Florida Reserve Studies
Facilities Advisors, Inc. has been preparing reserve studies since 1982, and in Florida since 2006. We have worked with condominium, homeowners, and timeshare associations in the following areas of Florida; Miami, Orlando, Daytona Beach, Naples, and New Smyrna Beach.
- We wrote the book on reserve studies - "Reserve Studies - The Complete Guide"
- We wrote the standards on reserve studies - ICBI's Generally Accepted Reserve Study Standards - Facilities Advisors president Gary Porter is also president of the International Capital Budgeting Institute (ICBI)
- We use certified software guaranteed for accuracy - Our Facilities 7 internet-based software has been certified by ICBI and tested by an independent CPA firm
We have prepared numerous reserve studies for all types of associations; condominiums, planned developments, timeshare associations, and cooperatives. Benefits of selecting Facilities Advisors, Inc. for your reserve study:
- Competitive fees
- Easy-to-read reports
- Internet-based software available to our clients
Competitive fees - We are able to provide competitive fees because of our extensive experience and dedication to using technology to make our services more efficient. This also translates into time savings and the ability to keep fees competitive. We are the only reserve study company to have developed software to electronically capture component data on site, which reduces the amount of time necessary to gather component data and translate that information into a reserve study report.
We "scope" the reserve study so that level of component detail matches how money is expended by the association, as that is the ONLY way the reserve study can ever be correlated to your association financial statements. We ask you questions and help tailor the reserve study to your unique association. Our internet-based software, with a multi-dimensional database structure (hidden in the background) and capabilities for three category levels plus major and minor components, gives us the ability to provide data at the correct level, and still be able to "roll up" the data into concise reports.
Responsiveness - We are responsive to your needs. If you request changes to your report, we will make them. After all, it is your report.
Easy-to-read reports - Our reports are prepared at a summary level for easy comprehension, followed by detail reports as supplemental schedules. This keeps the "official" reserve study report small enough to provide to members and others, and the detail supplmental schedules can be used internally by management. Different reports for different users. We also provide any statutory and regulatory disclosures. We give you the information you need to (1) prepare your budget, and (2) communicate summary in formation to your board of directors and members.
Internet-based software - We also provide access to the same internet-based software we used to prepare your reserve study. This allows you to keep your reserve plan up-to-date, and save money in the future by (1) proactively planning reserve projects, and (2) minimizing future reserve study costs based on your update of component information.
Call us today for a free proposal. (877) 304-6700.
You win with our unique approach to reserve studies; competitive fees, easy-to-read reports, a component structure tailored to YOUR association, and access to our internet-based software. This is not just an Excel workbook, we give you access to the same software we use to perform your reserve study - the most powerful software in the industry, which has been tested by an independent CPA firm for accuracy of calculations. We work WITH our clients to help you achieve the best outcome.
Our Goals for your Reserve Study
Our primary goal is to make your reserve study something more than simply the fulfillment of a statutory obligation. We believe that the reserve study should be a functional tool used in the financial management of the association. This means that the reserve study needs to be realistic. Too often, we hear from new clients that they don't believe their prior reserve study was correct. We believe that the reserve study should be a reflection of the Association's actual maintenance plan. Therefore we will ask you questions about recently completed and planned future reserve expenditures. While none of us can accurately predict the future over the next 30 years, the association's facilities manager usually has very concrete short-term plans (over the next 1 to 3 years). We attempt to incorporate that plan into the reserve study, otherwise it serves little purpose.
Our secondary goal is to make sure that your reserve study complies with statutory requirements.
Reserve Study Services
The advantage of using Facilities Advisors Inc. for your reserve study is that we can provide you with information that no one else can provide, such as a complete inventory by location, down to the level that we can show you every common area component in a specific room.
A Facilities Advisors Inc. reserve study provides you with a dynamic management tool. Our reserve study is a management tool, not a static "once every three years" report.
Levels of Service
Facilities Advisors, inc. offers three levels of reserve study services; Level 1 - Full Reserve Study, Level 2 - Update of Reserve Study with Site Inspection, and Level 3 - Update of Reserve Study Without Site Inspection.
Level 1 - Full Reserve Study
We perform a complete site inspection, obtaining or verifying measurements and counts of common area components. This also includes an evaluation of condition and photo inventory of most components. We then compile the information obtained into our easy-to-understand reports.
Level 2 - Update of Reserve Study with Site Inspection
Once a full reserve study has been completed by Facilities Advisors, inc., we will often perform updates with a site inspection. The level 2 site inspection is less comprehensive than a level 1 site inspection in that we do not obtain or verify measurements and counts unless it appears that there have been changes. We do evaluate condition and update the photo inventory where necessary. We then compile the information obtained into our easy-to-understand report.
Level 3 - Update of Reserve Study Without Site Inspection
An annual update to the reserve study is simply good planning. This allows you to "refresh" the funding plan and account for minor variations form the original funding plan. We inquire about expenditures made, changes in pricing of replacement costs, and variations in funding from the original plan, but do not perform a site inspection. This is a valuable planning tool at a very reasonable cost, generally no more than 25% of the cost of a full study.
Visit our national office web site at www.reservestudyusa.com to see our full range of services as well as sample reports.
Sample Reserve Study
Request for reserve study proposal form