What questions should the Board ask to know if a Review and Update is needed?

1. Have any Reserve Components been repaired or replaced off schedule since the last Study or Review?
2. Have any Reserve Components sustained any extreme wear and tear which could reduce it's remaining use life estimates since the last Study or Review?
3. Has inflation changed the cost of labor and/or materials of any Reserve Components?
4. Has the Board decided to defer or accelerate the repair or replacement of any Reserve Component since the last Study or Review?
5. Is there a substantial variance between the associations actual Reserve balances and the Reserve Studies estimates for the current year?
6. Is the association's current Reserve Study in compliance with Nevada State Law?
7. Has the association received a construction defect settlement since the last Study was prepared?
8. Has the association added or removed any Reserve Components since the last Study?
9. Has the builder completed their transition out of the association since the last Study?

If you answer YES to any of the above questions, you may want to consider having your Reserve Study Reviewed or Replaced.