2017 Reserve Study General Report

Hello Everyone,

For many years, the Board requested assistance adopting a financial strategy for long term maintenance of the property from our previous management companies. Though management requested and received bids for many improvements such as roofs and paving, they could not find contractors to design and construct new retaining walls within the necessary parameters due to safety and strength requirements. Luckily, a former Board member knew a qualified engineer able to design the retaining walls and find a contractor for construction. Phase 1 of the Retaining Wall was completed in May 2015.

In June 2015, the Board was anxious to start new projects and wanted to plan for future repairs and maintenance more efficiently. After much consideration, the Board decided to hire Secure Association Management (Secure). Among the management companies we selected to interview, only John Mackenzie of Secure immediately suggested a reserve study to tackle the capital improvement conundrum. Finally, we were on the road to a comprehensive maintenance plan for Timberidge.

On July 12, 2016, Criterium-Dotson Engineers (Criterium) conducted a reserve study for the THOA by evaluating the overall condition of the building components and systems that are the responsibility of the Association to determine the allocation requirements into the reserve fund to meet anticipated capital expenditures for the THOA. The Board met with Phillip Nieman, P.E., of Criterium on September 2, 2016, to discuss the first draft of the Reserve Study. We were not surprised that Criterium deemed the site in immediate need of many repairs and replacements, and we were aware the cost over the years would be substantial (see the Documents page for details). However, several projects were completed after the Reserve Study inspection was conducted, so we are off to a fantastic start. Plus, we have an excellent template for future planning which, to our knowledge, Timberidge has not had since construction was completed in the early 1980s.

The Board discussed the completed Reserve Study submitted on November 4, 2016, at the meeting on Sunday, November 20, 2016. After discussing the three funding alternatives in the Reserve Study, the Board decided to present the alternatives to the membership at the 2017 THOA Annual Meeting scheduled for Sunday, February 28, 2017, at 1:30 PM, rather than choose a plan at this time. We are working hard to adapt the recommendations to our needs with the help of Secure, and we look forward to seeing you all in February.

Thank you – Timberidge HOA Board