What is a Reserve Fund?
A reserve fund is money set aside for large projects. A portion of the monthly assessment is
designated for this fund. The amount of the contribution is determined by a reserve funding plan,
which is developed from a reserve study.
A reserve fund is money set aside for large projects. A portion of the monthly assessment is
designated for this fund. The amount of the contribution is determined by a reserve funding plan,
which is developed from a reserve study.
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What is a Reserve Study?
A reserve study was undertaken by an independent consultant, Reserve Advisors, Inc., to evaluate the condition of the common elements of Glenhardie and to develop a reserve funding plan based upon the condition of the property. The study was completed in spring 2018 at a cost of $6,750. |
The complete Reserve Study |
What did the study find?
- Many property elements are in fair to poor condition.
- Current reserve contributions are not adequate.
- Large increases to the Reserves are needed to cover the cost of badly needed capital improvements through 2023.
The study identified five projects that should be completed within five years of the study, i.e. by 2023. The five projects are:
Two years have already elapsed since the study was completed and none of the work has been done, except for the stucco on four (out of twenty) buildings. It will take tens of thousands of dollars to complete this work!
- Replacement of wood balconies and railings
- Replacement of the asphalt shingle roofs and aluminum gutters and downspouts
- Inspections and repairs to the masonry, stone and stucco facades
- Replacement of the carpet floor coverings at the common interiors
- Paint finish applications at the common interiors
Two years have already elapsed since the study was completed and none of the work has been done, except for the stucco on four (out of twenty) buildings. It will take tens of thousands of dollars to complete this work!
The Executive Summary from the Reserve Study follows:
