Retention Pond Reserve Study Committee
The Reserve Study…
The purpose of an HOA reserve study is to provide a detailed assessment of the association’s physical assets, their expected useful life, and the anticipated costs for repair or replacement. This study helps the HOA establish and maintain adequate reserve funds to cover these future expenses, ensuring that the community can fund necessary repairs and replacements without imposing sudden and significant financial burdens through special assessments on its members. Additionally, the reserve study can serve as a tool for long-term financial planning, helping the HOA to make informed decisions about budgeting and prioritizing maintenance and repair projects. The State of Tennessee ordinance SB863 requires that a reserve study be completed every five years…
Committee Reports :
Committee Members:
Scott Stalcup
Kyle Wall
Keep in mind…
While the retention pond was a focal point at the annual meeting, it’s important to note that a s reserve study is required by the state of Tennessee every five years. This study encompasses various aspects beyond the retention pond, such as neighborhood entrance pillars and unforeseen legal expenses. It serves as a comprehensive tool to ensure the community’s financial preparedness for a range of future needs and obligations.
We are also contractually obligated to a separate HOA that has the authority to determine the costs associated with the retention ponds. As such, our reserve study must consider these obligations to ensure we are financially prepared to meet them. While they are not obligated to include in the decision-making process, it is our hope that they will allow us to be a part of the discussion.