Michael Callahan & Associates, LLC.
Community Association Institute (CAI) Certified Reserve Specialist (RS)
Do You Have Any Questions?
WHAT IS A RESERVE STUDY?
Reserve studies are in essence planning tools designed to help the board anticipate, and prepare for, the property’s major repair and replacement projects. For example, such projects would include: replacement of the roof on the building(s), replacement of the boiler, retrofit of the fire alarm devices, and resurfacing of the roadways.
WHAT HAVE OTHERS SAID ABOUT OUR WORK?
The Board of Directors of Shepard’s Cove Condominium Association in Kittery, Maine decided that a reserve study should be done to insure that we had the funds available to replace or repair the critical assets of the Association. We reached out to several professionals about who we should select to do the study and Michael Callahan & Associates were among the final list of three. The board interviewed all three and we chose Michael Callahan.
We chose Michael because of his willingness to meet personally with our board of directors and his flexibility in customizing the study to meet our needs and, at the same time, to insure that the study met all the professional standards for reserve studies. The board had many conference calls with Michael to insure that the study was proceeding according to our timeframes. What impressed us most about Michael was his approach to understanding our needs and out constraints. He enthusiastically took our input and developed an outstanding reserve study that we could all embrace and sell to the association members. We plan to utilize Michael Callahan & Associates as a long term service partner to assist us with the management of our assets.
Shepard’s Cove Condominium Association
WHAT MAKES US QUALIFIED
WHY YOU NEED A RESERVE SPECIALIST
Some states mandate that Associations create and update their Reserve Studies annually, but most Associations choose to do so regularly to stay on top of market fluctuations and ensure their due diligence as board members. To properly execute a Reserve Study, one must possess a wide-range of knowledge regarding the physical assets of the Association and the financial modeling skills necessary to craft a Funding Plan that allows for timely repairs and replacements. Any shortcoming in either of these aspects could result in an inaccurate, unreliable Reserve Study. Special assessments, expensive loans, loss of property values, deferred maintenance, and neglect of common area assets could be the consequences for your Association in the years to come.
Reach out to our team and let us know when you’re ready to tackle your next reserve study challenge!
LOCATION: DOVER, NH
MICHAEL CALLAHAN & ASSOCIATES LLC WORKS WITH ASSOCIATIONS ACROSS NEW ENGLAND AND THE ENTIRE USA