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Reserve Study Levels
A Level 1 - Full Reserve Study includes the development of a component inventory (identification, measurement / quantification, of all major components to be included in the study), and the assembly of life and valuation estimates based on the visual on-site inspection.
A Level 2 - Reserve Study Update includes the verification of the component inventory only, (verification of measurements / quantifications but not the creation of a component inventory from scratch) and the assembly of life and valuation estimates based on the visual on-site inspection.
A Level 3 - Reserve Study Update (off-site review) includes the financial update of life expectancies, unit costs, and an updated funding plan based on an off-site review of Association provided information. No physical inspection is included.