What is a Reserve Study?

By Brian P. McLean, Leahy.ps

I respect Jim Talaga of Association Reserves in Washington State, and have had the pleasure of meeting the founder of Association Reserves, Robert Nordlund, and watching both of them testify at a legislative hearing in Olympia, Washington. Jim and Robert are articulate proponents of long-term financial planning.

For a succinct and easily understood primer on reserve studies, check out Robert’s recent article entitled Reserve Study Results – What to Expect. Robert articulates what you should expect from a reserve study. Although setting aside money for long-term goals remains anathematic to many Americans, we are discovering, particularly in twenty year-old or older commonly owned properties, that sound long-term financial planning can make the difference between thriving or becoming a neighborhood paperweight.

Let’s be careful out there.

About Brian P. McLean

BRIAN P. McLEAN is an attorney and shareholder at Leahy McLean Fjelstad in Seattle, Washington. He concentrates his practice in the area of community association law. He received his law and undergraduate degrees from Seattle University, where he was a member of Law Review, chair of the law school’s Moot Court Board, and commencement speaker for his graduating class. Brian speaks and writes frequently about community association issues, is a member of the Washington State Bar Association, and is a former board member of the Washington State Chapter of the Community Associations Institute (WSCAI) where he served as president from 2009 - 2010. He served previously as chair of WSCAI’s Legislative Action Committee, where he worked with state legislators to enact mandatory reserve study legislation in Washington State. Brian is former lead singer, guitarist, and songwriter for the now defunct Pacific Northwest band the Acetones.
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