Generally Accepted Reserve Study Standards
ICBI standards represent the only comprehensive, professional-level reserve study standards formally issued for the preparation and reporting of reserve studies.
They are the authoritative benchmark for professional reserve study practice.
Independent Standards Authority
ICBI is an internationally recognized, independent standards-setting organization. This independence distinguishes ICBI from trade organizations that issue standards primarily to serve their members.
Unlike advocacy-based organizations, ICBI develops standards to serve the broader public interest by providing a neutral and defensible framework for professional practice.
Development of the Standards
In 2014, ICBI convened a 16-member international standards committee representing six countries and multiple disciplines, including:
- Reserve professionals
- Community association managers
- Board members
- Accountants and financial professionals
- Engineers and contractors
- Industry service providers
The committee reviewed existing reserve study practices and professional standards from organizations such as:
- Society of Professional Engineers
- American Institute of Architects
- American Institute of CPAs
After careful evaluation, the committee concluded that no existing framework adequately addressed the unique nature of reserve studies. The committee began anew, asking:
“What standards should exist?”
Structure of the Standards
The framework consists of two primary categories:
1. Generally Accepted Reserve Study Principles
Principles establish the fundamental concepts underlying the reserve study process.
- General Principles
- Reserve Activity & Component Principles
- Calculation Principles
- Service Level Principles
- Reporting Principles
- Software Principles
2. Generally Accepted Reserve Study Standards
Standards establish the performance requirements for professionals preparing reserve studies.
- General Standards
- Field Standards
- Reporting Standards
- Software Standards
Interpretations
Both Principles and Standards are supported by formal Interpretations, which:
- Clarify and expand guidance
- Address detailed application issues
- Anticipate evolving practices
The broad-level Principles and Standards are intended to remain stable. Interpretations may evolve as professional practice advances.
A downloadable copy of the complete Principles, Standards, and Interpretations is available.
Software Certification
Accurate calculations and consistent reporting are central to reserve study integrity. ICBI standards require the use of software that complies with defined calculation and reporting standards.
ICBI has established a formal software certification protocol.
Certification includes:
- Completion of a compliance questionnaire
- Live screen-sharing demonstration
- Processing of a standardized dataset with known results
- Generation of reports in full compliance with ICBI standards
Software receives a Pass or Fail determination. All certification processes are confidential. Only successfully certified products are publicly announced.
Certified software products include:
- Facilities 7 (USA & International)
- Homerun IQ
- PRA System (USA & International)
- RFAPRO (Canada)
- RFSMiddleEast (Dubai)
- SCT Reserves (USA)
Reserve preparer membership requires the use of ICBI-certified software.
Generally Accepted Reserve Study Principles
Interpretations of Generally Accepted Reserve Study Principles
Generally Accepted Reserve Study Standards
Interpretations of Generally Accepted Reserve Study Standards
A downloadable Adobe Acrobat copy of the full set of Principles, Standards, and interpretations is available here.