Condo Association Management Blog

According to National Reserve Study Standards, there are three results from a Reserve Study: 
1) the Reserve Component List (what you are Reserving for 
2) an evaluation of your Reserve Fund strength 
3) a recommended Reserve contribution rate. 
 
Beginning with this end in mind will be helpful.  
 
Also - expect to update annually. All your physical and economic assumptions are in a constant state of change. If you wish to hire a professional, great. Look for someone with a PRA or RS credential. 
 
A good alternative iswww.QuickReserves.com, a very powerful, free online Reserve Study tool. QuickReserves brings Reserve planning into the hands of boardmembers and managers (especially if you have had a prior professional Reserve Study... QuickReserves makes it easy to do your annual updates between periodic professional engagements). 

Bob - thank you very much. I will share this with my managers and their Board Members.

I have found that the services of a qualified engineerto conduct the reserve study to be more pratical that using on line services. There are many nuances in determining remaining useful life of major systems that only an engineer familiar with the geohraphic area in which your condo is located. He would also be atuned to any local requirements that ciould impact the study.

Should the engineer be a state licensed engineer or just a guy with an engineering degree that doesnt even have a stamp? 
We have a resident unlicensed engineer in my community who considers himself the authority while his board member wife and property manager buddy self deal project management contracts. We get the most expensive best quality projects this way.

While I'm a fan (obviously) of professionals with a PE designation, when it comes to Reserve planning, I would highly recommend using someone with a RS or PRA credential over an unlicensed (but supposedly capable) individual or even over someone with a PE.  
 
You need to know what you are doing in this specific field (disclosures, calculations, terminology, etc.). There is no reason to not use a credentialed Reserve Study professional.  
 
Find a RS here: 
http://tinyurl.com/3eed9p4 
 
Find a PRA here: 
Go towww.APRA-USA.com, and select "members" 
 
Good luck!

Must be a state licensed engineer. Only a licensed engineer can be held liable for his professional judgement. A recommendatyioon from an unlicensed individual is worthless. Be careful--it's your money you are dealing with.

quickreserve.com will not come up??

Just a typo on your part... try: 
www.QuickReserves.com