With the new state requirements for the funding of reserves taking effect in the next few years for many Florida condominiums, association boards of directors and property managers across the state are beginning their planning process by contracting for and implementing a structural reserve study. Such studies, which should be conducted by highly experienced and qualified specialists, closely examine the current physical and financial state of communities as well as the maintenance, repair and replacement costs of all their elements to provide specific recommendations for the long-term funding of reserves.
Given the increased focus on reserves in Florida and many other states, the Community Associations Institute released updated Reserve Study Standards in May to provide communities with an improved framework for effective planning. The organization, which is the leading voice for the associations industry, has been intensely focused on reserves and other condominium-safety initiatives for the last two years since the tragic partial collapse of Champlain Towers South that claimed 98 lives.
For the most part, the changes in the new standards emphasize structural maintenance and inspections. They are the result of the work of a task force that began reviewing the standards more than one year ago.