Scope of Services
Condominium Associations or Homeowners Associations are common terms used to characterize "Common Interest Developments" (C.I.D.'s.). Some states like Nevada , Arizona , California , Hawaii , Illinois and Florida have Civil Codes, which mandate that C.I.D.'s perform reserve studies to help insure adequate reserve funds for the replacement or maintenance of major components. Even if it is not a State requirement, many associations governing documents require the establishment of reserves in the annual budget. In order to achieve this, C.I.D.’s must perform a major component study, more commonly known as a "Reserve Study". Furthermore, these studies should be updated annually to ensure, to the association, that all reserve study components have been properly analyzed, relative to its economic life and anticipated cost of replacement. Hughes Reserves provides a monthly service, which offers the client the ability to keep track of reserve components in house as well as performing reserve “What-If’ funding scenarios in the event of unexpected expenditures from reserves.

Component Studies are utilized to provide a basis for the necessary funding (reserves) to maintain, repair and replace those components, which require certain attention upon the expiration of that particular components service life. HUGHES component studies are designed to enable the association to be in conformance with State Civil Codes, if applicable as well as help prepare a sound and accurate annual budget.