- Required by Florida Statues
- Provide a realistic forecast for future capitol expenditures
- Provide an inclusive list of current building components and equipment onsite with anticipated life spans
- Allows the Association to establish a financial budget for the repair and/or replacement of building components and equipment in the future
- A properly funded Reserve Study can eliminate the need for certain assessments and can help expedite the repair process in the event of storm damage
A Reserve Study provides the Association with a general understanding of the anticipated major maintenance expenditures and an estimated schedule of when these expenditures should occur. Associations use reserve studies to determine the pro-rata share of maintenance costs for each member of the Association as well as accurately disclose the status of the Reserve Fund to owners in the association’s annual financial statements. O&A will contact the vendors used by the Association to provide an accurate list of current onsite equipment including the cost, the anticipated life span, and equipment model. The Reserve Study will include a site visit, written report, and photographs depicting each component within the study.