A reserve study is a budgetary planning tool that is both a physical analysis of your property and a financial analysis of your funding strategy. Beryl uses the Community Associations Institute National Reserve Study Standards as a baseline to create or update your custom Reserve Study. Florida Statutes requires Home Owner and Condominium Associations to fund a reserve account for certain capital expenditures and deferred maintenance, which is expected to exceed $10,000.
The reserve contribution must be computed using a formula which is based upon the estimated remaining useful life and the estimated replacement cost or deferred maintenance expenditure for each reserve item. Reserve study Includes:
- Easy to Read and Understand Report
- Identify Qualifying Assets
- Establish Replacement Costs
- Determine Useful Life
- Project Remaining Life
- Compute Funding Requirements
- Finding and Recommendations
- Charts, Graphs, and Photographs
Independent Engineering Certification by Beryl
To review project status on behalf of a lender, developer, or owner, Beryl reviews each drawdown notice and issues an independent engineering certificate.
The independent engineer certificate states:
- The status and progress of the project’s construction;
- To the best of the independent engineer’s knowledge, circumstances exist that would, or would reasonably be expected to (A) delay project completion or (B) cause the project cost to exceed the construction budget; and
- To the best of the independent engineer’s knowledge and using its professional judgment, the invoices attached to the draw down notice and pursuant to a contract that forms part of the construction budget and the work/goods have been inspected by the independent engineer and considered acceptable.
Project Status Reporting by Beryl
Beryl’s project status reports promote public awareness of how and when your money is being utilized. These periodic reports are catered to stakeholders with a summary overview for the project. They include a description of the work completed, activities performed during the month, activities for upcoming months, cash flow statement, permitting activities, and an overall schedule update.
You save both time and money by making informed decisions. Beryl understands that having a secure central and organized repository of information available 24/7 is a means towards that end. Beryl creates a custom document control system that tracks and routes information.
Beryl creates a critical path method schedule to establish baselines and to track progress. Beryl then performs an analysis of contractor progress from these updates. This information helps validate if a contractor is going to be able to maintain their commitments.