Why Audit?

Verity Property Maintenance is committed to bringing comprehensive audit services to property owners and associations of the Coastal Carolinas.

This reserve study is meant to keep the complex and its surrounding property maintained in a operative manner, and to assist the property owners with managing their budgets. The functions requested are outlined below

1.      Building Component audit to assess current condition and remaining useful life

2.      Recommendations of replacement of components

Recommendations for the most prudent replacement of building systems and components; infrastructure and other amenities included in the audit will be made based on industry standards and practices. Some of the components to be included are:

· Parking Lots

o Community building and its out lot

o Pool and tennis court

o Picnic tables and basketball courts

· Fencing

· Community Building and its components/systems including irrigation, security and fire protection systems)

· Service building and its components/systems

· Pool area (whirlpool, decking, equipment and restrooms)

· Roadway to pool complex

· Lighting

· Recreational facilities (bocce ball court, horseshoe pits, picnic tables, grills, tennis courts, basketball hoops etc.)

· Signage

· Water handling systems for drainage and grounds

3.      Cost estimates of replacement recommendations.

Estimates for replacement costs will be based on at least 2 bids for work. Verity will make every attempt to secure 3 bids for work from qualified vendors who have property documentation and are registered.

4.      Schedule of replacements over next 20 years

A replacement schedule that shows what items are predicted to fail and need to be replaced by each year over the next 20 years will be provided.

5.      Calculation of reserves requirements to meet recommendations

Item costs will be estimated in future dollars by year over the next 10 years.

6.      Allocation of reserves over next 5 years

Allocation of reserve funds will be estimated using the cash flow method.

 

Photographs to support the recommendations will be included as report artifacts. Graphical representations of calculation will also be supplied.