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No - Reserve Studies

Most boards see capital risk five months out. We help boards see it five years out.

A reserve study is the document that turns a building into a 30-year financial plan. Done well, it shows the board what's coming, what it costs, and how to fund it without a special assessment. Done poorly - or not at all - it shows up the morning the SIRS report lands or the carrier says no. Our reserve-study continuum offers three rigor levels, one shared engineering discipline, and full alignment with the way your reserve fund is actually accounted for.

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A board's-eye view

What a $400,000 surprise looks like

A coastal condo board we now manage came to us after the SIRS report landed with a $400,000 reserve gap. Their previous firm had run a single reserve study seven years earlier, never updated it, and missed two roof-membrane revisions and a seawall reassessment. By the time the board saw the number, they had three months to a special assessment and an angry AGM. We rebuilt the schedule, found two components that had been double-counted, modeled three funding paths, and the board avoided the assessment entirely with a manageable annual increase. The full narrative - including how the schedule had drifted and what we changed - is in the deep-dive guide.

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Our reserve-study continuum

Three rigor levels. One engineering discipline. Boards graduate up

Most reserve-study providers offer a single product - a one-time engineered study - and force every board into the same envelope. We built three tiers around what boards actually need at different stages, and the same Keys-Caldwell engineering discipline runs through all of them.

No01
$150one-time

Self-assessment template

Small associations getting their first picture

A board-led component inventory using our template, then a working session with our reserve team to pressure-test the entries, life expectancies, and replacement costs. The right starting point for boards that have never had a formal study, want to see what one looks like, or need a defensible interim document while they decide on a fuller engagement.

  • Component inventory template (35-page workbook)
  • Working session with our reserve specialist
  • Recommended replacement-cost ranges for Sarasota County
  • 30-year funding-position estimate
  • Annual refresh recommendation
Recommended for SIRS
No02
$2,400+engagement

Engineered study

Buildings 3+ stories, SB-4D / SIRS compliance

A full site-walked inspection with our partner engineers - Karen's Engineering on the structural side - followed by a complete component inventory, condition assessment, and 30-year forecast. SIRS-compliant for buildings three stories and up. Delivered as the document the carrier and the State will accept, with a board-meeting walkthrough so the schedule isn't a black box.

  • On-site structural & component inspection
  • Full component inventory with photos & condition grades
  • 30-year funding forecast (multiple scenarios)
  • SIRS compliance per FS 718.112 & SB-4D
  • Board-meeting walkthrough included
Most popular for active boards
No03
Annualsubscription

Subscription study

Active capital plans, communities replacing components

Continuous updates. As components are repaired, replaced, or extended, the schedule and the funding plan stay current - not as a binder photocopied seven years ago, but as a working document that reflects the building today. The right product for boards executing capital projects, navigating insurance non-renewals, or simply done with the 10-year-old surprise. Annual schedule integrates with the books of record so reserves match the financials.

  • Annual schedule update reflecting completed work
  • Component-level cost re-baselining each year
  • Funding plan re-modeled as components are extended
  • Books-of-record integration · reserves match accounting
  • Carrier & lender documentation on demand

All three tiers use the same component-categorization framework, the same 30-year forecast methodology, and the same Florida-statute compliance discipline. The differences are inspection rigor, update cadence, and how tightly the schedule is integrated with your monthly accounting.

Reserve funding health

Where most Florida associations actually sit - and

Reserve funding is rated as a percent-funded ratio: actual reserve balance divided by what an engineered study says you should have at this point in the components' life cycle. The chart below shows the industry-standard bands, where most Florida coastal communities currently fall, and where insurance carriers and lenders increasingly require boards to be.

0%
30%
70%
100%
130%
Carrier comfort line · 70%
Critically under-funded
0 – 30%
≈ 18% of FL coastal associations
Special assessment likely within 5 years. Carriers may decline renewal.
Under-funded
30 – 70%
≈ 51% of FL coastal associations
Manageable with policy changes; assessments avoidable with disciplined planning.
Fairly funded
70 – 100%
≈ 24% of FL coastal associations
Carrier-comfortable range. Most lender-required minimum is in this band.
Fully funded
100 %+
≈ 7% of FL coastal associations
Best position for components, premiums, and resale. The goal of every plan.

Industry estimates based on Community Associations Institute reporting and reserve-industry data for Florida coastal Class-B and Class-C buildings. Specific percentages vary by region, building age, and study methodology.

The component schedule, by document

What the working schedule

The component schedule is the operating heart of a reserve study. Below is a stylized excerpt - not from any one client - showing how a coastal mid-rise's components are categorized, dated, costed, and funded. The subscription tier keeps this document current as work happens; the engineered tier sets the baseline; the self-assessment tier produces a simpler version of the same artifact.

reserve-study continuum · Component Schedule · Sample Coastal Mid-Rise · 32 units · Venice, FL
Plan year 2026
Component
Useful life
Remaining
Replace cost
% funded
Status
Roof - TPO membrane
Roofing
20 yrs
4 yrs
$118,000
62%
Watch
Coastal exposure shortens life. Re-inspection scheduled 2027.
Pool deck pavers
Pool / deck
25 yrs
11 yrs
$54,000
88%
On schedule
Replaced 2014. Salt-resistant pavers. On schedule.
Seawall - south property
Coastal
40 yrs
8 yrs
$340,000
41%
Watch
Highest single-component exposure. Funding plan accelerated.
Asphalt - drives & parking
Site
18 yrs
13 yrs
$76,000
95%
On schedule
Sealcoat 2027. Mill-and-overlay 2034. Both line-itemed.
Building paint - exterior
Building
8 yrs
2 yrs
$92,000
71%
On schedule
Bid cycle starts 2026 Q3. Carrier-approved paint system.
Concrete - balconies & stairs
Structural
10 yrs
1 yr
$215,000
35%
Action
Spalling observed; engineering scope underway. SIRS-listed.
Elevator - modernization
Building
25 yrs
16 yrs
$165,000
79%
On schedule
Cab refresh 2030 in plan. Hoist-replacement 2042.
HVAC - common areas
Building
15 yrs
6 yrs
$38,000
84%
On schedule
Coastal-rated condensers. On-cycle.
Stylized excerpt for illustration. Component categories, useful-life methodology, and the 'remaining / cost / % funded / status' format are all from real reserve-study schedules. Numbers and association are not from any specific client.
Two legal regimes, one engineering practice

Florida draws a hard line between condo SIRS and HOA reserve studies. The engineering doesn't care

If you're on a condominium board for a building three stories or taller, your reserve obligation is the Structural Integrity Reserve Study (SIRS) under SB-4D / FS 718.112. If you're on an HOA board for a planned community of single-family homes, townhomes, or villas, your obligation is governed by your Declaration and FS 720. Both need a reserve study. The legal force, statutory components, funding-mechanism rules, and update cycles are different.

For condominium boards · 3 stories +

Structural Integrity Reserve Study (SIRS)

FS 718.112(2)(g) · SB-4D
Required by
Florida statute (mandatory)
Components
Defined in statute: roof, structural, fireproofing, plumbing, electrical, waterproofing, windows, life-safety, plus any item ≥ $10,000 to replace
Underfunding shortcut
No longer permitted by board vote (changed by 2024 statute)
Update cycle
Every 10 years, with milestone inspection coordination
Carrier impact
Increasingly required for renewal of master policy
Our tier
Engineered study (02) or Subscription (03)
Visit the resource library
For HOA boards · single-family / townhome / villa

HOA Reserve Study (advisory grade)

FS 720 · Declaration / Bylaws
Required by
Declaration in most cases · sometimes board policy
Components
Common-area assets the association maintains: roads, ponds, pools, gates, signage, irrigation, common-area buildings
Underfunding shortcut
Permitted in many cases by member or board vote per Declaration
Update cycle
Recommended every 3-5 years; subscription is the right answer for active capital plans
Carrier impact
Lower than condo, but increasingly considered in master-coverage underwriting
Our tier
Self-assessment (01) for small HOAs · Engineered (02) for larger · Subscription (03) for active boards
HOA management overview
How a reserve study actually runs

Five phases.

Most reserve studies arrive as a 60-page PDF the board never re-opens. Our process is built around five active phases - kickoff, walk, draft, working session, and adoption - each with the board in the room or the loop. The product is the conversation, not just the document.

  1. Phase 01
    Kickoff & document handoff.

    We collect prior studies, governing documents, capital project history, vendor records, and any milestone or SIRS reports already on file. The board names a treasurer-liaison so questions don't bounce.

  2. Phase 02
    Site walk & inspection.

    Engineering walk of the property with our partner team. Component-by-component inspection, condition grading, photograph documentation. Boards are welcome to attend; many treasurers do.

  3. Phase 03
    Draft schedule & forecast.

    Component inventory drafted, useful-life and replacement-cost values modeled against current Sarasota County ranges. 30-year forecast built with two or three funding scenarios so the board has options, not a single answer.

  4. Phase 04
    Working session with the board.

    We sit down with the board - virtually or in person - and walk every component, every assumption, every scenario. Adjustments made in the room. The schedule the board adopts is the one they helped finalize.

  5. Phase 05
    Adoption, integration, and the next-year cadence.

    Adopted study integrates with our books of record so the accounting reflects the schedule. Subscription clients are on a 12-month cadence from here; engineered clients schedule a check-in at year 5; self-assessment clients are recommended an annual refresh.

What's included in every tier

What we deliver, full stop

Tier 02 and 03 deliver more than Tier 01, but every engagement - including the $150 self-assessment - produces these eight things. The difference between tiers is rigor of inspection and how often the schedule is refreshed, not whether you get a real document.

  1. 01
    Component inventory

    Every reserve-eligible component categorized by system. SIRS-listed items flagged separately for compliance. Photos and condition grades on Tier 02 and 03.

  2. 02
    30-year funding forecast

    Reserve balance modeled forward with current contributions, planned replacements, and inflation assumptions. Multiple funding scenarios so the board can compare.

  3. 03
    Funding plan recommendation

    Annual contribution schedule needed to hit the board's chosen funding-position target. Special-assessment scenarios modeled for stress-test purposes, not as a default.

  4. 04
    FS 718 / 720 compliance review

    Tier 02 and 03 carry SIRS compliance per FS 718.112 for SB-4D buildings. All tiers include FS 720 review for HOAs to confirm Declaration alignment.

  5. 05
    Carrier & lender documentation

    Excerpts on demand for master-policy renewal, lender refinance, or owner sale. Subscription clients get on-demand; engineered clients get on the engagement.

  6. 06
    Board working session

    Virtual or in-person walkthrough of the schedule with the board before adoption. Real questions, real answers, real adjustments - not a slide-deck handoff.

  7. 07
    Books-of-record integration

    Adopted schedule integrates with our accounting platform so the reserve fund balance, allocation cadence, and component-level reporting all match the study. One source of truth, not two.

  8. 08
    Annual refresh cadence

    Subscription clients receive an annual schedule update. Engineered clients are placed on a check-in calendar at year 5. Self-assessment clients are walked through an annual refresh.

Frequently asked

Questions boards ask before commissioning a study.

These come up on almost every intake call. If yours isn't here, send a note - we'd rather answer the real one than the obvious one.

For SB-4D condominium buildings three stories and up, the answer is unambiguous: an engineered SIRS-compliant study is required by Florida statute. The self-assessment tier is not a SIRS-compliant document.

For HOAs, smaller condos, and pre-SIRS situations, the self-assessment tier is often the right starting point. It produces a defensible interim document, gives the board a real picture, and makes the eventual decision to move to an engineered study a much smaller leap. Many of our subscription clients started on a self-assessment and graduated up after their first AGM.

Typical engagement is 4-6 weeks from kickoff to adopted schedule. Site walk happens in week 1-2, draft schedule in week 3-4, working session in week 4-5, adoption in week 5-6. Carrier-deadline situations can compress that to about 3 weeks; we've delivered SIRS documentation to lenders and carriers inside a working week when the renewal calendar required it.

A reserve study is the full 30-year capital-planning document covering every component the association is responsible for - roads, pool decks, paint, HVAC, the whole inventory. A SIRS (Structural Integrity Reserve Study) is a Florida-statute-defined subset of that, focused on the structural and life-safety components in condominium buildings three stories and up.

Most engineered studies we deliver to SB-4D condos serve as both: the full reserve study with the SIRS components clearly identified and statute-compliant inside it. One document, two regulatory uses.

Tightly. The adopted reserve schedule integrates with our books of record so the reserve fund balance on the books, the allocation cadence, and the component-level reporting all match the study. The treasurer's monthly packet shows reserve health against the schedule, not against a separate spreadsheet that drifts. Our accounting page goes deeper on this.

That's exactly what the working session in Phase 04 is for. Boards pressure-test our component costs, useful-life assumptions, and inflation rates against their experience with the building. We adjust where the board's information is better than the model - and we document where we disagreed and why. The schedule the board adopts is the schedule they helped build.

Sometimes - if the board is a few years ahead of the gap. The earlier a study surfaces an under-funded component, the more options the board has. Increase the annual contribution, restage the project, fund a partial scope first, refinance through a lender capital loan - all of those become available when the schedule has time to absorb them.

Where a study cannot help: the morning the SIRS report lands on a 40-year-old building that has run flat-funded reserves for 25 years. By that point, an assessment is usually mathematically unavoidable. The earlier you start, the more options you have. That's the entire pitch for the subscription tier.

Yes. Reserve studies are offered as a standalone product to associations regardless of who handles their day-to-day management. Many of our reserve-only clients eventually move their full management to Keys-Caldwell - but that's never the precondition.

Find out where you actually stand

Send us your last reserve study and the most recent year's financials. We'll come back with a funding-position estimate and a recommendation - at no charge.

It's a 30-minute review, not a sales pitch. Boards leave with a clearer picture of where their reserve plan actually sits - and what tier of engagement, if any, would help.

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