Engineer Sourcing
Three competing bids from qualified reserve study firms. Scope reviewed for completeness.
Sub-Service · HOA Accounting
Reserve study support, from engineer engagement through funding plan adoption.
A reserve study is only as useful as the funding plan it produces. Edison coordinates the engineer engagement, reviews the deliverable against the community's actual capital history, and integrates findings into the next budget cycle.
FL Ch. 720 / Ch. 718
Cadence
Refresh every 3–5 years
Edison's role
Coordination + integration
Output
Adopted funding plan
Reserve studies that produce funding plans, not just reports
A reserve study by itself doesn't fund anything. It's an engineer's inventory and price estimate for the community's capital components, useful, but inert until a board adopts a funding strategy that matches it. The gap between 'we have a reserve study' and 'we're funding to the study' is where most communities end up underfunded.
Edison's reserve study support closes that gap. We coordinate the engineer engagement (sourcing, scope review, document prep, site access), review the draft report against the community's actual capital and maintenance history, and translate the engineer's recommendations into a funding plan the board can adopt. Then we integrate the plan into the annual budget so reserve banking actually tracks the study.
Florida treats the two association types differently. Under Ch. 720, HOAs must carry reserve accounts and disclose them in the budget, but owners can vote each year to waive or partially fund, which is exactly how communities drift into special-assessment territory one budget at a time. Under Ch. 718, condominium buildings three stories or higher also need a Structural Integrity Reserve Study, and funding for those structural components can't be waived the same way. Most condo associations end up needing both studies, on two different cadences.
Where a study is out of date, the practical question isn't whether to refresh, it's what the refresh will surface. Components priced four years ago in a Florida construction market rarely cost what the old report says today. Edison's accounting team models the delta before the board commissions the work, so the funding conversation starts from a realistic number rather than a stale one. Our Florida reserve study guide walks boards through what the report contains and how to read it.
What Edison handles
What Edison handles around the reserve study itself
The engineer does the study. Edison does everything around it.
Document & History Package
Prior reserve studies, capital expenditure history, maintenance logs, and warranty records assembled for the engineer on day one.
Site Access Coordination
Vendor coordination, resident notification, roof and equipment access, handled so the engineer's site visit doesn't drag.
Draft Report Review
Edison's accounting team reviews the draft against community history, flags discrepancies, and coordinates engineer revisions.
Funding Plan Integration
Engineer's recommended funding levels translated into a budget-line strategy. Reserve banking adjusted to match.
Board Adoption Support
Board-ready presentation of findings and funding options. Adopted plan integrated into the next annual budget cycle.
The process
How Edison runs a reserve study engagement
Typically 90–120 days from engagement to adopted funding plan.
01
Scope & Source
Edison defines the scope (full study vs update), sources 3 competing bids, and coordinates board selection.
02
Document Prep & Site Work
History package delivered to engineer. Site access coordinated. Engineer performs inventory and pricing work.
03
Draft Review & Revision
Edison reviews the draft, flags discrepancies against community history, and coordinates engineer revisions before the final issue.
04
Funding Plan & Adoption
Funding scenarios presented to the board. Plan adopted, integrated into next budget, and reserve banking adjusted to match.
Reserve study more than 5 years old, or not on file at all?
Edison's first conversation is free. We'll tell you what's required for your community type and what a refresh would actually cost.
Statutory FAQ
What boards ask about this most
How often does our community need a reserve study?
FL practice is a full reserve study every 3–5 years with annual updates between full studies. For condos 3+ stories, the SIRS adds an additional structural-component study on a separate cadence under SB-4D. Edison tracks the calendar centrally.
Can we use our existing reserve study?
Yes if it's current and scoped appropriately. Edison reviews what you have, flags gaps against the community's actual capital inventory and statutory requirements, and recommends a refresh only if the gap requires it, not as a default revenue play.
What's the difference between a reserve study and a SIRS?
A traditional reserve study covers community capital components broadly (amenities, infrastructure, equipment). A SIRS is FL-specific, scoped to 8 mandated structural and life-safety components for condos 3+ stories, and required by SB-4D. Most condos now need both.
Does Edison do the engineering work directly?
No, FL practice and the credibility of the study require an independent engineer or licensed reserve study firm. Edison coordinates the engagement; the engineer performs the study itself.
What does a reserve study cost?
Typical full studies for HOAs run $4,000–$9,000 depending on community size and capital inventory complexity. SIRS engagements for condos run $8,000–$25,000+ given the structural engineering involved. Edison sources 3 competing bids and the board selects.
Does Florida law require our HOA to have a reserve study?
Chapter 720 does not mandate a formal reserve study for HOAs. It requires reserve accounts in the annual budget and disclosure to members, and it lets owners vote to waive or partially fund. Most governing documents, however, require a study every three to five years, and lenders, insurers, and buyers increasingly ask for a current one. Condominium buildings three stories or higher are in a different position: the SIRS is mandatory under Chapter 718.
What percent funded should our reserves be?
CAI treats 70% funded or above as adequately funded, 30–70% as a caution range where special assessment risk rises, and below 30% as high risk. The percentage matters less than the trajectory. A community at 45% and climbing on an adopted plan is in better shape than one at 65% that has waived reserves three years running.
Can we use reserve funds for something other than what the study lists?
Not without following the statutory process. Reserve funds earmarked by the budget for specific components generally can't be redirected to operating expenses or other projects without the required membership vote. Edison flags this before a board makes an informal decision that has to be unwound later, and documents the vote when the board does choose to reallocate.
What happens if the study says we're badly underfunded?
It becomes a sequencing problem rather than a crisis. Edison's accounting team models the paths, phased assessment increases, capital deferral where the engineer says deferral is safe, reserve banking adjustments, and in some cases financing, and presents the trade-offs side by side. Boards make a better decision seeing three funded scenarios than seeing one alarming number.
Get started
A reserve study that actually produces a funding plan.
Tell us about your community's current reserve study status. We'll respond with a proposal, within one business day.