Comprehensive Reserve Study
A full Comprehensive Reserve Study includes verification, quantification and a visual conditional assessment of each component. The study will identify all the common area major components such as: roofs, painting, siding, paving, lights, landscaping, etc… for which the association may have maintenance responsibility for per the governing documents.
This study will assign an “average” life expectancy and replacement and/or repair cost to each component. Golden Consulting Group will also provide a 30 year maintenance funding plan per Civil Codes §5300 (b) (2) (3) (4) (5), §5565, §5560 and §5570; and any necessary updates/revisions to the study at no additional cost to the association. See DRE Reserve Study Guidelines
Our comprehensive reserve study report includes 30-year maintenance and funding analysis, which will identify the following:
- Inventory of Major Components
- Replacement Costs
- Visual Condition of Major Components
- Average Life Expectancy
- Historical Data (if available)
- Estimated Remaining Life
Allow Golden Consulting Group to perform a comprehensive reserves study and receive Free annual reserve study updates which takes place for each year between each comprehensive reserve study which is required every 3 years per David Stirling per Civil Code §5550.
Most studies can be completed and emailed for approval within 14 business days after the on-site visual inspection.
Annual Reserve Updates
Annual reserve updates take place for each year between each comprehensive reserve study which is required every 3 years per Davis Stirling per Civil Code §5550. The Board should review the update and shall consider and implement necessary adjustments to the boards analysis of the reserve account requirements as a result of that review.
The annual reserve update includes:
- Adjustments to the depreciation period of the useful life and remaining life.
- Evaluate and adjust estimates of repair or replacement to current costs.
- Update current reserve account balance and budget projections.
- Update current reserve earned interest rates and inflation factors.
- Update the 30 year maintenance funding plan.
- Update the annual assessment & reserve funding disclosure summary per §5570
An annual reserve update is to bring to date an existing approved reserve study only. actual expenditures may vary from estimated amounts therefore, amounts accumulated in the replacement fund may not be adequate to meet future needs.
Going the Extra Mile
Get free annual reserve updates, when your association accepts our comprehensive reserve study service agreement.