Recent changes in State law (H.B. 135) relative to Condominiums have mandated that Condominium Associations throughout the State undertake Reserve Studies as a way of determining what constitutes a “fully funded Reserve
A Reserve Study is a process by which the physical assets of a Condominium or Homeowners Association are studied to determine when they will need to be replaced, the future cost of that replacement and how much money needs to be put away on an yearly basis to assure that adequate funds are available to replace the assets when they reach the end of their useful lives.
Aries Management Corporation has formed Synergy Reserve Consultants in response to the need to provide in depth analysis of the physical assets and future replacement costs of association capital items such as roofs, concrete, siding, pools and recreation facilities, etc. Synergy Reserve Consultants would be happy to quote this service to your Association, whether or not you are a current client.
Thomas G. Basalla has over 20 years of experience in Land Development and Home Building in Northeast Ohio during which he has overseen the development of more than a dozen residential developments totaling over 500 dwelling units. This experience has allowed him to develop strong working relationships with Contractors and to assemble a significant data base of information regarding the costs of building residential structures and site improvements.
Judith B. Thomas, CMCA, AMS, CAM has 15 years of experience managing Homeowner and Condominium Associations in Northeast Ohio along with being a principal in a construction and community association maintenance company for over 11 years. She has, as a result, developed a broad-based understanding of the physical elements. Her involvement in soliciting and analyzing proposals to replace major Association assets has allowed her to develop significant knowledge about the costs associated with such replacements.