ARA_LLC - *What to Look for*

Does the company provide a document that meets the disclosure requirements of California Civil Code Section 1365 and that can be easily distributed to all association members.
Does the company provide experience. How long have they been in business? What are the qualifications of their staff members? In what trade organizations are they active with?
Is this company available for year round consultation. Are they service oriented?
Do they provide a site inspection of the association that collects the measurements, and condition of all the association components that are detailed in the association's lawful documents such as CCRs, DRE budgets, and financial maintenance records.
Do they offer a revision option after they perform their reserve studies?
Is an on site meeting with board members or manager to answer questions about the reserve report a part of their service package?.
Does the company offer low cost update options? Most updates should be performed for approximately 1/4 to 1/3 of the original fee of the reserve report.
Does the reserve company provide software that is flexible enough to include all of the association major components, especially those with long (over 30 years) useful lives?
Does the company maintain adequate staffing to complete your reserve study in approximately 4-8 weeks?

Does the reserve report contain an easy to understand introduction to reserve funding and budgeting with definition of reserve budget terminology and a users' guide to your reserve analysis study?
Does the reserve report Itemize and detail the inventory of all your major components including measurements, condition, and useful lives. Does the report list exactly what you have, how long it will last and what each item will cost to repair or replace? This allows the association to know which are the designated reserve components, how many, what their measurements are, the condition and the expected life span of these components.
Does the reserve report list all measurements, with the costs and calculations for each asset,. Does the report include extensive narrative detailing factors such as design, manufacture quality, usage, exposure to the elements, maintenance history and complete inventory of all components. Does the report detail for percentage replacements, futures costs, salvage values and provide for one-time replacement item? This information allows the association to know detail that are important for the maintenance and replacement of reserve components.
Does your reserve report provide distribution of accumulated reserves listing all assets in remaining life order with their ideal lives and actual level of reserves for each assets. This information allows the association to know which components needs maintenance or repair and what cost are involves and the impact on the reserve funding.
Does your reserve analysis provide an asset listing and summary that shows all assets by category (i.e. roofing, painting, lighting, etc., ) together with their remaining life, current cost, monthly reserve contribution and net money allocation. This asset list allow the association to easily prioritize based upon the maintenance and replacement requirements of each asset in order of need.
Does your report include report summaries which conveniently list all the economic and investment parameters used in calculating your reserve study and summarizes the required monthly contributions to reserves. This helps the association members see how much of the reserves are being allocated for each reserve item individually.
Does your reserve report use thirty year projection which accurately forecast your annual contribution, annual expenditures, projected ending reserve balance, ideal ending reserve balance and percentage of ideal funding. This helps the association do full spectrum planning when it comes to major reserve items such as roofing.
If your association is not ideally funded, does your report include a plan for restoring your reserve to ideal funding over time? If your association is ideally funded, does your study provide a plan that maintains your ideal position with the lowest possible monthly contributions.
Does the report contain the complete text of the California Civil code 1365 affecting community association so that the association will be aware their legal obligation toward reserves?
Does the reserve report detail information about potential reserve items that the association may be unaware of such as termite fumigation and slope failures that may be expensive for the association to fund if needed?