SmartProperty® helps Indiana HOAs and condominiums plan and fund their reserves. Indiana Code doesn’t expressly require a study, but it does require condo reserve funds and honest budgets, and Midwest freeze-thaw wears pavement and roofs fast.
Indiana’s statutes don’t say “reserve study,” but our reading is that its budget and reserve-fund rules are hard to meet without one.
Roads are often an HOA’s largest asset. Water seeps in, freezes and expands, so our guide says applying a flat 25-year life to Indianapolis asphalt without allowing for freeze-thaw and drainage leads to underfunding.
Our guide calls for sealcoating and crack filling every 3 to 4 years. Skipping them can bring full-depth reclamation years early, and de-icing salts add scaling and spalling on concrete.
A board that freezes dues and then faces a major failure can lose the rule’s protection if it can’t show expert advice. A study is that evidence in either direction.
A site-inspected study to start, then updates as costs and conditions change, so the board always has a current plan.
The Living Reserve Study® updates as projects are completed and costs change, so your plan is ready for the next update or budget.
Model higher contributions, special assessments, loans or lines of credit side by side before you take a recommendation to owners.
Atlas shows the cost data and useful-life assumptions behind every figure, so boards can answer owner questions with confidence.
See how the Living Reserve Study® works for your community, or tell us about your association and we’ll put together a proposal.
Photo via Wikimedia Commons: Indianapolis skyline: Carol M. Highsmith, Public domain. Indiana law summary is not legal advice. Confirm your association’s obligations with Indiana counsel.