As the pressure on operating costs increases, association management can be tempted to divert to the operating side what formerly had been contributions to the reserve account. However members of associations know that their roofs and roads are still going to need to be replaced on their own schedule, oblivious to the economic crunch.

The future still needs to be planned for because deferred maintenance invariably leads to reduced property value. Now more than ever, preparation of a capital reserve study by a credentialed professional to maximize performance of the common elements is essential. Tighter economic restraints call for closer collaboration between condominium management and the professionals who advise about how to sustain the quality of their primary assets.

The emerging key to achieving sustainability of assets that is closer involvement of management in the preparation of capital reserve studies than has previously been the case. Maximizing performance through collaboration pays dividends. Some boards, particularly those of smaller associations, understandably feel that the fee for a reserve study professional is something they cannot justify when budgets get tighter.

Fortunately, there is a way to engage the services of such a professional at a reduced fee. It's called a client-assisted reserve fund study. The client contributes by providing the basic data about the physical assets of the association, passes it to the reserve specialist who then analyzes the data and produces the work product. The report product details when common area components need to be replaced, what the costs will be to do so and what contributions from the memberships are needed to support the plan. The work product of our firm is an interactive electronic one that allows unlimited testing of future changes in funding strategies.

A certified reserve specialist is always available for consultation during the preparation of the study.