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Reserve Study Company

OREGON RESERVE STUDIES

Professional Reserve Analyst

Joel Tax, RS

Reserve Specialist

 

Direct: (503) 290-1505

 

Portland | Vancouver | Salem | Eugene

Since 2001 Joel has experience in matters related to reserve studies, inspection, consulting, valuation and budgeting. Joel is the Owner of Reserve Data Analyst, Inc.

 

Joel has earned the distinguished Reserve Specialist (RS) designation from the Community Associations Institute. This designations is given to those reserve study professionals who adhere to the highest standards in the industry. Maintaining these designation requires continuing education and peer review standards that elevate the reserve study profession.

 

Mr. Tax is a graduate of Central Washington University, Ellensburg, Washington with a Bachelor of Arts Degree. Over his career Joel has kept on top of industry trends with the completion of hundreds of hours of ongoing industry specific education including numerous courses & seminars, completed annually, which are specific to the Pacific Northwest's economy, construction and real estate. Coverage area include Portland, Vancouver, Salem, Eugene, Bend & Medford.

 

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Oregon Reserve Study Statutory Requirements

 

Interpreting the Oregon state law is best left up the professionals. Here is an excellent article written by a Lawyer on the subject.  Link: The Importance of Following Reserve Study Requirements (Oregon Law)

 

Section 94.595 and 100.175

 

The declarant, on behalf of a homeowners association, shall conduct an initial reserve study, prepare an initial maintenance plan and establish a reserve account. A reserve account shall be established to fund major maintenance, repair or replacement of all items of common property which will normally require major maintenance, repair or replacement, in whole or in part, in more than one and less than 30 years. The board of directors of the association annually shall conduct a reserve study or review and update an existing study to determine the reserve account requirements. After review of the reserve study or reserve study update, the board of directors may, without any action by owners adjust the amount of payments as indicated by the study or update and provide for other reserve items that the board of directors, in its discretion, may deem appropriate. Section 94.595 and 100.175. Following a turnover of power from the declarant to the association, the board of directors at least annually shall adopt a budget for the planned community and include moneys to be allocated to the reserve account. Section 94.645 and 100.412. However, the board of directors, with the approval of all owners, may elect not to fund the reserve account for the following year. Section 94.595 and 100.175.