In short
The initial study and every third-year update must be prepared by a reserve study professional: an independent person suitably qualified by knowledge, skill, experience, training or education. There is no state license; boards usually look for a CAI Reserve Specialist or APRA Professional Reserve Analyst, or an engineer or architect who does reserve work.
The legal definition
RCW 64.90.010 defines a reserve study professional as “an independent person who is suitably qualified by knowledge, skill, experience, training, or education” to prepare a study under RCW 64.90.545 and .550. Independent means the person is not an employee, officer or director of the association, the developer or anyone else the study is prepared for, and has no financial interest in them.
That rules out a board member who happens to be an engineer, and a manager preparing the study for a client association they are paid by. It does not rule out a firm the association pays a fee to; that is the normal arrangement.
Credentials you will see
- RS, Reserve Specialist. Awarded by the Community Associations Institute to reserve study providers who meet its experience and education requirements and follow its national reserve study standards.
- PRA, Professional Reserve Analyst. The designation of the Association of Professional Reserve Analysts, a trade body for reserve study preparers.
- PE or licensed architect. A state professional license in engineering or architecture. Not required for reserve work in Washington, but useful where a building has envelope, structural or mechanical questions.
None of these is a legal requirement in Washington. They are evidence of the “suitably qualified” part of the definition, which a court would look at if a study were ever challenged.
Engineers and architects
A reserve study is a funding plan, not a structural assessment. Most components, such as roofs, paint, paving and pools, need an analyst who knows lives and costs. Mid-rise and high-rise condominiums, buildings with a history of water intrusion, and anything with post-tensioned concrete or a large garage benefit from an analyst who is also a licensed engineer or architect, or who works alongside one.
Three of the firms we list name such licenses on their own websites: one Tacoma principal is a Washington licensed architect, and two national firms list professional engineers. See firms in Washington.
Questions to ask a firm
- Who will do the site visit, and what credential do they hold?
- Do you or anyone on your team have a financial interest in the association, the developer or a contractor we use?
- Will the study meet RCW 64.90.550 in full, including the per-unit deficit or surplus and the statutory warning?
- Which level will this be, and what will the next two years’ updates cost?
- Where do your useful-life and cost figures come from, and are they adjusted for this part of Washington?
- Can we see a recent Washington study with the client’s name removed?
Updates done in house
The statute names a reserve study professional for the initial study and for the update at least every third year, and is silent on who prepares the yearly updates between. Some boards and managers do those themselves using the firm’s component list. If you do, the update must still state whether a reserve study professional helped prepare it, and whether that person was independent (RCW 64.90.550).