Fillable RESERVE STUDY SUMMARY FORM (NRS 116.31152) (Nevada Real Estate Division)

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RESERVE STUDY SUMMARY FORM (NRS 116.31152) (Nevada Real Estate Division)

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Revised 02/13/2019 Page 1 of 2 Form 609
STATE OF NEVADA
DEPARTMENT OF BUSINESS AND INDUSTRY - REAL ESTATE DIVISION
OFFICE OF THE OMBUDSMAN FOR COMMON-INTEREST COMMUNITIES AND CONDOMINIUM HOTELS
3300 W. Sahara Avenue, Suite 350 * Las Vegas, NV 89102
(702) 486-4480 * Toll free: (877) 829-9907 * Fax: (702) 486-4520
E-mail: CICOmbudsman@red.nv.gov http://red.nv.gov/
RESERVE STUDY SUMMARY FORM (NRS 116.31152)
The executive board shall: at least once every 5 years cause to be conducted a study of the reserves [with an on-site inspection] required
to repair, replace and restore the major components of the common elements and any other portion of the common-interest community
that the association is obligated to maintain, repair, replace or restore; at least annually, review the results of that study to determine
whether those reserves are sufficient; and at least annually, make any adjustments to the association’s funding plan which the executive
board deems necessary to provide adequate funding for the required reserves. A summary of the study of the reserves must be
submitted to the Division no later than 45 days after the date that the executive board adopts the results of the study, using this form.
Association’s legal name: _____________________________________________________________________________________
(As it appears in the Articles of Incorporation/Secretary of State’s website)
Subdivision name(s) for the Association: ________________________________________________________________________
(As it appears on the County Assessor’s website)
Nevada Secretary of State (SOS) entity number: ______________________________ SOS original filing date: ____/____/____
(For SOS Filing information, visit http://nvsos.gov/sosentitysearch/)
Is the Association identified as a Master or sub-association, per the CC&Rs: ……………. Master Sub-Association Neither
If identified as a sub-association, please indicate the name of the Master Association: _______________________________________
CURRENT BILLING INFORMATION
Mailing/billing address: ________________________________________________________________________________________
City: ___________________ State: ______ Zip: _____________ County the association is located in: _________________________
Management company name (if applicable): _______________________________________________________________________
Address of Management Company: same as above _______________________________________________________________
City: ___________________ State: ______ Zip: _____________ Name of Community Manager: _____________________________
Email address for Community Manager: _____________________________________ Custodian of Records: ___________________
DESCRIPTION OF ASSOCIATION PROPERTY
Is the association a…?
□ Condominium □ Cooperative
□ Condominium Hotel □ Planned Community
If a planned community, indicate type(s) of units:
□ Single Family Dwelling □ Condominium
□ Duplex □ Townhouse □ Manufactured Housing
Approximate age of development: _______________ Number of current annexed units: _______________
Max.(total) # of units declarant reserves right to annex as indicated in the CC&Rs: _______________
RESERVE STUDY INFORMATION
Pursuant to NAC 116.425(1)(o), was the reserve study that was most recently adopted by the executive board (check one):
(1) A full reserve study
(2) An update to a previous reserve study made pursuant to a site visit
(3) An update to a previous reserve study made without a site visit
Date on which the on-site inspection of the most recent reserve study was commenced: (M/D/YR.):___/___/___
Adoption date of most recent reserve study (M/D/YR.):___/___/___ Commencement date of previous study (M/D/YR.): ___/___/___
Pursuant to NAC 116.405(8)(e), name of specialist who conducted the study:___________________________ RSS # _______
If in a community containing 20 or fewer units, in a county whose population is less than 55,000, name of individual deemed qualified
to conduct the reserve study:________________________________________________________ or □ N/A
For Office Use Only
Date received:
Date Processed:
Processed by:
Revised 02/13/2019 Page 2 of 2 Form 609
In the most recent reserve study, were any components identified that were not identified in a previous study? Yes No
If yes, provide an explanation and attach any supporting documents: _________________________________________
__________________________________________________________________________________________
Association’s Accounting Fiscal Year End Date (Mo./day): ____/____
FINANCIAL/FUNDING INFORMATION FROM CURRENT RESERVE STUDY
Estimated replacement costs of the complete major component inventory:
$
Recommended annual reserve contribution in current fiscal year:
$
Recommended special reserve assessment (if any):
$
Timeframe for special reserve assessment (if any):
1
Actual reserve account balance at the beginning of the fiscal year:
$
2
Current fiscal year budgeted reserve contribution:
$
3
Current fiscal year projected investment income (i.e. interest, dividends):
$
4
Current fiscal year budgeted special reserve assessment (if any):
$
5
Total projected reserve account balance (add lines 1-4)
$
6
Current fiscal year budgeted reserve expenditures:
$
7
Projected reserve account balance at end of current fiscal year (subtract line 6 from 5)
$
8
Projected fully-funded (100% funded) balance from Reserve Study:
$
9
Projected percent funded (line 7 divided by line 8):
%
Is there a difference between the budgeted and recommended annual contributions? Yes No
If yes, explanation for the difference: __________________________________________________________________________
____________________________________________________________________________________________________________
____________________________________________________________________________________________________________
If yes, how does the executive board propose to adequately fund the reserves? _________________________________________
____________________________________________________________________________________________________________
____________________________________________________________________________________________________________
Provide an explanation for the need of a special reserve assessment (i.e. how the association arrived to this financial state):
__________________________________________________________________________________________
____________________________________________________________________________________________________________
Are the reserve funds held in separate accounts? Yes No
If no, why not? ______________________________________________________________________________
__________________________________________________________________________________________
Funding plan selected by executive board: Full funding Threshold funding Baseline funding
“I declare under penalty of perjury under the law of the State of Nevada that the foregoing, to the best of my knowledge
and belief, is true and correct.”
Person authorized to sign form: □ Board Member (Title: ___________ ) □ Community Manager (License #___________) □ Declarant
Signature: __________________________________Print name: __________________________________ Date signed: ____/____/____
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RESERVE STUDY SUMMARY FORM (NRS 116.31152) (Nevada Real Estate Division)

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Completed 28 December 2021

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