Capital Reserve Studies / Updates
DW Smith Associates has extensive experience in preparing Capital Reserve Studies and Updates for numerous Community Associations throughout New Jersey and Pennsylvania. We provide all three levels of Capital Reserve Studies, including Full Reserve Studies, Reserve Study Updates with Site Visit and Reserve Study Updates without Site Visit (Paper Updates). All of our reserve studies include both a physical and financial analysis.
When preparing a Full Reserve Study, our team will perform a complete review of the community’s governing documents. After determining the common elements, we will quantify them using design drawings or by taking field measurements if drawings are not available. We will also visit the community to assess the current condition of the common elements for their estimated useful life.
Our Reserve Study Updates utilize the common elements and their quantities provided in the previous reserve study. When preparing a Reserve Study Update with Site Visit, a visit to the community determines the current condition of the common elements for estimated remaining useful life. For a Paper Update, we will input current costs and reduce the useful life of the common elements to reflect the period of time that has lapsed since the last reserve study.
All of our Capital Reserve Studies include a report prepared in accordance with the National Community Association Institute’s “National Reserve Study Standards” and the American Institute of Certified Public Accountants.