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.
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 plans, 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.