CAI-NJ Dec. 2018 (w)

RESERVE STUDY... from page 56.

This leads to the question of what does “Adequacy” mean. Over the past year the leaders of the national Reserve Study Task Force have established a definition for this which says that if the Funding Plan does not result in a deficit over the cash flow period (which is typ- ically 30 years but should not be less than 20 years) the plan is “adequate”. A determination of adequacy is different for each association and is typically based on a few variables such as the updating frequency and risk tolerance for their Funding Plan which is described above for each Funding Plan. When graphically reviewing the associations Funding Plan options, adequacy is based on the level of the association’s threshold as can be seen CAI-NJ is proud to offer members Alternative Dispute Resolution (ADR) Mediation Services This program is an alternative to litigation, as mandated by state law. This service includes negotiation and mediation with a neutral party, and is offered to community associations. Use our trained mediators to quickly and economically resolve your dispute. Examples of disputes covered are: • Parking • Pets • Noise • Rules Violations • Maintenance Problems For information on CAI-NJ’s ADR Program, please contact us at: CONT I NU E S ON PAGE 72 Associations: Are You in Compliance with New Jersey Law?

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