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Sample Reserve Study Report: What to Expect

A Reserve Study is one of the most important financial planning documents an HOA, condo association, or community board will ever receive. Although, most board members have never actually seen a full example or understood what each section really means.


Sample Reserve Study Report

This Sample Reserve Study Report breaks down every component you can expect in your report. We explain what it’s telling you, how to interpret it, and why it matters for your community’s long-term stability.


If you're undergoing Rhode Island Condo Association Reserve Studies for the first time or working to Update Your Reserve Study in Rhode Island, this guide will help you understand the structure, data, and insights inside a professional reserve analysis.


1. Executive Summary: The Snapshot of Your Community’s Future

Your Reserve Study begins with a clear overview of your community’s financial and physical health. This section usually includes:

  • Current Reserve Fund balance

  • Recommended annual contributions

  • Funding plan options

  • High-level findings

  • Summary of upcoming major repairs or replacements

This section is meant to be readable at a glance. It’s perfect for board meetings, owner questions, and long-term planning.


2. Components List: The Backbone of Your Reserve Study

Asphalt roof on a condo building in Rhode Island.

This is where your Reserve Studies Components are carefully documented, including:

  • Roof systems

  • Pavement/asphalt

  • Siding and building envelope

    systems

  • Decks, balconies, fences

  • Mechanical systems (HVAC, boilers, pumps)

  • Elevators

  • Common areas, clubhouse amenities, pools

  • Safety systems

  • Hardscapes and drainage


Each component includes useful data:

  • Estimated useful life

  • Remaining useful life

  • Replacement cost

  • Quantity/type


A thorough components list is one of the most misunderstood sections. It’s also one of the most important for Creating a 30-Year Capital Plan.


3. Physical vs. Financial Analysis: The Two Sides of Every Study

A comprehensive reserve study includes both:


Physical Analysis

A specialized reserve analyst performs an on-site inspection to evaluate:

  • Remaining useful life based on condition, not just age

  • Signs of deterioration

  • Replacement or maintenance timelines

  • Safety or compliance concerns


Financial Analysis

This section provides:

  • Future funding projections

  • Reserve fund balance forecasting

  • Recommended contribution increases

  • Cash-flow analyses


This is the heart of Physical vs. financial analysis in reserve studies, and the reason why high-quality studies create long-term clarity.


4. Funding Plan Options: How Much Should You Contribute?

Your sample reserve study will likely show three scenarios:

1. Full Funding Method

Keeps your reserves at or near 100% funded.This method shows why Reserve Studies Protect Property Values by creating long-term risk reduction.


2. Baseline Funding Method

Keeps reserves above zero and avoids special assessments.


3. Threshold Funding Method

Allows flexibility while maintaining a safe financial buffer.

These scenarios clearly answer one of the most common questions: Is Your HOA or Condo Association Underfunded?


5. Special Assessment Risk Analysis

One of the most valuable parts of a reserve study is understanding the likelihood of large, unexpected bills.

A strong funding plan ensures that Reserve Studies Help Avoid Special Assessments, especially for high-ticket items like roofs, drainage, or structural repairs.


6. Common Reserve Study Mistakes (and How the Report Helps You Avoid Them)

Your Reserve Study walkthrough will help your board avoid mistakes such as:

  • Underestimating project costs

  • Using outdated component lists

  • Forgetting inflation or cost escalation

  • Delaying updates (you should Update Your Reserve Study in Rhode Island every 3–5 years)

  • Overlooking small but expensive items (pumps, security systems, piping, etc.)

Your report will clearly highlight areas where your association may already be behind and what steps to take.


7. Rhode Island-Specific Requirements: What Rhode Island Law Says About Reserve Studies

Your report may also reference local requirements, including:

  • RI’s evolving guidance on reserve planning

  • Minimum expectations for reasonable budget practices

  • Best practices for common interest communities

  • Specific considerations for coastal exposure, weather-related deterioration, and age of buildings

This is essential for compliant and transparent reserve studies in Rhode Island.


8. Do Small Associations Need a Reserve Study?

Yes, small communities often have the highest risk of special assessments because they have fewer owners to divide costs among.


Your report will show how even a 6-unit condo can create a realistic 30-year plan for:

  • Roof replacement

  • Paving

  • Siding/trim

  • Mechanical systems

  • Exterior stairs and walkways

Even small HOAs benefit from professional Reserve Studies in Rhode Island.


9. 30-Year Capital Plan: Your Long-Term Roadmap

A sample reserve study concludes with forecast tables and graphs showing:

  • 30-year repair and replacement timeline

  • Reserve balances over time

  • Annual contributions

  • Major milestones (roof years, paving years, siding years)

When creating a 30-Year Capital Plan section, it’s essential for transparency and predictable budgeting.


10. Why Working With the Right Partner Matters

Every high-quality study includes a section describing the qualifications of the professional performing the analysis.


For Rhode Island communities, this is especially important because weather, coastal exposure, salt air, and aging infrastructure require local expertise.


11. How Reserve Studies Support Property Management in RI

A professional reserve study provides powerful support for long-term property management in RI, including:

  • Annual maintenance planning

  • Preventative repair forecasting

  • Vendor scheduling

  • Budgeting and financial reporting

  • Transparency with owners

When your reserve analyst works alongside your property management team, your capital plan becomes significantly easier to execute.


Conclusion: A Reserve Study Is Your Association’s Most Important Long-Term Planning Tool

A well structured Reserve Study provides your board with clarity, confidence, and a roadmap for the next 30 years. It helps avoid financial surprises, protects your property values, and supports responsible leadership for your community.


If your HOA or condo association is preparing for its next update, or reviewing reserve studies in Rhode Island for the first time, Hennessy Reserve Partners is here to help. Contact our team to begin your reserve study or schedule an update.


Have more questions about reserve studies? Visit our Reserve Studies FAQs to have all of your questions answered.

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