Step 1: Initial Planning & Compliance Review

✅ Determine If SIRS is Required

• Identify condominiums under management that meet the criteria for a mandatory SIRS based on building height and age.

• Verify compliance deadlines based on the December 31, 2024, deadline for initial SIRS submission.

✅ Assemble a Qualified Team

• Engage a licensed engineer or architect to conduct the study.

• Work with financial professionals to analyze reserve funding needs.

✅ Notify the Condominium Board & Residents

• Provide a formal notice to board members and unit owners explaining the SIRS process.

• Schedule an informational meeting to discuss potential financial impacts.

✅ Gather Existing Documentation

• Collect previous reserve studies, financial statements, maintenance records, and past inspection reports.

• Review current reserve balances and funding strategies.

Step 2: Conducting the Structural Integrity Reserve Study

✅ Physical Inspection of Structural Components

• A licensed engineer or architect performs a comprehensive visual and functional assessment of key building components, including:

  • Roof

  • Load-bearing walls & structure

  • Fireproofing & fire protection systems

  • Plumbing systems

  • Electrical systems

  • Windows & exterior doors

  • HVAC systems

  • Elevators

  • Foundation

  • Parking garages & pavement

  • Any other structural components deemed necessary

✅ Cost Estimation for Future Repairs

• Engineers determine the remaining useful life and replacement cost for each component.

• Establish a required reserve contribution schedule to ensure adequate funding.

✅ Financial Analysis & Funding Plan

• Work with the board and financial advisors to assess current reserve levels vs. required funding.

• Determine how to adjust assessments, special assessments, or monthly dues to meet compliance.

✅ Drafting & Review of the SIRS Report

• The engineer compiles a detailed report outlining:

  • Structural condition assessments

  • Estimated repair/replacement costs

  • Recommended annual reserve contributions

  • A compliance checklist for the condominium association

Step 3: Implementation & Compliance Submission

✅ Board Approval & Filing Requirements

• Present findings to the association board and property owners.

• Submit the final SIRS report to the Division of Florida Condominiums, Timeshares, and Mobile Homes as required.

✅ Adjust Reserve Funding Plans

• Work with the board to revise annual budgets based on SIRS requirements.

• Implement monthly or annual reserve contributions to avoid financial shortfalls.

✅ Resident Communication & Transparency

• Provide clear communication to unit owners about the reserve funding plan.

• Answer questions and address financial concerns related to potential assessment increases.

Step 4: Long-Term Reserve Management & Future Planning

✅ Ongoing Reserve Monitoring

• Regularly update reserve studies to ensure funding remains adequate and compliant.

• Adjust funding strategies as necessary to prevent special assessments or financial strain.

✅ Preventative Maintenance Program

• Implement a proactive maintenance schedule to extend the lifespan of structural components.

• Reduce long-term costs by addressing minor repairs before major issues arise.

✅ Coordination with Future Milestone Inspections

• Align SIRS assessments with Milestone Inspections to ensure consistency in structural evaluations and financial planning.

Conclusion

By following this structured approach, Structural Integrity Reserve Studies (SIRS) are managed efficiently, ensuring regulatory compliance, financial stability, and long-term asset protection for condominium associations. This process safeguards residents' investments while preventing unexpected financial burdens through strategic reserve funding and proactive maintenance planning.