All McCaffery Reserve Studies are professional and easy to understand. All 3 types contain a reserve study preface and glossary, executive summary, component listing, component normal and estimated remaining life, estimated current and future repair and replacement costs, recommended reserve balance at fiscal year end, percentage of actual cash verses recommended, recommend annual reserve contribution, thirty year funding plans, thirty year estimated annual component expenses, thirty year balance projection graph, thirty year projected annual expenditures graph and individual component details.
For all types of reserve studies MRC also evaluates at the association’s current financial standing and funding plan and takes into account reserve projects that the association has completed and is planning. We also welcome any and all input the board or mangers have to offer that may improve the accuracy of the study.
The following describes the difference in the 3 levels of service:
Full Reserve Study with Site Inspection
This type of reserve study is for associations that are having their first reserve study performed or for associations that are not confident about the accuracy of their previous study. A level I study includes inspection of the property and all accessible reserve components. A reserve component list is then developed and the components are quantified. MRC then analyzes findings to determine useful and remaining lives and component cost estimates to complete the reserve study. Color pictures are included in a level 1 reserve study.
Reserve Study Update with Site Inspection
This type of reserve study is for associations that have an accurate previous reserve study. Components are verified but the report relies on the quantities and measurements from the previous study. A level II study includes inspection of the property and all accessible reserve components. A level II study satisfies all state requirements for on site inspections. MRC then analyzes findings to determine useful and remaining lives and component cost estimates to complete the reserve study. Color pictures are included in a level 2 reserve study.
Reserve Study Update without a Site Inspection
This type of reserve study is also for associations that have an accurate previous reserve study. No site inspection is performed so the study relies on figures from the previous study. The figures are then reviewed and entered into our software and the financial analysis is performed. (A level 3 reserve study can also be done from a component list generated by the board or manager)