support/services will you receive beyond the report? To find individuals with the RS designation, visit CAI’s Directory of Credentialed Professionals at https://www.caionline.org/directory-of-credentialed-professionals and search for RS. HOW TO PREPARE THE STUDY Accurate reserve funding projections depend on the reliability of the data supplied to the reserve pro- fessional. Community associations and their managers play a critical role in providing clear, complete, and timely information. The reserve specialist also carries an essential responsibility to evaluate that information, verify it where appropriate, and alert the client to inconsistencies or gaps.
Homeowner Leaders
Management
Best Outcome
Reserve Specialists
This Venn diagram highlights the best outcome achieved when the board sets clear priorities, management provides essential operational insight, and reserve specialists translate both into a sound, long-term funding plan that aligns vision, day-to-day realities, and financial strategy for the community’s success.
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