One of the primary business duties of community associations–planned communities, condominium associations, clubs and cooperatives–is maintaining and preserving property values of residential units and the common property. To do this properly and often to comply with state law, associations must develop funding plans for future repair or replacement of major common area components, such as roofs, elevators, swimming pool components, asphalt surfaces, and decks. We work with developers, community associations, and other business owners to create reserve studies to address these future asset repair and replacement needs.
Our services include onsite inspections and the collection of data on all assets, recommendation on asset estimated lives and replacement costs, recommendations for contribution and investment assumptions, as well as periodic updates of the reserve study to maintain its value. We utilize a database-structured software program in the development of the reserve study final product. In addition to addressing the needs of the accounting professional, we stress the importance of creating a tool that becomes useful to the developer, the association, and its management, especially in the area of planning for and managing appropriate fund contributions and expenditures.
The purpose of a maintenance plan is to help Associations, Clubs and Planned Communities ensure that the assets are kept in good working and they achieve their full-intended service life. Our maintenance plan identifies tasks (such as inspecting and cleaning), the intervals at which maintenance is to be carried out (such as weekly or annually), and the skill levels required for each maintenance task. We will summarize this into a user friendly checklist sorted by building system, by season and by priority-ranking.
Resort Resources, Inc. is a member of the Association of Professional Reserve Analysts (APRA) and Karen Smith holds the Reserve Specialist designation issued by CAI.
For developers, services consist of consultation and assistance with document preparation, which typically include a declaration of covenants, conditions and restrictions, as well as the bylaws, articles and other related governing documents for the community association. Homeowner association management services also available.Learn More
We often consult with developers on issues relating to community association operations, particular during the period of developer control, plus services to register projects for sale, as needed.Learn More