The Nevada 609 form is a crucial document known as the Reserve Study Summary Form, mandated by the state for common-interest communities and condominium hotels. This form ensures that associations conduct a thorough reserve study every five years, evaluating the funds necessary for maintaining and replacing major components of their properties. Timely submission of this form to the Nevada Real Estate Division is essential for compliance and effective community management.
Ready to fill out the Nevada 609 form? Click the button below to get started!
STATE OF NEVADA
DEPARTMENT OF BUSINESS AND INDUSTRY - REAL ESTATE DIVISION
OFFICE OF THE OMBUDSMAN FOR COMMON-INTEREST COMMUNITIES AND CONDOMINIUM HOTELS
1179 Fairview Drive, Suite E * Carson City, NV 89701-5453 * (775) 687-4280
2501 East Sahara Avenue, Suite 202 * Las Vegas, NV 89104-4137 (702) 486-4480 * Toll free: (877) 829-9907 * Fax: (702) 486-4520
E-mail: CICOmbudsman@red.state.nv.us
http://www.red.state.nv.us
RESERVE STUDY SUMMARY FORM (NRS 116.31152)
All information must be provided
As of October 1, 2000, each association is required to have a reserve study conducted.
The Executive Board, at least once every 5 years, shall cause to be conducted a reserve study with a site inspection of the reserves required to repair, replace or restore the major components of the common elements and any other portion of the common- interest community that the association is obligated to maintain, repair, replace or restore. A summary of the reserve study must be submitted to the Nevada Real Estate Division no later than 45 days after the date the Executive Board adopts the results of each study.
Limited or no site inspection does not meet 5 year requirement per NRS 116.31152
IF A LIMITED OR NO SITE INSPECTION WAS PERFORMED DO NOT SUBMIT THIS FORM
PLEASE CONFIRM THE FOLLOWING:
Full Study: Physical inspection of common elements with representative sampling: (Required every 5 years)
Association’s Nevada Secretary of State (SOS) File number: _______________ SOS Original Filing Date (Mo./day/yr.): ___/___/___
(For SOS filing information, log onto http://nvsos.gov/sosentitysearch/CorpSearch.aspx)
Association’s legal name (Articles of Incorporation): ___________________________________________________________________
If association belongs to a master planned community, please provide master’s name: ______________________________________
Current billing information:
Mailing/billing address: ________________________________________________________________________________________
City: ___________________ State: ______ Zip: _____________ County the association is located in: _________________________
Management company name: (if applicable):_______________________________________________________________________
Address of Management Company: same as above _____________________________________________________________
City: ___________________ State: ______ Zip: _____________ Name of Community Manager: _____________________________
Email address for Community Manager: __________________________________ Custodian of Records: ______________________
DESCRIPTION OF ASSOCIATION PROPERTY
• Is the association a (check one)?
• If a planned community, what type(s) of units are included:
□ Condominium
□ Cooperative
□ Single Family Dwelling
□ Condominium Hotel
□ Planned Community
□ Duplex □ Townhouse
□ Manufactured Housing
Approximate age of development: _______
Number of annexed units with a Certificate of Occupancy: ________
Max. (total) # of units declarant has right to annex into assn. per the Covenant, Conditions & Restrictions (CC&Rs)? __________
RESERVE STUDY INFORMATION
Date of previous reserve study with site inspection: (Mo./day/yr.): ___/___/___
Date of most current reserve study with site inspection: (Mo./day/yr.):___/___/___
Adoption date of most recent full reserve study with site inspection: (Mo./day/yr.):___/___/___
Name of Reserve Specialist (person) who conducted study: __________________________________________ Registration #: ________
Reserve Study Specialist’s name and registration # can be located at www.red.state.nv.us, Quick Links, License Lookup
If the common-interest community contains 20 or fewer units AND is located in a county whose population is 55,000 or less, the study of the reserves required by NRS 116.31152 may be conducted by any person whom the executive board deems qualified to conduct the study. [NRS 116.31152(2)] If BOTH requirements listed above have been met provide:
Name of the individual conducting the reserve study: _______________________________________ Title (if applicable):________
For office use only
Date Received:
Date Processed:
Processed By:
Revised 11/1/12
Page 1 of 2
Form 609
ADDITIONAL INFORMATION
Are there major components in this reserve study that with site inspection that was not previously identified? Yes
No
If yes, explain and attach supporting documents, if appropriate.
_______________________________________________________________________________________________________________________
FINANCIAL/FUNDING INFORMATION
Accounting fiscal year end (Mo./day): ____/____
Reconciliation of Reserve Fund Account: (NRS 116.31151)
Reserve account balance at beginning of current fiscal year:
$_____________________
Plus: Current year budgeted reserve transfer:
+
Plus: Current year projected investment income:
Plus: Anticipated reserve assessment, if any (**provide info below):
Less: Current year projected major repairs and replacements:
-
Other reconciling items: (indicate + or – dollar amounts)
+/- $_____________________
Projected reserve account balance at the end of current fiscal year end:
=
Required reserve account balance at end of current fiscal year based upon this full study:
Is there a difference between the projected and required balances? If so, list the reason(s) for the difference:
__________________________________________________________________________________________________________
How does the executive board propose resolving the difference?
___________________________________________________________________________________________________________
**Provide detailed information pertaining to any anticipated reserve assessments: ________________________________________
Are the reserve funds held in separate accounts? Yes No
If no, explain why not?
RESERVE STUDY INFORMATION:
Total estimated current replacement costs of the major component inventory:
Funding plan selected: Full funding
Threshold funding
Baseline funding
Other (explain):
____________________________________________________________________________________________________________
“I declare under penalty of perjury under the law of the State of Nevada that the foregoing, to the best of my knowledge and belief, is true and correct.”
Name of person completing this form (print) ___________________________________________ Title (if applicable): _____________
Person authorized to sign form: □ Board Member (title: ___________) □ Community Manager (License #___________) □ Declarant
Print name: ________________________________ Signature: __________________________________ Date signed: ____/____/____
Page 2 of 2
Filling out the Nevada 609 form requires careful attention to detail. This form must be completed accurately and submitted within the specified timeframe to comply with state regulations. Below are the steps to guide you through the process.
After completing the form, review it for accuracy before submitting it to the Nevada Real Estate Division. Ensure that you send it within the required timeframe to avoid any penalties. Keeping a copy for your records is also advisable.
Universal Referral Nevada - This form can serve as a crucial tool in enhancing patient-provider communication regarding treatment plans.
A General Power of Attorney form in Tennessee allows you to designate someone you trust to make financial and legal decisions on your behalf. This important document can be crucial in situations where you may be unable to act for yourself. To learn more about this process and to ensure your wishes are respected, consider reviewing the General POA form and filling it out by clicking the button below.
How to Sell a Car in Nevada - Consumers may seek reparation through the bond if business practices are unethical.
What is the Nevada 609 form?
The Nevada 609 form, also known as the Reserve Study Summary Form, is a document required by the State of Nevada for common-interest communities. It summarizes the findings of a reserve study, which assesses the financial health of an association regarding its reserves for major repairs and replacements. This form must be submitted to the Nevada Real Estate Division within 45 days after the Executive Board adopts the study results.
Who needs to complete the Nevada 609 form?
All associations in Nevada that manage common-interest communities must complete the 609 form. This includes condominiums, planned communities, and other similar entities. The requirement applies to associations that have conducted a full reserve study with a site inspection every five years, as mandated by Nevada law.
When is the Nevada 609 form due?
The completed Nevada 609 form must be submitted no later than 45 days after the Executive Board adopts the results of the reserve study. This ensures that the state has up-to-date information regarding the financial status of the association’s reserves.
What information is required on the form?
The form requires various details, including the association's legal name, Secretary of State file number, management company information, and specifics about the property. It also asks for financial data, such as the reserve account balance, budgeted reserve transfers, and any anticipated assessments. Accurate information is crucial for compliance with state regulations.
What happens if a limited or no site inspection is performed?
If a limited or no site inspection is conducted, the association cannot submit the 609 form. The law clearly states that a full study with a physical inspection is required every five years. Failure to comply with this requirement can lead to penalties or other consequences for the association.
Can anyone conduct the reserve study?
Not necessarily. For most associations, the reserve study must be conducted by a qualified reserve specialist. However, if the common-interest community has 20 or fewer units and is located in a county with a population of 55,000 or less, the Executive Board can designate any person they deem qualified to conduct the study.
What should an association do if there is a difference between projected and required reserve balances?
If there is a difference between the projected reserve account balance and the required balance, the association must identify the reasons for this discrepancy. The Executive Board should also outline how they plan to resolve the difference, whether through increased assessments, budget adjustments, or other measures to ensure financial stability.
Incomplete Information: One common mistake is failing to provide all required details. Each section must be filled out completely. Missing information can lead to delays or rejection of the form.
Incorrect Dates: Entering the wrong dates can cause significant issues. Ensure that the dates for previous and current reserve studies are accurate. This includes the adoption date of the most recent study and the original filing date with the Secretary of State.
Improper Signatures: The form must be signed by an authorized individual. Often, people neglect to check if the person signing holds the appropriate title, such as a board member or community manager. This oversight can render the submission invalid.
Failure to Confirm Site Inspection: If a limited or no site inspection was performed, the form should not be submitted. Many individuals overlook this crucial requirement, which is necessary to comply with Nevada law.
The Nevada 609 form is essential for associations in Nevada to submit a reserve study summary. However, it is often accompanied by several other forms and documents that help provide a complete picture of the association's financial health and operational status. Below is a list of related documents that are commonly used alongside the Nevada 609 form.
Each of these documents plays a crucial role in the governance and financial management of a common-interest community in Nevada. Together, they provide a comprehensive framework for ensuring that the association operates smoothly and meets its obligations to its members.
Mobile Home Bill of Sale: This legal document facilitates the transfer of ownership of a mobile home, similar to the formalities outlined in other property transfer documents. For more information, visit legalpdf.org.