August 2023

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NATIONAL TRENDS

CAI RELEASES NEW RESERVE STUDY STANDARDS FOR COMMUNITY ASSOCIATIONS Updated guidance urges communities to incorporate preventive maintenance and structural inspections into budget planning tools.

July 12, 2023 — Falls Church, VA: Community associations should incorporate preventive maintenance and structural inspections into their reserve studies—the important budget planning tools that identify the components a community association is responsible for maintaining or replacing, indicate the status of the reserve fund, and provide a stable and equitable funding plan to offset anticipated future major common area expendi tures. The recommendations are part of new Reserve Study Standards released by Community Associations Institute (CAI), the leading international authority on community association governance, management, and education Following the tragic partial collapse of Champlain Towers South condominium in Surfside, FL, two years ago, CAI convened working groups to discuss public policy solutions to promote safer and more financially sound buildings.

The working groups developed CAI’s Condominium Safety Public Policy Report, recommending reserve studies and reserve funding for all community associations as well as structural inspections and maintenance. CAI subsequently convened a task force to review and update the Reserve Study Standards to incorporate maintenance and structural integrity into the reserve study process. “One of the primary responsibilities of a community associ ation board is to protect, maintain, and enhance the assets of the association,” says Thomas M. Skiba, CAE, CAI’s chief executive officer. “CAI believes that a proactive preventive maintenance plan and ongoing periodic structural inspections should be incorporated into the community’s long-term plan ning. This will allow communities to properly evaluate and budget for the ongoing care of the common area components as well as the structural safety of the community.” CONTINUES ON PAGE 52

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AUGUST 2023

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