By Dale Gifford, PRA, RS, PCAM, AMS, CMCA

Regional Project Manager, Complex Solutions, LTD – Silver Sponsor 2020

Each board member should review the reserve analysis and note any questions they may have.
The board should then meet and go over the reserve analysis as a group. After this meeting the
board should reach out to their professional reserve provider with any of the questions that
came up during individual and group review.

During the review of the reserve analysis the board should look at each component and see if there is any better information available. This may be an updated installation date, updated cost
from a bid or invoice, or an updated remaining useful life from plans the association already has
in place.

Once questions are answered and any necessary revisions have been made by the reserve
provider, the board will have to determine what their funding goal will be, determine a course of
action to achieve that goal, create and adopt a reserve plan, and then communicate this plan
with the members of the association.

The board must also do the following: place a reserve fund line item in the annual budget,
maintain an actual reserve fund that is separate from other association funds, provide an annual
summary of the reserve analysis to association members, provide a copy of the reserve
analysis to any association member who requests a copy, and only spend reserve funds on
reserve expenses.
Title 57 Chapter 8 Section 7.5
Condominium Ownership Act
Title 57 Chapter 8a Part 2 Section 211
Community Association Act

Dale Gifford has been working in the Utah community association industry for the last 18 years. He has prepared 1,700+ reserve studies in Utah. He is currently a Regional Project Manager at Complex Solutions. He is an active member of Utah Chapter of the Associations Institute, former Board member, past chapter President, and currently serves on the Legislative Action Committee. Dale has earned the following designations: *Association of Professional Reserve Analysts (APRA) –Professional Reserve Analyst (PRA)
*Community Associations Institute (CAI) –Reserve Specialist (RS)
–Professional Community Association Manager® (PCAM®)
–Association Management Specialist® (AMS®)
*National Board of Certification for Community Association Managers (NBC-CAM)
–Certified Manager of Community Associations® (CMCA®)