WHAT IS A RESERVE STUDY AND WHY ARE THEY IMPORTANT?

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1 WHAT IS A RESERVE STUDY AND WHY ARE THEY IMPORTANT? Tom Larson, PE, RS, PRA Facility Engineering Associates, PC

2 What is a Reserve Study? A budget planning tool which identifies the current status of the Reserve Fund and provides recommendations for a stable and equitable funding plan to offset the anticipated future major common area expenditures.

3 What is a Reserve Study? Community Associations Institute (CAI) National Standards Adopted in 1998 Define Required Content Define Levels of Service Provide for RS Designation

4 What is a Reserve Study? Association of Professional Reserve Analysts (APRA) Standards Adopted in 1995 Define Required Content Define Levels of Service Provide for PRA Designation

5 What is a Reserve Study? Required Content The Reserve Study consists of two parts: The physical analysis The financial analysis

6 What is a Reserve Study? The Physical Analysis includes Component inventory - listing of the common elements Condition assessment on site inspection Life and valuation estimates

7 What is a Reserve Study? The Financial Analysis includes: The evaluation and analysis of the Association s balance, income and expenses. A finding of the current Reserve Fund status, and a recommendation for appropriate funding (funding plan).

8 What is a Reserve Study? Levels of Service CAI National Standards outline 3 levels of service Level I Level II Full Reserve Study Reserve Study Update w/ Site Visit Level III Reserve Study Update w/ No Site Visit

9 What is a Reserve Study? Component Inventory Condition Assessment (On site inspection) Remaining Useful Life & Replacement Cost Estimates Funding Status Funding Plan Level I Full X Level II Update w/ Site Visit * (Verify) Level III Update w/ No Site Visit N/A X X N/A X X X X X X X X X

10 Reserve Funding Plans Two primary methods to analyze and evaluate a community s reserve fund plan are Component Method Cash Flow Method

11 Component Analysis For each common component, determine Remaining Useful Life (RUL), and Replacement Cost Amount to reserve each year = Replacement Cost RUL EXAMPLE: New roof was installed this year, cost was $100,000. Typical useful life of the roof is 20 years. RUL = 20 years Replacement cost = $100,000 Amount to reserve = $100,000/20 years $5,000/year

12 Component Analysis Component funding requirement is determined by adding up the requirement for all components Component Replacement Cost Current Balance Remainder to Fund Remaining Useful Life Annual Contribution Roof $100,000 - $15,000 $115, $5,750 Balcony Repairs $200,000 $50,000 $150,000 2 $75,000 Boiler $65,000 $40,000 $25, $2,500 Chiller $35,000 $30,000 $5,000 8 $625 Cooling Tower $80,000 $50,000 $30, $3,000 Pavement $120,000 $80,000 $40,000 5 $8,000 Carpeting $75,000 $40,000 $35,000 4 $8,750 Tot Lot $15,000 $8,000 $7,000 7 $1,000 TOTAL $690,000 $283,000 $104,625

13 What does Fully Funded mean? Component Replacement Cost Component Analysis Estimated Useful Life (EUL) Amount to Fund per Year Remaining Useful Life (RUL) Fully Funded Amount Roof $100, $5, $0 Balcony Repairs $200, $10,000 2 $180,000 Boiler $65, $2, $43,340 Chiller $35, $1,400 8 $23,800 Cooling Tower $80, $3, $48,000 Pavement $120, $6,000 5 $90,000 PPaPavement Carpeting $75, $7,500 4 $45,000 Tot Lot $15, $1,000 7 $8,000 TOTAL $690,000 $438,140

14 Component Analysis For our example, the fully funded balance is calculated at $438,140 The actual balance is $283,000 So the community s reserve fund is: $283,000/$438,140 = 65% percent funded

15 Component Analysis For this community, let s say the current annual contribution to reserves is $35,000. Component Replacement Cost Current Balance Remainder to Fund Remaining Useful Life Annual Contribution Roof $100,000 - $15,000 $115, $5,750 Balcony Repairs $200,000 $50,000 $150,000 2 $75,000 Boiler $65,000 $40,000 $25, $2,500 Chiller $35,000 $30,000 $5,000 8 $625 Cooling Tower $80,000 $50,000 $30, $3,000 Resurface $120,000 $80,000 $40,000 5 $8,000 Pavement Carpeting $75,000 $40,000 $35,000 4 $8,750 Tot Lot $15,000 $8,000 $7,000 7 $1,000 TOTAL $690,000 $283,000 $104,625 Is $35,000 enough?

16 Cash Flow Analysis For each component, determine Remaining Useful Life (RUL), and Replacement Cost Amount to reserve each year = Replacement Cost RUL Instead, determine reserve expenditures by year.

17 Cash Flow Analysis Using the same components from the earlier example: Component Replacement Cost Remaining Useful Life Roof $100, Balcony Repairs $200,000 2 Boiler $65, Chiller $35,000 8 Cooling Tower $80, Resurface Pavement $120,000 5 Carpeting $75,000 4 Tot Lot $15,000 7 TOTAL $690,000

18 Cash Flow Analysis Show projected expenditures by year: Year Expenditure Replacement Cost Year Expenditure Replacement Cost Balcony Repairs $200, Carpeting $75, Carpeting $75, Pavement $120, Tot Lot $15, Tot Lot $15,000 8 Chiller $35, Boiler, Cooling $145, Roof $100,000

19 Cash Flow Analysis Once you know Starting balance Current contribution level to reserves Projected expenditures by year Then you can determine If the contribution level is sufficient to meet projected expenditures, and if not, What does the contribution need to be?

20 Cash Flow Analysis For each year of the study Starting Balance + Contribution - Expenditures = Reserve Cash Balance

21 Cash Flow Analysis For each year of the study Starting Balance + Contribution - Expenditures = Reserve Cash Balance

22 Cash Flow Analysis Current Reserve Balance $283,000 Component Contribution $104,625 Annual Contribution $35,000 Year Starting Reserve Annual Expenditures Ending Reserve Balance Contribution Balance 1 $283,000 $35,000 $0 $318,000 2 $318,000 $35,000 $200,000 $153,000 3 $153,000 $35,000 $188,000 4 $188,000 $35,000 $75,000 $148,000 5 $148,000 $35,000 $120,000 $63,000 6 $63,000 $35,000 $98,000 7 $98,000 $35,000 $15,000 $118,000 8 $118,000 $35,000 $35,000 $118,000 9 $118,000 $35,000 $153, $153,000 $35,000 $145,000 $43, $43,000 $35,000 $78, $78,000 $35,000 $75,000 $38, $38,000 $35,000 $73, $73,000 $35,000 $108, $108,000 $35,000 $143, $143,000 $35,000 $178, $178,000 $35,000 $15,000 $198, $198,000 $35,000 $233, $233,000 $35,000 $268, $268,000 $35,000 $100,000 $203,000

23 Reserve Funding Plans The standards also define Funding Goals, independent of methodology used Baseline Funding: Establishing a Reserve funding goal of keeping the Reserve cash balance above zero.

24 Reserve Funding Plans The standards also define Funding Goals Full Funding: Setting a Reserve funding goal of attaining and maintaining Reserves at or near 100% funded.

25 Reserve Funding Plans The standards also define Funding Goals Statutory Funding: Establishing a Reserve funding goal of setting aside the specific minimum amount of Reserves required by local statutes.

26 Reserve Funding Plans The standards also define Funding Goals Threshold Funding: Establishing a Reserve funding goal of keeping the Reserve balance above a specified dollar or Percent Funded amount. Depending on the threshold, this may be more or less conservative than Fully Funding.

27 Component Listing Study 2003 Inflation Rate: 2.67% Period: 2022 Investment Rate: Text Item Description Typical Target Replacement/Repair Cost to Section Useful (year) Replace/Repair** No. Life (yrs) Cycle 1 Cycle 2 Cycle 3 Cycle 4 Cycle 5 (present worth) CAPITAL RESERVES 1.0 Community Center Building 1.3.a Replace Roof $12, b Replace Siding & Trim $15, c Paint Clubhouse $5, d Replace Windows $15, e Replace Lower Level Exterior Doors $3, e Replace Upper Level Exterior Doors $5, f Replace 7.5-ton Heat Pumps $12, f Replace Indoor AHU for 7.5-ton units $6, g Replace 2.5-ton Heat Pump $2, g Replace Indoor AHU for 2.5-ton unit $ h Replace Water Heater $4, i Replace Exercise Equipment $8, j Refurbish Community Center Upstairs $10, k Replace Downstairs Carpet $2, l Refurbish Pool Changing Rooms $10, m Replace Wood Deck $3, n Refinish Raquetball Court $5, o Replace Office Equipment $2, p Replace Kitchen Appliances $2, Swimming Pools & Deck 2.3.a Whitecoat Main Pool & Wading Pool $12, b Spa Whitecoat & Repairs $1, d Replace Pool Covers $7, e Replace Pool Filtration Equipment & Pumps $15, f Replace Spa Heater $2, g Replace/Restrap Pool Furniture $7, h Replace Lifeguard Chairs & Ladders $10, i Concrete Pool Deck Repairs $7, j Brick Terrace and Retaining Wall Repairs $15, k Replace 4-Ft. Metal Fencing $4, l Replace Chain-Link Fence Gate $1, l Replace Perimeter Chain-Link Fence $24, Community Center Site Features 3.3.a Asphalt Pavement - Seal Coat $2, b Asphalt Pavement - Overlay $24, c Curb & Gutter Repairs $1, d Sidewalk Repairs $1,000

28 Calendar of Expenditures TABLE 2 EXPENDITURE FORECAST BY YEAR Text Item Description Cost to Cost to Total Section Replace/Repair Replace/Repair Expenditures No. (present worth) (future worth) e Replace Lower Level Exterior Doors $3,200 $3, j Refurbish Community Center Upstairs $10,000 $10, b Spa Whitecoat & Repairs $1,500 $1, g Replace/Restrap Pool Furniture $7,500 $7, j Brick Terrace and Retaining Wall Repairs $15,000 $15, l Replace Chain-Link Fence Gate $1,100 $1, a Asphalt Pavement - Seal Coat $2,450 $2, a Asphalt Trail Repairs $5,000 $5, e Multi-purpose Court Color Coat $4,500 $4,500 $50, c Paint Clubhouse $5,000 $5, k Replace Downstairs Carpet $2,500 $2, n Refinish Raquetball Court $5,000 $5,134 $12, i Replace Exercise Equipment $8,000 $8, o Replace Office Equipment $2,500 $2, i Concrete Pool Deck Repairs $7,500 $7, c Curb & Gutter Repairs $1,500 $1, d Sidewalk Repairs $1,000 $1, f Community Center Tot Lot $8,000 $8,433 $30, b Community Center Tennis Court Color Coat $6,000 $6, b Section 8B Tennis Court Color Coat $6,000 $6, g Section 12 Tot Lot $10,000 $10, a Asphalt Trail Repairs $5,000 $5,411 $29, h Section 8 Tot Lot $15,000 $16,667 $16, f Replace 7.5-ton Heat Pumps $12,600 $14, h Replace Water Heater $4,000 $4, p Replace Kitchen Appliances $2,000 $2, j Refurbish Community Center Upstairs $10,000 $11, g Replace/Restrap Pool Furniture $7,500 $8, a Asphalt Pavement - Seal Coat $2,450 $2, c Curb & Gutter Repairs $1,500 $1, d Sidewalk Repairs $1,000 $1, e Multi-purpose Court Color Coat $4,500 $5,134 $51, c Paint Clubhouse $5,000 $5, o Replace Office Equipment $2,500 $2, a Asphalt Trail Repairs $5,000 $5,856 $14, a Whitecoat Main Pool & Wading Pool $12,000 $14, i Section 6 Tot Lot $12,000 $14, i Concrete Pool Deck Repairs $7,500 $9,019 $37,880

29 Component Analysis CASH FLOW SUMMARY- CAPITAL RESERVES Years 1-20 Initial Contribution: Projected Increase: Beginning Balance $35,000 Begin Study Period: 2003 End Study Period: 2022 $250,000 Year Reserve Beginning Yearly Component Interest Paid Capital Ending Reserve % Component Reserve Contribution Method On Reserve Expenditure Balance Total Value Balance Contribution Balance Assets 2003 $460,150 $250,000 $60,833 $50, $472,436 $54,819 $12, $485,050 $51,137 $30, $498,001 $50,423 $29, $511,298 $49,670 $16, $524,949 $49,150 $51, $538,965 $49,557 $14, $553,356 $51,058 $37, $568,130 $50,553 $23, $583,299 $51,020 $16, $598,873 $54,059 $136, $614,863 $56,296 $82, $631,280 $56,936 $21, $648,135 $58,923 $70, $665,441 $60,084 $30, $683,208 $66,031 $156, $701,450 $69,261 $63, $720,178 $71,545 $54, $739,407 $71,876 $12, $759,149 $72,490 $19,797

30 Component Analysis CASH FLOW SUMMARY- CAPITAL RESERVES Years 1-20 Initial Contribution: Projected Increase: Beginning Balance $35,000 Begin Study Period: 2003 End Study Period: 2022 $250,000 Year Reserve Beginning Yearly Component Interest Paid Capital Ending Reserve % Component Reserve Contribution Method On Reserve Expenditure Balance Total Value Balance Contribution Balance Assets 2003 $460,150 $250,000 $60,833 $60,833 $50,250 $260,583 57% 2004 $472,436 $260,583 $54,819 $54,819 $12,834 $302,568 64% 2005 $485,050 $302,568 $51,137 $51,137 $30,042 $323,663 67% 2006 $498,001 $323,663 $50,423 $50,423 $29,221 $344,865 69% 2007 $511,298 $344,865 $49,670 $49,670 $16,667 $377,868 74% 2008 $524,949 $377,868 $49,150 $49,150 $51,964 $375,053 71% 2009 $538,965 $375,053 $49,557 $49,557 $14,641 $409,969 76% 2010 $553,356 $409,969 $51,058 $51,058 $37,880 $423,146 76% 2011 $568,130 $423,146 $50,553 $50,553 $23,212 $450,487 79% 2012 $583,299 $450,487 $51,020 $51,020 $16,479 $485,028 83% 2013 $598,873 $485,028 $54,059 $54,059 $136,395 $402,692 67% 2014 $614,863 $402,692 $56,296 $56,296 $82,044 $376,944 61% 2015 $631,280 $376,944 $56,936 $56,936 $21,264 $412,616 65% 2016 $648,135 $412,616 $58,923 $58,923 $70,427 $401,113 62% 2017 $665,441 $401,113 $60,084 $60,084 $30,080 $431,117 65% 2018 $683,208 $431,117 $66,031 $66,031 $156,122 $341,026 50% 2019 $701,450 $341,026 $69,261 $69,261 $63,262 $347,025 49% 2020 $720,178 $347,025 $71,545 $71,545 $54,778 $363,791 51% 2021 $739,407 $363,791 $71,876 $71,876 $12,052 $423,616 57% 2022 $759,149 $423,616 $72,490 $72,490 $19,797 $476,309 63%

31 Component Analysis CASH FLOW SUMMARY- CAPITAL RESERVES Years 1-20 Initial Contribution: Projected Increase: Beginning Balance $35,000 Begin Study Period: 2003 End Study Period: 2022 $250,000 Year Reserve Beginning Yearly Component Interest Paid Capital Ending Reserve % Component Reserve Contribution Method On Reserve Expenditure Balance Total Value Balance Contribution Balance Assets 2003 $460,150 $250,000 $60,833 $60,833 $50,250 $260,583 57% 2004 $472,436 $260,583 $54,819 $54,819 $12,834 $302,568 64% 2005 $485,050 $302,568 $51,137 $51,137 $30,042 $323,663 67% 2006 $498,001 $323,663 $50,423 $50,423 $29,221 $344,865 69% 2007 $511,298 $344,865 $49,670 $49,670 $16,667 $377,868 74% 2008 $524,949 $377,868 $49,150 $49,150 $51,964 $375,053 71% 2009 $538,965 $375,053 $49,557 $49,557 $14,641 $409,969 76% 2010 $553,356 $409,969 $51,058 $51,058 $37,880 $423,146 76% 2011 $568,130 $423,146 $50,553 $50,553 $23,212 $450,487 79% 2012 $583,299 $450,487 $51,020 $51,020 $16,479 $485,028 83% 2013 $598,873 $485,028 $54,059 $54,059 $136,395 $402,692 67% 2014 $614,863 $402,692 $56,296 $56,296 $82,044 $376,944 61% 2015 $631,280 $376,944 $56,936 $56,936 $21,264 $412,616 65% 2016 $648,135 $412,616 $58,923 $58,923 $70,427 $401,113 62% 2017 $665,441 $401,113 $60,084 $60,084 $30,080 $431,117 65% 2018 $683,208 $431,117 $66,031 $66,031 $156,122 $341,026 50% 2019 $701,450 $341,026 $69,261 $69,261 $63,262 $347,025 49% 2020 $720,178 $347,025 $71,545 $71,545 $54,778 $363,791 51% 2021 $739,407 $363,791 $71,876 $71,876 $12,052 $423,616 57% 2022 $759,149 $423,616 $72,490 $72,490 $19,797 $476,309 63% $55,034 Average $46,471 Average

32 Component Analysis CASH FLOW SUMMARY- CAPITAL RESERVES Years 1-20 Initial Contribution: Projected Increase: Beginning Balance $35,000 Begin Study Period: 2003 End Study Period: 2022 $250,000 Year Reserve Beginning Yearly Component Interest Paid Capital Ending Reserve % Component Reserve Contribution Method On Reserve Expenditure Balance Total Value Balance Contribution Balance Assets 2003 $460,150 $250,000 $60,833 $60,833 $50,250 $260,583 57% 2004 $472,436 $260,583 $54,819 $54,819 $12,834 $302,568 64% 2005 $485,050 $302,568 $51,137 $51,137 $30,042 $323,663 67% 2006 $498,001 $323,663 $50,423 $50,423 $29,221 $344,865 69% 2007 $511,298 $344,865 $49,670 $49,670 $16,667 $377,868 74% 2008 $524,949 $377,868 $49,150 $49,150 $51,964 $375,053 71% 2009 $538,965 $375,053 $49,557 $49,557 $14,641 $409,969 76% 2010 $553,356 $409,969 $51,058 $51,058 $37,880 $423,146 76% 2011 $568,130 $423,146 $50,553 $50,553 $23,212 $450,487 79% 2012 $583,299 $450,487 $51,020 $51,020 $16,479 $485,028 83% 2013 $598,873 $485,028 $54,059 $54,059 $136,395 $402,692 67% 2014 $614,863 $402,692 $56,296 $56,296 $82,044 $376,944 61% 2015 $631,280 $376,944 $56,936 $56,936 $21,264 $412,616 65% 2016 $648,135 $412,616 $58,923 $58,923 $70,427 $401,113 62% 2017 $665,441 $401,113 $60,084 $60,084 $30,080 $431,117 65% 2018 $683,208 $431,117 $66,031 $66,031 $156,122 $341,026 50% 2019 $701,450 $341,026 $69,261 $69,261 $63,262 $347,025 49% 2020 $720,178 $347,025 $71,545 $71,545 $54,778 $363,791 51% 2021 $739,407 $363,791 $71,876 $71,876 $12,052 $423,616 57% 2022 $759,149 $423,616 $72,490 $72,490 $19,797 $476,309 63% $1,100,680 Total $929,420 Total

33 Cash Flow Analysis CASH FLOW SUMMARY- CAPITAL RESERVES Years 1-20 Initial Contribution: Projected Increase: Beginning Balance $35,000 Begin Study Period: 2003 End Study Period: 2022 $250,000 Year Reserve Beginning Yearly Component Interest Paid Capital Ending Reserve % Component Reserve Contribution Method On Reserve Expenditure Balance Total Value Balance Contribution Balance Assets 2003 $460,150 $250,000 $35,000 $60,833 $50,250 $234,750 51% 2004 $472,436 $234,750 $35,000 $54,819 $12,834 $256,916 54% 2005 $485,050 $256,916 $35,000 $51,137 $30,042 $261,874 54% 2006 $498,001 $261,874 $35,000 $50,423 $29,221 $267,653 54% 2007 $511,298 $267,653 $35,000 $49,670 $16,667 $285,986 56% 2008 $524,949 $285,986 $35,000 $49,150 $51,964 $269,021 51% 2009 $538,965 $269,021 $35,000 $49,557 $14,641 $289,380 54% 2010 $553,356 $289,380 $35,000 $51,058 $37,880 $286,500 52% 2011 $568,130 $286,500 $35,000 $50,553 $23,212 $298,288 53% 2012 $583,299 $298,288 $35,000 $51,020 $16,479 $316,809 54% 2013 $598,873 $316,809 $35,000 $54,059 $136,395 $215,414 36% 2014 $614,863 $215,414 $35,000 $56,296 $82,044 $168,370 27% 2015 $631,280 $168,370 $35,000 $56,936 $21,264 $182,106 29% 2016 $648,135 $182,106 $35,000 $58,923 $70,427 $146,679 23% 2017 $665,441 $146,679 $35,000 $60,084 $30,080 $151,600 23% 2018 $683,208 $151,600 $35,000 $66,031 $156,122 $30,478 4% 2019 $701,450 $30,478 $35,000 $69,261 $63,262 $2,216 0% 2020 $720,178 $2,216 $35,000 $71,545 $54,778 -$17,562-2% 2021 $739,407 -$17,562 $35,000 $71,876 $12,052 $5,386 1% 2022 $759,149 $5,386 $35,000 $72,490 $19,797 $20,588 3% Unconservative $35,000 $46,471 Average - $35,000 for next Average 20 years

34 Cash Flow Analysis CASH FLOW SUMMARY- CAPITAL RESERVES Years 1-20 Initial Contribution: Projected Increase: Beginning Balance $35,000 Begin Study Period: % End Study Period: 2022 < Add an annual increase $250,000 Year Reserve Beginning Yearly Component Interest Paid Capital Ending Reserve % Component Reserve Contribution Method On Reserve Expenditure Balance Total Value Balance Contribution Balance Assets 2003 $460,150 $250,000 $35,000 $60,833 $50,250 $234,750 51% 2004 $472,436 $234,750 $36,050 $54,819 $12,834 $257,966 55% 2005 $485,050 $257,966 $37,132 $51,137 $30,042 $265,056 55% 2006 $498,001 $265,056 $38,245 $50,423 $29,221 $274,080 55% 2007 $511,298 $274,080 $39,393 $49,670 $16,667 $296,806 58% 2008 $524,949 $296,806 $40,575 $49,150 $51,964 $285,416 54% 2009 $538,965 $285,416 $41,792 $49,557 $14,641 $312,566 58% 2010 $553,356 $312,566 $43,046 $51,058 $37,880 $317,732 57% 2011 $568,130 $317,732 $44,337 $50,553 $23,212 $338,857 60% 2012 $583,299 $338,857 $45,667 $51,020 $16,479 $368,045 63% 2013 $598,873 $368,045 $47,037 $54,059 $136,395 $278,687 47% 2014 $614,863 $278,687 $48,448 $56,296 $82,044 $245,091 40% 2015 $631,280 $245,091 $49,902 $56,936 $21,264 $273,729 43% 2016 $648,135 $273,729 $51,399 $58,923 $70,427 $254,701 39% 2017 $665,441 $254,701 $52,941 $60,084 $30,080 $277,562 42% 2018 $683,208 $277,562 $54,529 $66,031 $156,122 $175,969 26% 2019 $701,450 $175,969 $56,165 $69,261 $63,262 $168,871 24% 2020 $720,178 $168,871 $57,850 $71,545 $54,778 $171,943 24% 2021 $739,407 $171,943 $59,585 $71,876 $12,052 $219,476 30% 2022 $759,149 $219,476 $61,373 $72,490 $19,797 $261,052 34% $44,784 Average $46,471 Average

35 Cash Flow Analysis

36 Reserve Funding Plans For either method, an accurate determination of Remaining Useful Life and Replacement Cost is the key In general, Component Method funding is conservative, but a more complex accounting challenge, and rarely followed in reality Using a Cash Flow analysis is simpler and more accurately reflects actual reserve accounting

37 Why Are They Important? Why do a Reserve Study? To ensure that the funds will be available to make necessary repairs and replacements when the time comes This protects property value Helps prevent the need for special assessments or Association loans

38 Reserve Studies How often should you do a reserve study? It depends on the community Typically, every 3 to 5 years for a Level I or Level II study Level III updates can be done every 1-2 years In Virginia, a reserve study must be done at least every 5 years

39 Reserve Studies A Reserve Study is NOT: The Association budget An operations and maintenance plan A comprehensive engineering evaluation of all components An infallible document

40 Reserve Studies A Reserve Study IS: A check on the reserve fund status A planning tool to help determine the proper funding level A guide for required repairs and replacements

41 Recommendations Use a Reserve Specialist (CAI) or Professional Reserve Analyst (PRA) Check references Cheapest is not always best Provide the Reserve Analyst with as much information as possible Always get a draft report for Board review

42 QUESTIONS? Tom Larson

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