Condominium Association Reserve Study

RDA helps protect the financial assets of your condominium.

Why a Condo Association Reserve Study Is Important

A reserve study is an invaluable tool for the smooth operation of condo communities. Condominium associations are responsible for maintaining common areas and elements. With time, though, these elements will decline and need repairs or replacements.

While a condo association relies on member dues to pay for daily expenses, major repairs or replacements of assets typically require larger sums of money. As such, it is essential for a condo to maintain a reserve account, allowing the community to remain prepared for future costs.

A condo association reserve analysis or study helps associations determine the level of funding they need at any point in time. This study includes an assessment of the association’s components and current funding balance, which are then used for condo association capital planning. At its core, a reserve study tells you how much money you need in your reserve fund and how much each member should contribute to the fund within a given timeframe.

Without a reserve study, a condo association would be operating without direction. It would not know whether or not its reserves are sufficiently funded. Faced with a major expense, the association would then have to charge special assessments or take out a loan.

Here are other reasons why a reserve study is important to a condo association:

Board members have a fiduciary responsibility to ensure the maintenance of common areas and elements.
Certain states have laws requiring condominium associations to maintain reserve funds and undergo a reserve study.
Lending institutions sometimes ask for a copy of the condo’s reserve study to determine the association’s ability to repay the loan. Many mortgage companies also ask owners to supply them with a copy of the condo’s reserve study to display the long-term financial strength of the association.

The RDA Report

Reserve Data Analysis provides each community with an RDA report as part of our condo condo association reserve study service.

Our report includes the following:

A comprehensive analysis of the client’s operating guidelines and the governing documents to determine the extent of the client’s maintenance and reserve obligations;
A detailed inventory of all assets that fall under the client’s responsibility (for on-site inspections);
Detailed reports for each asset;
A summary of assets by category;
Distribution of accumulated reserves report;
Required monthly contribution report; and,
Thirty-year projections.

We use localized cost guides as well as economic and investment parameters to generate all of our reports. All of our clients receive our undivided attention and dedication throughout the reporting process. We also offer our support and guidance throughout the entire year, so you can contact us for any questions you may have about long-term planning and budgeting.

Levels of Service Available

Reserve Data Analysis offers four levels of service for reserve study for condominiums. All levels come with the following:

An evaluation of remaining life and replacement costs for all components;
A detailed RDA report with an owner’s summary, budgeting charts, precise measurements of structures, and pictures of every component;
Help with determining the right funding strategy for your condominium;
A one-hour free consultation and Q&A with board members;
One free revision of your report; and,
Live support from our corporate office.

Level1
Full Condominium Association Reserve Study
Level 2
Update With Site Inspection
Level 3
Update Without Site Inspection
Level 4
DIY Inspection

This level of service comes with a physical on-site walkthrough of your condominium to determine the condition of your components and to take precise measurements.

This level of service comes with a physical on-site walkthrough of your condo association to determine the condition of your components, but there are no measurements taken.

This level of service does not include a site visit or inspection but comes with a readjustment of your funding plan using your prior condo association reserve fund study calculations to compensate for such things as inflation, price hikes on materials, investments, and yields on your investments.

This level of service does not include a site visit or inspection. Instead, you can save money and learn about your community by conducting the inspection yourself. It includes a step-by-step guide through the collection process of components and measurements. Using the data you’ve collected, our corporate office compiles your measurements and validates your information to ensure no costly mistakes.

RDA Reserve Management Software

RDA’s self-made and self-contained software is a fully integrated management, computational, and projection tool. Our software allows for greater detail, more accurate projections, and more intricate computations without the limitation of a 20- to 30-year window.

Using this software, our report also comes with a 3D MODEL of your facilities with a detailed breakdown of square footage.

For Unparalleled Condo Association Reserve Studies

Reserve Data Analysis is the principal reserve study company in the market. Established in 1983, we have an expansive history of service in the industry and have spent decades honing our craft. As the reserve study landscape continually evolves, our specialists constantly remain up-to-date on the latest changes in legislation and practices that affect condominiums.

RDA is a full-service reserve company that offers everything you need and makes reserve studies easy to comprehend at a competitive rate. We always aim to be upfront about the problems and costs that your community potentially faces – and we offer solutions, too.

We serve condominium associations throughout all 50 states. Call us today at 800-359-5015 or contact us online to request a proposal!