Thomas Basalla, Vice President, has an extensive background in land development and home building along with considerable experience and expertise in community association issues.
He is a reliable authority in construction issues, budgeting and long term planning . In addition, he is responsible for overseeing our reserve study company, Synergy Reserve Consultants.
As background, a Reserve Study is a process by which the physical assets of a Condominium or Homeowners Association are studied to determine when they will need to be replaced, the future cost of that replacement and how much money needs to be put away on an yearly basis to assure that adequate funds are available to replace the assets when they reach the end of their useful lives.
Recent changes in State law relative to Condominiums have all but mandated that Condominium Associations throughout the State undertake Reserve Studies as a way of determining what constitutes a “fully funded Reserve”.
As of September 2010, homeowners associations will be subject to similar mandates.