The CC&Rs, and Oregon Law, especially ORS 94.595 in ORS Chapter 94 (that you can find in the “Basic Documents) requires that the Association makes a Reserve Study each year:

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94.595 (3)

(a) The board of directors of the association shall annually determine the reserve account requirements by conducting a reserve study or reviewing and updating an existing study using the following information:

      (A) The starting balance of the reserve account for the current fiscal year;

      (B) The estimated remaining useful life of each item for which reserves are or will be established, as of the date of the study or review;

      (C) The estimated cost of maintenance and repair and replacement at the end of the useful life of each item for which reserves are or will be established;

      (D) The rate of inflation during the current fiscal year; and

      (E) Returns on any invested reserves or investments.

(b) Subject to subsection (8) of this section, after review of the reserve study or reserve study update, the board of directors may, without any action by owners:

      (A) Adjust the amount of payments as indicated by the study or update; and

      (B) Provide for other reserve items that the board of directors, in its discretion, may deem appropriate.

(c) The reserve study shall:

      (A) Identify all items for which reserves are or will be established;

      (B) Include the estimated remaining useful life of each item, as of the date of the reserve study; and

      (C) Include for each item, as applicable, an estimated cost of maintenance and repair and replacement at the end of the item’s useful life.

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There are no clauses in ORS Chapter 94 that specifically state that a Reserve Study must be accurate, or that it must conform to the generally accepted, traditional financial, mathematical and arithmetical methods of Western culture.

 

So, the results of arithmetical operations presented in the BVH Reserve Studies need not even produce results that would normally be expected from traditional arithmetical and mathematical operations, and many don't! Also, ORS 94.595 says that the Declarant or the Board of Directors of the Association, can adjust the amount that is contributed to the Reserve Account, no matter what the Reserve Study's estimates are.

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The reserve studies, for which we pay $1359 a year, have always been replete with errors of commission, omission, and arithmetic,. They are loaded with unnecessary text, and unnecessarily abstruse arithmetic, none of which are required by Oregon law.

 

We are overpaying for these meaningless verbose travesties; look at this link to see one alternative tot hem, and there are plenty more like it to choose from:

 

https://www.reserveanalyst.com/index.php/plans-pricing/pricing-options/single-user-package

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