General Manager/COO, The Landings Association
As we wind down the year and finalize our year-end financial estimates and set the budget for 2020, a Reserve Study is now underway. Following Requests for Proposal, The Landings Association contracted with a professional Reserve Specialist to evaluate our Capital Asset Management Plan (CAMP), composed of more than 1,000 assets, including an onsite inspection of the community infrastructure, and analysis of our Capital Reserve Fund methodology. This will help determine whether the Association has the appropriate values and lifespans in the CAMP, and Capital Reserve funding for replacements and repairs of the assets, compared with industry standards.
Association staff and our engineers perform such calculations annually following physical inspections. However, an independent Reserves Study is standard in the community association industry. Our Finance Committee Reserves Subcommittee recommended that we secure this fresh, outside review of this important financial management system. Many community associations such as The Landings Association engage Reserve Specialists under the auspices of the Community Associations Institute, the leading professional education and resource organization for community associations. CAI is an international membership association dedicated to building better communities by providing education and resources to the homeowner leaders who govern and the professionals who support them.
Following the completion of this Reserve Study, the Association will have a detailed analysis of how our Capital Reserves compare to other communities, including our current methodology, fund balance, and future funding levels and obligations. This information will be a key determinant in the development of the Association’s next Assessment proposal. You can learn the results of this Reserve Study at our December 16 Budget Workshop, at Delegal’s Sunset Pavilion, at 6 p.m.
Our first Budget Workshop was held on October 16, covering the Budget Process and a Budget Overview. Following the formal presentation, the floor was opened for questions and answers, and a good, productive conversation with the attendees was held. For those unable to attend, we have posted the livestreamed video on our Association Facebook Group page
as well as on our YouTube
site. You can access the video by clicking here
. On November 13, we will hold another Budget Workshop at the Sunset Pavilion at 6 p.m., this one focused on changes to the budget since 2018. Please plan to attend or view the livestreamed presentation. We value your input on this important topic…how Association funds are spent securing and bettering our community.
Have a Happy Thanksgiving!
This article was originally published by The Landings Association on their website.
Visit landings.org to read the original article.