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CAI Debuts Professional Standards For Condo/Homeowner Association Reserve Planning

6/17/1998  -  Alexandria, VA

Condominium, cooperative and homeowner associations must plan carefully for the long-term repair and replacement of major components, according to the Community Associations Institute. Roofs, paving, pools and other common elements should be placed on a replacement reserve schedule that allows the association to fulfil its maintenance obligations without resorting to levying special assessments. CAI's newest professional credential, Reserve Specialist, and National Reserve Study Standards will help community associations identify qualified reserve providers and measure their reserve plan components against a national standard.

"CAI's Reserve Professional Committee is proud to set a new standard for excellence in this critical component of effective community association management as the Institute celebrates its 25th anniversary," said Mitchell H. Frumkin, P.E., committee chairman and president of Kipcon Inc., Highland Park, N.J. "CAI's Reserve Specialist designation will give the nation's 205,000 community associations confidence in hiring reserve professionals who meet prescribed experience and skill requirements and perform studies according to accepted national standards."

The prerequisites for the RS designation include the preparation of 50 reserve studies within the last three years; a bachelor's degree in construction management, architecture or engineering (or equivalent experience and education); and professional-level CAI membership in good standing. RSs must adhere to CAI's Professional Reserve Specialist Code of Ethics.

RSs are required to perform reserve studies according CAI's new National Reserve Study Standards, which include a list of tasks that must be performed in each of three levels of service, minimum contents that must be included in each study, required disclosures and terms and definitions. For more information or to locate a credentialed community association professional in your area, call CAI at 703/548-8600 or visit CAI's web site.

The Community Associations Institute is a nonprofit association created in 1973 to educate and represent the nation's 205,000 community associations—condominium associations, homeowner associations and cooperatives. CAI members include homeowners, associations and related professionals and service providers.

Phone: 703-970-9235