Reserve study questions from South Carolina boards

A list of everything the association must repair or replace on a cycle longer than a year, such as roofs, paving, elevators and pool equipment, with each item's remaining life and cost, and a plan for saving toward them. CAI describes it as two parts: a physical analysis and a financial analysis. See its reserve study resources.

The state does not license reserve study preparers. In practice boards hire reserve specialists, engineers or architects who do this work regularly. Ask how many South Carolina associations they studied last year, for a sample report, for proof of insurance and, on a high-rise, whether a licensed engineer signs off.

For an HOA, expect a site visit of a few hours and a draft report in four to eight weeks. A high-rise with a garage can take longer, especially if the provider needs to see roofs, mechanical rooms and several units. Start in spring if you want it ready for a fall budget meeting.

Yes. The funding plan sets out a yearly contribution, usually with options: full funding, a threshold that keeps the balance above a floor, or a baseline that only avoids going below zero. The board chooses and votes on one.

If the damage touched components in the study, such as roofs, siding, balconies or a seawall, an update with a site visit is worth doing once repairs are finished. Replaced items get new lives, and damaged ones may need earlier replacement than the old report assumed.

South Carolina has no statute requiring an association to hand it out, but most governing documents give owners a right to inspect association records. Buyers and their lenders ask for it at resale. Sharing it openly usually heads off arguments about dues. For a dispute over records, check with the association's attorney.

No. A reserve study is a visual, budgeting exercise. A structural inspection by an engineer looks for safety problems in the frame, slabs and balconies. Coastal high-rise boards often commission both and give the engineer's findings to the reserve provider.

Typically from $1,500 for a small HOA to $20,000 or more for an oceanfront tower, with updates at somewhere between 50 and 75 percent of a full study. Details are on the price ranges page.