The Basic Steps

1. Determine Appropriate Level of Service

Full Level I. A Reserve Study in which all five Reserve Study tasks performed:

• Component Inventory.
• Condition Assessment.
• Life and Valuation Estimates.
• Funding Status.
• Funding Plan.

Update, with Site Visit/On-Site Review Level II.

• Verify Component Inventory from Previous Study.
• Condition Assessment.
• Life and Valuation Estimates.
• Funding Status.
• Funding Plan.

Update, with No Site Visit/On-Site Review Level III.

• Life and Valuation Estimates.
• Funding Status.
• Funding Plan.

2. Physical Analysis

• Component Inventory:
  ~ Type and Quantity of component.
• Condition Assessment:
  ~ Physical Condition of Components.
• Life and Valuation Estimate:
  ~ Forces impacting on its remaining usable life.
  ~ Influence on cost of replacement.

3. Financial Analysis

• Funding Status.
• Funding Plan.

4. Coordination with Client

• Review and, where appropriate, incorporate client input.
• Develop recommendations for Funding Strategy.

5. Continued Service

• Meet with membership to present Recommendations and Funding Strategy.
• Annual or other future Update of Reserve Study. Updates are normally recommended every 3 to 5 years.