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
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
Title 57 Chapter 8 Section 7.5
Condominium Ownership Act
Title 57 Chapter 8a Part 2 Section 211
Community Association Act