So who should you hire to perform your Reserve Study?

Some communities have tried to perform a Reserve Study using residents to save money.  Our experience indicates that residents lack the engineering experience to accurate evaluate the property and are reluctant to apply accurate assessments of the costs that must be set aside to perform long term repairs because the other residents “know where they live."

Some companies that perform Reserve Studies never visit the site and only perform statistical studies.  Criterium Liszkay Engineers only perform On Site studies using engineers who have been accredited by the CAI to be Reserve Specialist (RS).

Some companies hire home inspectors to perform their studies.  While Criterium-Liszkay Engineers has performed over 35,000 buildings/home inspections throughout central Ohio, all of our staff are Professional Engineers (P.E.) registered in Ohio with many years of experience.

Some companies are located on other states.  We are located here in central Ohio.

We have been involved in the business of evaluating buildings since 1970.  We are a small-sized consulting firm with a current in-house staff of six (6) licensed Professional Engineers.  As a result, senior staff members are involved in every project and our clients directly benefit from all the skills and experience of our engineering group.

We are backed by the home office of Criterium Engineers which is a nationwide organization of independently owned Professional Engineers in over 75 offices nationwide.  Criterium Engineers has:

• Examined more than 500,000 buildings throughout the United States.
• Experience with hundreds of condominium associations.

Our inspection will also provide recommendations for ongoing maintenance of all systems as well as a more complete condition evaluation of each.  Items needing immediate remediation, options for upgrades and improvements, and various funding alternatives may also be considered.  

Our financial analysis incorporates an engineering review to achieve as close to level-funding as possible, rather than simply use industry standard data.

The software we use for the financial analysis of your reserve fund was developed exclusively for us by the accounting firm of KPMG Peat Marwick.  It meets all the requirements of the AICPA audit guidelines for Common Interest Realty Groups, and is consistent with CAI's reserve fund study standards.

So how is a Reserve Study done?

The following outline specifically details the steps completing a Reserve Study.

• Meet with Board to review scope and understanding.  This step is very critical to determine the following:

What components belong to the association and what are the unit owner’s responsibilities.  Typical components whose ownership varies from association to association include:

·        Windows and doors
·        Garage doors
·        Window and door frames 
·        Attic ventilation 
·        Attic insulation
·        Decks, balconies and patios
·        Fences
·        Exterior lights
·        Fire hydrants
·        Landscaping

• Review all available construction documentation and municipal approvals related to the Condominium Association community.  
  
• Perform the on site inspection including the inspection of 10% of the attics and basements if applicable.  This is typically a 1 to 2 day effort depending on the size of the site and the weather.

Making the arrangements to enter the basements and attics is the responsibility of the condo association.  Note: Accessing these areas is typically difficult to arrange.

• Develop the Reserve Study report for the property, discussing the various items evaluated with regard to their current condition and expected future performance.  

Our reserve study report may also include recommended non-association responsible items that may be safety related or an improvement within the community.

• Write the draft Reserve Study report and present it to the board.  We will provide three (3) copies of our draft report.  Meet with the board to discuss this report, if desired.
• We will be available for one additional meeting to discuss our findings with the Board of Directors or full membership.  Additional meetings may be scheduled at your request for additional cost.
  
• Prepare the final report.  We will provide three (3) copies of our complete report

What about Costs?

Costs are dependent on:

• The size and number of units and buildings.
• If amenities such as a pool, ponds, docks, playground, tennis courts or clubhouse are present.
• Time of year that the report is done.
• Timeframe that the report is needed.
• Any special evaluation requested, such as Transition Study, etc.
• Distance from Franklin county