A reserve study proposal should tell you the study level, who prepares it, whether there is a site visit, what you receive, when, and for how much. Use this checklist to write your request for proposals and to check each proposal you get back, then compare up to three side by side.
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The National Reserve Study Standards define the service levels. Make sure every proposal quotes the same one.
Ask who will do the work, not only which firm signs the proposal.
For Level I and Level II studies, the site visit is where condition and remaining life are judged.
The component list drives every number in the study.
The funding plan turns the component list into a contribution the board can budget.
Know exactly what you will receive at the end.
A study that arrives after the budget is adopted is a year late.
Compare the total cost of the same scope, not the headline number.
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| What to compare | Proposal 1 | Proposal 2 | Proposal 3 |
|---|---|---|---|
| Firm name | |||
| Study level quoted | |||
| Preparer and credentials | |||
| Site visit included | |||
| How components and costs are set | |||
| Funding plans modeled | |||
| Deliverables and editable data | |||
| Draft report date | |||
| Final report date | |||
| Total price | |||
| Price of future updates | |||
| Notes |
The study level, who will prepare it and their credentials, whether a site visit is included, how the component list and costs are set, which funding plans are modeled, the deliverables, the timeline and the price.
Under the National Reserve Study Standards, Level I is a full study built from scratch, Level II is an update with a site visit, and Level III is an update without a site visit. Prices differ a lot between them, so make sure every proposal quotes the same level.
There is no fixed rule. Many boards ask for two or three so they can compare scope and price. What matters is that each firm is quoting the same scope.
Common ones are Reserve Specialist (RS) from Community Associations Institute and Professional Reserve Analyst (PRA) from the Association of Professional Reserve Analysts. Some states set their own requirements, and some studies call for a licensed engineer or architect.
Not necessarily. A lower price can mean a lower study level, no site visit or fewer deliverables. Use the comparison table to check that you are comparing like with like.
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