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Reserve Management Plan
A collaboration of industry professional experts (property managers, board members, contractors and consultants) producing a plan to assure that reserve funds will be available when needed, to maintain and refurbish the property. Where a reserve study is basically an independent report done once every few years, a Reserve Management Plan incorporates the following: The involvement of the board members and management Cutting edge technology Real-time analysis Access and expertise from various other professionals. A reserve study is what a professional reserve study preparer’s opinion is, whereas the Reserve Management Plan is an ongoing collaboration of what the intent, or plan is, of the board members and management today, tomorrow and into the future. In the summary narrative of the report, there should be a clear demarcation between a study and a Management Plan. It should disclose that it is an independent (arms-length, third party) opinion, or a collaboration with the board. Management plans help breath life into the reserve study by assisting the owners with the following types of information Like-for-like to value add asset replacements Phasing of renewal projects that are bundled in the reserve study
See also: CMMS Collaborative Study