BCA Board and Finance Committee Host Work Session on New Reserve Study

Posted August 21, 2015 at 3:11 PM, Filed Under: News, NRC Email

Monday, August 31, 2015
6 p.m.
Harbour Pointe Clubhouse

Message courtesy of Brandermill Community Association
As of June 30, 2015, the BCA Replacement Reserve Fund had a balance of $1,064,567. The monies in this Fund are generated each year by a portion of the general annual assessment that each member pays. These monies can be used for replacement, major repair or rehabilitation work on our common assets.

The Virginia Property Owner’s Association Act (POA) requires that associations, like Brandermill, conduct a reserve study once every five years. A reserve study identifies all of the capital assets of the association, their estimated useful life, their remaining useful life (thus identifying approximately when they will need to be replaced), and an estimated cost of the replacement. A typical reserve study will extrapolate a replacement schedule out 30 or more years. The results of the study are critically important to the long-term financial health of the association and its ability to maintain our community assets.

The Board of Directors and the Finance Committee will be holding a joint meeting to conduct an interactive work session with the Association’s contracted Reserve Advisor (Design Management Associates, Inc.). This work session will take place on Monday, August 31st at 6 p.m. at Harbour Pointe Clubhouse. Members are welcome to attend in order to gain an understanding of the Replacement Capital Reserve Fund and how the annual contribution to the fund is calculated.