Reserve Study Update Form 1 Client Information2 Reserve Fund Data3 Reserve Fund Activity4 Notes & Comments Association InformationManagement InformationAssociation Name*Enter the Association name that appears on the cover page of the reserve study.Management Company*Enter Self-Managed if the Association is managed by the Board of Directors.Association Contact First Last Use the Association Contact, Email and Phone fields to enter the contact information for a Board member who may be contacted if the management contact cannot be reached.Management Contact* First Last The Management Contact should be the person who will be the primary contact for the reserve study update process.Association Email Use this field to enter a secondary email address that may be used if the primary contact is unavailable.Management Email* This field must be completed in order to submit the form. All email communications initialed by CRC will be addressed to BOTH the Association and Management email unless instructed otherwise.Association Contact NumberManagement Contact Number*Today's Date* Date Format: MM slash DD slash YYYY Requested Delivery Date Date Format: MM slash DD slash YYYY Reserve Study Sub-Title*If the Association's reserve study involves more than one reserve fund (Primary, Common Area, Alleys, etc.) you must complete this form for EACH of the named reserve funds. The Reserve Study Sub-Title field is mandatory. If the reserve study involves a single reserve fund please enter Primary in the form field in order to submit the form. If the study includes more than one fund enter the name used in the sub-title to identify the reserve fund to which the information applies. You must repeat the form submission process for EACH of the reserve funds established by the Association's reserve study.Level of Service*Level III Update (does not include a site visit by CRC)Level II Update (includes a site visit by CRC)Reserve study updates are defined by one of two “levels of service” that are recognized by the industry. A level II reserve study update includes a site visit by the reserve study provider. A level III update does not include a site visit. If your Association has entered into a multi-year service agreement with CRC, the agreement requires a level 2 update in at least one of the years covered by the agreement. If you are unsure about which level of update should be specified please contact our offices at 503-336-3719. This field must be completed in order to submit the update form.Current Year Reserve ContributionReserve fund contribution scheduled for the current budget year.Beginning Reserve Fund Balance*Reserve fund balance at the beginning of the current budget year.Board Specified ContributionUse this field to specify the reserve fund contribution for year 1 of the updated reserve study. This field will typically be used when the reserve fund contribution for year 1 has already been approved and cannot be changed.Year-End or Closing Reserve Fund Balance*The closing reserve fund balance is the amount of money reported on the Association’s year-end balance sheet for the year prior to the beginning date of the study. If the Association uses a calendar (Jan-Dec) for budget/financial reporting purposes, the closing balance is the amount of money held in the reserve fund account as of the close of business on December 31 of each year. This amount is then reflected in the updated reserve study for the following year as the BEGINNING reserve fund balance for the first year of the 30-year funding projection captured in a CURRENT reserve study. If you are completing this update request prior to the end of the current budget year and do not have access to the year-end balance sheet for the current year, you may estimate the closing reserve fund balance. Reserve Fund ContingencyTo establish a reserve fund contingency please enter a percentage of the available reserves that the Board of Directors would like to have earmarked as contingency funds. CRC will use the default value of 0% if a value is not specified.Annual Inflation RateIf the Association is located in Oregon the study must be updated EACH year using the “inflation rate DURING the year” in which the update is completed. Due to the language in the Oregon statute, CRC will update the reserve study to reflect the inflation rate reported by the website inflationdata.com. as the current inflation rate, unless the Board of Directors requests that a different inflation be used in the study.Income Tax RateUnless otherwise instructed CRC will use an income tax rate of 15% on interest earnings from reserve fund deposits.Interest Rate Earned on Reserve Fund DepositsEnter the annual yield on reserve fund deposits for the current year. CRC will use the default rate of .50% if this field is left blank.Minimum Reserve Funding ParametersMinimum Percent-Funded LevelMinimum Year-End Fund BalanceThis field is optional and may be used to specify a minimum level of reserve funding that is to be maintained during the period covered by the reserve study. Use the drop-down menu above to select a minimum funding strategy. Use the form fields below to indicate the minimum funding parameters for the Association's reserve fund, for example a minimum year-end fund balance of $10,000 or a minimum percent funded level of 60%. You must choose one field or the other to specify a minimum level of reserve funding. Minimum Year-End Fund BalanceUse this field to request that CRC design a funding schedule that will maintain a minimum year-end fund balance throughout the 30-year period covered by the reserve study. MInimum Percent-Funded LevelUse this field to request that CRC design a funding schedule that will maintain a minimum percent funded level throughout the 30-year period covered by the reserve study. Scheduled ExpendituresScheduled reserve fund expenditures refers to any expenditure that has been identified as a reserve fund expenditure in the previous study, even if the expense was not scheduled to occur during the current budget year. If there have not been any scheduled expenditures please enter None in the Expenditure field.ExpenditureYearAmount Non-Scheduled ExpendituresPlease provide the following details regarding any reserve fund expenditures that have occurred since the last reserve study was completed, which were NOT identified as reserve fund expenditures in the previous reserve study. If there have not been any non-scheduled expenditures please enter None in the Expenditure field.ExpenditureYearAmount Notes & CommentsThis field is an optional feature that may be used by the Board, managing agent or accounting personnel to communicate any questions, concerns or change requests to CRC. Please note that if any requests for changes to the reserve study are submitted through this form field, CRC will assume that the party making the request has the authority to speak on behalf of the Association regarding matters that have to do with the reserve study. To request an invoice to be sent via email please enter "email invoice" in the comment box. If you pay for the update using the online payment platform we will forward an invoice marked PAID after we receive confirmation of payment. Otherwise we will forward an invoice for the update fee to the Management Contact email indicated on this form. Additional Documents If you have any vendor estimates, work orders or other documents that you would like to submit in conjunction with this reserve study update request you may use the drag and drop feature below to submit them with the update request.Upload Files Here Drop files here or
