Reserve Data Analysis, Inc. Welcome to the RDA Midwest Regional Headquarters, Minneapolis Reserve Study Experts: More than 35,000 Reserve Studies for over 9,000 clients since 1983
Why should your association Reserve? Because simply covering annual operating expenses is not enough!
Even though you know what your monthly operating expenses are, future replacement of major equipment and components in your project require scheduled reserve funding.
Failing to plan is a plan for failure. Special assessments are often substantial, usually unpleasant, and frequently unfair; especially for those living on a fixed income. A detailed and comprehensive reserve study can help reduce or eliminate the need for such assessments.
Many governing documents (and some state laws) for common interest developments require community associations to conduct a reserve study or maintain adequate reserve funding. For example, the Minnesota Common Interest Ownership Act, statute 515B.3-1141, requires the association board include adequate replacement reserve funds in the annual budget. Further, the board must reevaluate the adequacy of their reserve funding at three-year intervals (minimum). Also, Resale Disclosures and Annual reports must contain fairly detailed information for prospective buyers and homeowners. Other states have varying requirements. Your association governing documents probably contain similar, or related, language.
Without an analysis, you can neither know nor demonstrate that your reserves are adequate. If you are unsure, or know your funds are inadequate, our services are essential.
RDA's Comprehensive Scope reserve studies begin with an analysis of the client's operating guidelines and other governing documents to determine the extent of the client's maintenance and reserve requirements. During an on-site inspection, we complete a detailed inventory of all assets for which the association is responsible. For clients who have already defined their roster of reserve components, and do not desire a review of their governing documents, we offer the Selective Scope study limited to the client-specified components.
Using localized cost guides, economic and investment parameters and our detailed inventory of the client's assets, we produce a complete reserve analysis study which includes detail reports for each asset, a reserve fund status report, a required monthly contribution report, and 30-year projections.
All RDA clients receive our complete dedication throughout the report generation process, and we continue to offer our support and guidance throughout the entire year. We are available to answer all of your questions regarding reserve budgeting and long- term planning, including the most complex questions, starting with "What if…?"