Why is it important to perform a Reserve Study?
The reserve allocation makes up a percentage of the total monthly dues. A Reserve Study provides the essential information that is needed to guide the Board of Directors in establishing the budgetary decisions for running the future and daily operations of their community.
It is suggested that a third party professionally prepares a Reserve Study since there is no vested interest in the property. Also, a professional knows what to look for and how to properly develop an accurate and reliable component list.
Our study was prepared by a certified Reserve Specialist, Construction Decisions, for the fiscal year of January 1, 2010 through December 31, 2010.
The intent of this study is to help provide the Big Trout Condominium community with a review of major common components in the project for which the establishment of replacement reserves is recommended. Establishing reserves provide for the future funding of significant replacement cost items, and reduces the need for large special assessments at the time replacement and major repairs are required.
Click here to review the Reserve Study (387k PDF)