Who Should Use This Program?
*Condominium associations who have to accumulate / fund reserves over the years to pay for the replacement of capital assets that the association is responsible for. Examples of such capital assets include building roofs, driveways, sidewalks, and porches, and common use amenities such as a tennis court or building elevator.
*Associations who are required by State law or regulation to complete Reserve Studies, and to provide certain Reserve financial information to potential condominium Co-Owners.
*Associations what are required (through their Co-Owners) to provide certain Reserve financial information to Lenders (mortgage holders of Co-Owner condominium units).
*Associations with 100 or less Co-Owners, and with a simple dues structure where all Co-Owners pay the same monthly amount.
*Condominium developments with association Boards of Directors comprised primarily of Co-Owners, and associations that want to provide for reserve funding well in advance of capital asset replacement. Developers of condominium projects are generally not interested in funding replacement asset reserves, as their primary task is to sell condominium units to Co-Owners. In addition, such developers will generally not have a financial interest in the development once the replacement of capital assets becomes necessary, as they will have both built and sold all of the available units in the development before the time of the first capital asset replacement.
*Association Boards who do not want to spend thousands of dollars to professional firms on initial Reserve Studies, and then continue to spend more each year with these firms for an annual reserve update, when they can otherwise use the Condominium Association Reserve Program and do it themselves, at a small fraction of the cost ($349.95) of hiring those outside consultants.
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