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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
Where a reserve study is basically an independent report done once every few years, a Reserve Management Plan incorporates the following:
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