Reserve Fun, Funds, Funding and Funding in a Crisis H. Alan Mooney, P.E., RS Jack Carr, P.E....
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Transcript of Reserve Fun, Funds, Funding and Funding in a Crisis H. Alan Mooney, P.E., RS Jack Carr, P.E....
Reserve Fun, Funds, Funding and
Funding in a Crisis
H. Alan Mooney, P.E., RS
Jack Carr, P.E.
Criterium Engineers
Reserve
funAn oxymoron?
Reserve
funds
Discretionary?
Mandatory?
Reserve
funding
Political?
Procedural?
Absolute?
Flexible?
Reserve funding in a crisis
Should there be special procedures?
Reserve
funding
involves people...
What are the challenges?
• How can you effectively educate owners about the importance of reserve funds?
• How can you effectively inform owners about the regulatory obligations related to reserve funds?
What are the challenges?
• How can you present reserve fund study results that are accepted by the owners?
• How can you determine what flexibility is possible in a reserve fund study?
What are the challenges?
• What do you do if an owner defaults on their payments?
• What impact do the new FannieMae/Freddie Mac requirements for reserve funds have on your association?
What are the challenges?
• What impact does a marginally funded reserve fund have on lenders (and, therefore, buyers)?
• If you can’t do everything recommended in your reserve fund study, what should get the highest priority?
What are the challenges?
• How can you diffuse the “everybody’s a construction expert” debates that seem to develop around reserve fund studies?
Reserve
funding
involves people...solving
problems
Resources
• Carol Vaszuez, Property ManagerSBB Management, Dallas, TX
• Meka Bowling, Association ManagerPremier Communities, Keller, TX
• Peggy Murillos, Property ManagerExcel Association Management, Dallas, TX
Resources
• Al Pellegrino, Property ManagerP & A Management, Hamilton, NJ
• David Hill, Property ManagerAccess Property Management Group, Atlanta, GA
• Susan Juliano, Property ManagerHeritage Property Management, Atlanta, GA
Resources
• Renee Hane, Association ManagerREM Commercial, Canton, OH
• Jim Chen, Property ManagerCondo Management of Columbus, Columbus, OH
• Gary Caruso, P.E., EngineerCriterium – Caruso Engineers, Atlanta, GA
Resources
• David Dotson, P.E., EngineerCriterium – Dotson Engineers, Dallas, TX
• Tom Armstrong, Association Community ManagerPrincipal Management Group, Ft. Worth, TX
• Jim Yost, OwnerElite Management Advisory Services, Wildwood, NJ
Resources
• Art Wickerham, P.E., EngineerCriterium – Liszkay Engineers, Columbus, OH
• Dave Pioli, P.E., EngineerCriterium – Pioli Engineers, Seattle, WA
• Peter Garrett, OwnerMaine Properties, Scarborough, ME
Resources
• Donald Day, Property ManagerThe Dartmouth Group, Bedford, MA
• Suzan Adelman, Property ManagerBarker Management Company, Boston, MA
• Yohanna LaRoche, Property ManagerDirigo Management Company, Portland, ME
Resources
• Timothy Paoli, AMS, Property ManagerGreater Boston Properties, Boston, MA
• John Turner, P.E., EngineerCriterium – Turner Engineers, Bedford, NH
• David Abel, Property ManagerFirst Realty Management Corp., Boston, MA
Resources
• Ryan Saucier, Property ManagerForeside Management, Falmouth, ME
• William Turner, P.E., EngineerCriterium – S.T.A. Engineers, Cincinnati, OH
• Phillip Renzi, Property ManagerThayer & Associates, Cambridge, MA
Resources
• John Ciolfi, Property ManagerMillennium Place Partners, New York, NY
• David Dotson, P.E., EngineerCriterium – Dotson Engineers, Dallas, TX
• Kate Moran Carter, Esq., LawyerRobinson & Cole, Boston, MA
Resources
• Jodi Bennivedse, Property ManagerDarnburgh Real Estate, Fall River, MA
• Barbara Tandler, Property ManagerSimon Group, Braintree, MA
• Mike McKinnon, OwnerMcKinnon Property Management, Kennebunk, ME
Reserve
funding
involves people...solving
problemsin real time
Bonfire of the Priorities
– Inadequate insulation– Poor deck construction– Siding installation problems– Pavement maintenance– Improper ventilation
Bonfire of the Priorities
– Water infiltration– Roof ice dams– Site drainage– Lack of flashing– Foundation problems
Bonfire of the Priorities
– Inadequate insulation– Poor deck construction– Siding installation problems– Pavement maintenance– Improper ventilation– Water infiltration– Roof ice dams– Site drainage– Lack of flashing– Foundation problems
Case Studies
• Case of the Ninja Plumber
Case Studies
• Eliminate your
Case Studies
• Yes, We Got No Green Bananas
Case Studies
• Don’t Hang Out Your Dirty Laundry
Reserve
funding
involves people...solving
problemsin real time
Lessons Learned
• Importance of communication and relationships• Need for a reserve fund study• Consistent reinforcement of regulations• Effective board meetings• Educating owners and board members• Establish priorities and plans
…And Challenges Met
• Additional material to be handed out at presentation
Questions?
Thank you!!