By Jan. 1, 2024, all condominium owners’ associations in Tennessee will be affected by a new law. The law requires each COA to complete a reserve study by Jan. 1, 2024, and the study must be updated every five years after that. Many communities are now asking the question – “where do I start?” The key is to stay organized with a comprehensive record of updates in your community. To make it easy for clients, EZR Management has access to special software to help facilitate these living reserve studies.
Since reserve studies must be completed every five years, it’s a good time to start thinking about the future of your community. If you create a static document, outlining your budget and community needs now, it will likely be outdated by the time you have to complete your next study. Changes in vendors, the economy, budget, and projects can quickly deter your plans. EZR can help create a living document that stays up-to-date.
The software EZR uses helps community associations implement a strategic reserve plan to keep community finances healthy in the face of rising costs. The Living Reserve Study gets rid of the need for multiple spreadsheets by integrating everything you need in one convenient place. You’re able to track smaller maintenance tasks and larger projects to record a full history.
Other features include the ability to tie each component to your financials with the GL code and cost center; generate comprehensive inventory reports; and attach photos along with vendor information (RFPs, bids, and specs). You can also access the study right from your mobile device, making it easy to add photos and projects while you are out surveying the community. You can then share updates with your community’s board directly through the software.
Completing these studies will protect your property and residents, as well as help you budget for future renovations and projects. Don’t be late to the game when it comes to reserve studies. When you partner with EZR, your community will have access to this living document. Reach out to us today to get started!