We are often presented with other reserve studies and it is not an unusual occurrence for us to come to very different results than another company had in recent years. This is most often due to the component list being different.
We strive to make the whole process as easy as possible for our clients. Information and documents that we will need to review are requested while other work is being performed so that there is no delay in the whole process. This video goes into this process for you.
There are no licensing requirements in Washington State but there are industry designations given to those professionals meeting experience, ethical and peer review requirements, as is explained in this video.
Perhaps the most important part of the reserve study is developing the component list as all other recommendations are based on a comprehensive list. Following National Reserve Study Standards and Statutory requirements ensures we provide a comprehensive list for each assignment.
Reserve studies are always changing with additional components added or others removed as the community ages, Boards change directions and membership opinion changes. We recommend complying with WA State Law as described in this video.
The Fully Funded Balance is an important calculation in the reserve study. Calculating this number is straight forward but can be somewhat confusing to someone not familiar with the process. This video goes into an explanation of the Fully Funded Balance.
Percent Funded is a calculation of how adequate the reserve account is at a particular point in time. It is a measurement of how much in actually in the reserve account versus how much should ideal be in the reserve account.