Why WEC for Reserve Studies?
Our ability to recognize other structural and building system defects is what sets us apart from our competitors in providing this invaluable Reserve Study service. Our experience in the industry and our staff of qualified engineers allow us to offer our clients a thorough in-depth study that can be relied on for years to come.
We are a licensed engineering firm with a staff of experienced structural, mechanical, and professional engineers ready to meet all of your needs. We have been conducting Reserve Studies for over 17 years pursuant to the guidelines of the Illinois Condominium Property Act and each study is conducted by a Reserve Specialist (RS) as designated by the Community Association Institute (CAI). Our reports are user-friendly, incorporating various charts, tables, photographs, summaries, and funding plans and our reports comply with the National Reserve Study Standards per CAI.
Reserve Study Options
Depending on an Association’s previous Reserve Study history and the individual needs of that Association, WEC can tailor the Reserve Study to fit an Association’s individual requirements.
Each of our Reserve Studies will provide recommendations and opinions regarding the reserve funds necessary to allow for major capital expenses anticipated for the property elements the association is responsible for maintaining. WEC will prepare a report that complies with the legislative requirements of the Illinois Condominium Property Act and the standards of the American Institute of Certified Public Accountants (AICPA) and the Community Association Institute (CAI).
A recommended funding plan is included in each of the Reserve Study options below and will be developed using a baseline funding method, which maintains a yearly reserve fund ending balance above zero. The results of the funding plan will outline the amount of money required to be deposited into the reserve fund each year in order to meet the projected element replacement/repair expenses without the need to levy a special assessment.
LEVEL I – RESERVE STUDY
A full reserve study includes a component inventory that is quantified on site, condition assessment based on visual observations, life and valuation estimates, fund status, and funding plan.
LEVEL II – UPDATED RESERVE STUDY (With Site Visit/On-Site Review)
An updated reserve study includes a component inventory developed from a previous Reserve Study, condition assessment based on visual observations, life and valuation estimates, fund status, and funding plan. It is noted that the sole difference between a Level 1 and Level 2 Reserve Study is that wholesale element quantification is not performed as part of an update study. WEC prefers to perform updates on studies that were previously conducted by WEC. Prior to providing a quote for an update of a study performed by another provider, the previous report must be submitted to WEC for review.
LEVEL III – UPDATED RESERVE STUDY (Tables Only, No Site Visit/Off Site Review)
An updated reserve study includes a component inventory developed from a previous Reserve Study, life and valuation estimates, fund status, and funding plan. No site visit or narrative report is performed for this level of study and is generally recommended only for updating a previous study that was performed within the last few years. WEC only performs this level of service to update studies that were performed by WEC because it is our opinion that prior on-site knowledge and experience with the property is required to properly update a reserve funding plan.
Request a Proposal today by downloading our Request for Proposal (RFP) form from our website or by contacting our office at (630)922-3000.