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Recommended by Community Associations Institute at least every three years
Level II, Update, With Site Visit/On-Site Review
A reserve study update in which the following five tasks are performed, based on both the reserve study provider’s on-site evaluation and on information provided by the client and other subject matter experts, as applicable:
- Component inventory
- This does not require quantities to be re-established, but it does require a review for a general conformance of the quantities in the study being updated to match the as-built conditions observed as part of the site visit.
- Components are to be added that were not previously included within the study being updated and which now are anticipated to occur within 30 years.
- Long-life components are to be recognized as described within the definition of long-life components provided within this document.
- Condition assessment
- Life and valuation estimates
- Fund status
- Funding plan