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2023 RESERVE STUDY FOR Preston at Century Village Condominium Association, Inc. AI Preston Way, Boca Raton, Florida 33434 Budget Year: 2024J. R. Fraser, Inc. × 125 South State Road 7 suite: 104/197,

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What is reserve study in Florida?

A reserve study in Florida is a financial planning tool used by community associations to assess the long-term capital repair and replacement needs of their common elements and to develop a funding plan to meet those needs.

Who is required to file reserve study in Florida?

Condominium associations and homeowners' associations in Florida are generally required to prepare and file a reserve study if they collect assessments for reserves.

How to fill out reserve study in Florida?

To fill out a reserve study in Florida, associations should gather data on their common elements, estimate the useful life and replacement costs of those elements, assess current reserve funds, and create a funding plan to ensure adequate reserves are maintained.

What is the purpose of reserve study in Florida?

The purpose of a reserve study in Florida is to ensure that associations have sufficient funds available for future maintenance and replacement of common property, thus protecting property values and ensuring the community's financial stability.

What information must be reported on reserve study in Florida?

A reserve study in Florida must report on the inventory of common elements, estimated useful lives and costs of repairs or replacements, funding status, and recommended funding strategies.

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