Reserve Study - What's Next?

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• In simple terms a Reserve Study ( RS ) is nothing more than a snapshot at a point in time of the long range plan for the maintenance, repair or replacement of association common areas. These are capital expenditures that do not fit within the annual operating budget. A good example of this is the recent replacement of our roof.
• In addition to the physical analysis of the common areas the RS also includes a financial analysis that assists the board to adopt and amend budgets for revenues, expenditures, and reserves in an amount adequate to replace major capital items in the normal course of operations without the necessity of special assessments.
• Ohio law requires that condominium boards either provide for reserve funds in the association budget to avoid special assessments or obtain a vote annually of the ownership to waive the fully funded reserve requirement. Fisherman’s Bend Association for many years has followed the fully funded requirement. 

The Fisherman's bend reserve study highlights the following projects that were completed over the past 5 years.  These expenses are budgeted into residents monthly Association fees.

• 2021 - 2026 - Balcony rail replacement project (4 each yr.).
• 2022 - Paint wood siding (Pushed to 2023)
• 2022 - Lift station pumps replace / repair (Pushed to 2023)
• 2023 - Brick pavers - repair or replace with stamped concrete
• 2024 - Reserve study update (completed in July, 2025)
• 2025 - Landscaping phase II  (Center Walkway)