047 | THE LIVE PODCAST! | HOA Reserve Study Legislation: Is Your State Next?

Our board seems to disagree with the reserve study analysts should they get a new reserve study from a more trusted analyst, I'm always going to recommend get a reserve study only from a trusted analyst. Get a reserve study done by a company that is staffed by and led by either an RS or a PRA. That's going to ensure you're headed in the right direction. If you want to double check and get another credential reserve study provider, by all means knock yourself out. You do that with a medical opinion seek of disputing second opinion and make sure that you do that from a credential reserve analyst. HOA insights common sense for common areas exists to help all 2 million volunteer board members nationwide have the right information at the right time to make the right decisions for their future. This podcast is sponsored by for companies that care about board members, association insights and marketplace, association reserves, community financials, and Kevin Davis Insurance Services. You'll find links to their websites and social media in the show notes. Welcome again to HOA Insights Common Sense for Common Areas. I'm Robert Nordlund. And this is episode number 47. While I'm usually here with CO hosts, Kevin Davis and Julie Adamen. Maybe a guest expert or a board hero. I'm here by myself today for a special livestream episode. So thank you for joining us in my office here. Monday afternoon, April 1. No fooling. And in this episode, I'll be sharing from my experience as a reserve specialist to address today's topic, reserve study legislation: is your state next? I'm going to start out by laying some groundwork on the topic and then I'll take your questions with Kathy's assistance. So if you came with a question today, or if I say something that you'd like me to follow up on, ask it. That's what I'm here for today. But before I start, I want to tell you what a treat it has been for me to be hosting these podcast episodes. I've known Kevin and Julie, and most of our guest experts for many years, if not decades. And these are truly an all star list of people with both experience and wisdom. I sit here in the hosts chair thinking what a treasure it is to hear from them on a weekly basis, sharing from their wisdom and wise counsel. I know it is the great information that we hope that we could assemble when we were designing this podcast. It's exactly what we want to be able to deliver to our board member audience. Well, we're here to help affirm, inspire and motivate you as you carry your association and by extension, the entire community association industry on your shoulders. Now, I hope you come to enjoy the richness of these episodes as much as I do. And that's what I want to share today. My experience with reserve study legislation over the years that I've been in this business and those years that will help you take good care of your association, maximizing property values and owner enjoyment and minimizing special assessments will In addition, what I share today will help you be more prepared to comply with what's coming and help you explain what it's all about to your homeowners. And here's what I'll start with today as I lay a foundation, first off, when did it all start? What's the purpose? Trends across the United States, and most importantly, why it matters? Well, it all starts with the concept of shared ownership itself, the basic concept and community associations that there are things that are maintained by the association, and things that are maintained by each individual homeowner, when homeowners purchase their separate space, they're counting on board members making decisions that hold up the association's end of the bargain by taking good care of the common areas. And anytime one party interfaces with another party, there needs to be some kind of standards and rules. While boards are generally required in their governing documents to care for the common areas and set appropriate budgets. It's not always done well. And this is why the government or legislation gets involved. In the early years of condominiums in California, for example, the state was wrestling with how to sell these individual portions of a corporation. And the initial plan was to sell condo units by licensed security brokers who sell other ownership interest in corporations like they show shares of GM or IBM stock. But the real estate lobby made the argument that condoms in condominiums were indeed individual homes. And so the ability to sell these homes that were part of a larger, not for profit corporation fell into the hands of real estate agents. But remember, that's what we're talking about here buying and selling ownership interests that involve separate space, yes, but a shared ownership interest in a not for profit corporation. And then the big picture this entire industry relies on untrained volunteer board members running these not for profit real estate entities. And with this setup, we sarcastically thank What could possibly go wrong. So really, it's no surprise seeing more and more legislation guiding and mandating how these community associations are run. When I go back to when I became a board member in 1982. Legislation in California was just forming the entire body of legislation addressing the operation of community associations was just about four pages. And today, it is expanded to a small book, reserves a legislation boils down how to fairly pay the cost of deterioration. And you have to understand right the beginning here that mother nature and Father Time are indomitable forces, they are the cause of very expensive deterioration. And if ignored, that deterioration doesn't go away, it just accumulates. So reserves a legislation has been formed to help boards deal with non negotiable cost of deterioration. So here right at the start, I want to make sure you're clear on understanding that reserve study legislation does not influence the cost of living in an association, the cost of deterioration, those costs exist because of Mother Nature and Father Time. And those costs occur in all states, with or without reserves a legislation reserved a legislation does not make life more expensive and community associations. Reserve study legislation is all about ensuring that the board deals fairly or responsibly with that ongoing cost of deterioration. And in simpler terms, it's all about encouraging or requiring boards to fund the cost of ongoing deterioration through the ongoing budget, rather than pretending that the cost is not real. And then having to levy a special assessment when the project rears its ugly head. So reserves a legislation comes to basically in three types. Number one, requirements to prepare a reserve study. And sometimes that requires a disclosure to the homeowners, sometimes based on a minimum list of specified components, and sometimes on a particular interval, like every three years or every five years. And then number two, requirements to prepare a reserve study for prospective buyer disclosures. And this takes us back to the of the association being a corporation with many members with an ownership share, and making sure these prospective buyers have a way to find out what they're getting into. And then number three is requirements to fund reserves. This started in Hawaii in the 90s. And it's now trending in Florida, and Maryland, and New Jersey in various different flavors. Florida's law for decades, has given homeowners the power to veto reserve funding. And in my mind, this is crazy because giving homeowners the power to vote if they'd like their monthly assessments to be lower by 25% or so has led to so many Florida Association's being woefully underfunded for upcoming reserve projects. Now, outside poor original design, and you could argue corner cutting construction, lack of reserve funds to keep the building well maintained, was a key factor in a tragic collapse of Champlain Tower South in 2021. So the three types of reserve study legislation require reserve study preparation for budget purposes, for reserve study requirements for those prospective buyer disclosures and requirements to prepare reserve studies and actually fund reserves. Those are three different things. And that brings me to answering the question of why are we hearing about more reserves a legislation nationwide? Why are we doing this episode today? Well, in the preamble of the new New Jersey reserved funding legislation that became law in January of 2024. The preamble to that legislation states, the importance of the structural integrity of reserved buildings in New Jersey has become a growing concern for many, especially in the wake of the tragic collapse of a high rise multifamily housing structure in Florida. In light of those growing concerns, it is appropriate for the legislature to put in place appropriate procedures for inspecting, evaluating and maintaining the structural integrity of certain residential housing structures within this state. And in other words, they're saying, hey, it happened in Florida, but we don't want that kind of tragedy happening here in our state. Well, we all know legislation shapes human nature, many of you my age can remember when seatbelts became required in our country. They became required in new cars in 1968. But few drivers wore them, my parents said buckle up. And we did because our parents said so. But I come to find out that many parents weren't wearing seatbelts. And in 1984, New York became the first state to require seatbelt usage in the United States. And then insurance companies nationwide started getting involved and remember this with both legislation and safety standards. And today, seatbelt usage here in the US is estimated to be 92%. Result? millions of lives have been saved. So with respect to reserve study legislation, individual states are creating laws. But you all know, insurance companies got a big scare with the expensive Champlain Tower South collapse. And you see that in your higher premiums, no doubt. So they are starting to reach out on a national level across state borders. And you all probably know that Fannie Mae and Freddie Mac, again, national entities are tightening their standards for lending approvals within associations. Now wanting condos to have reserve studies updated every three years, and requiring minimum reserve funding levels. It's all just a response to the cost of ongoing deterioration. Because the roof doesn't send a deterioration bill, as clearly, as the electric company sends a usage bill each month. But they're both bills that need to be paid. And I think it'll be interesting to see how many states continued to move forward with their own legislative solutions. Or if there will end up being a national mandate, either through insurance requirements, or lending institutions to get over 90% of associations to be responsibly funding their reserves. But remember, reserve funding is not about setting aside funds for anything in the future. reserve funding is all about paying the ongoing cost of deterioration. And untrained volunteer board members responsible for the well being of common areas need some encouragement to pay that ongoing cost of deterioration. We're here in this podcast episode today to be providing some of that encouragement, funding reserves is for the good of the association and for the fairness, safety and well being of the owners who are members of that association. Legislation is not a silver bullet. It's not a solution that is one magic thing to make the problem go away. It's our hard working legislators responding to the current sustainability and safety concerns of community associations. Legislation imperfectly tries to solve a complex problem that, at its root is simply board members effectively paying for the cost of large, real and predictable deterioration of their association. So, Kathy, with that intro, it seems like a good time for a break and for our audience to start getting going so many questions are Are you part of a homeowner's association or condominium board, making the right financial decisions for your community's future is crucial. At Association Reserves. We're proud to serve communities nationwide, specializing in reserve studies tailored to your community's unique needs. Our expert team helps you accurately assess your property's assets, forecast future expenses, and develop a solid funding plan. Whether you're a small HOA or large condominium association, we've got you covered. Visit reservestudy.com to learn more and get a proposal for your association. And we're back. Cathy, can you start out with some audience questions? Okay, "what are the consequences if your board does not include mandatory items in the Florida SIRs regulations?" Okay, everyone, Florida created a new type of reserve study overnight back in 2003. Called SIRS structural integrity reserve studies. That's a large body of law. Basically, it's a reserve study that requires I think, nine different components minimum, and it means the homeowners have no ability, no power to waive those funding for those components. Now, as far as what are the consequences? I've been focusing on preparing SIRS, documents, not focusing on the consequences. I'm clear in some other states, but that's a question that I think you're going to have to ask your local attorney in Florida. I believe it has something to do With in Florida fines, but I, again am speaking without expertise on that what the actual consequences are I know it's, it's for the good of the association, you need to be funding for the major common area repair and replacement projects. And so it's not like the laws on your back. It's something that's good for the association, good for the homeowners, it's going to stabilize your budget, it's going to mean you have funds to take care of the property. Don't fight it. And don't try to not do it just because you think you can skirt around some of the consequences. That's, that's not the way to be looking at that. Next question. "What are the laws and consequences if a board uses reserves to buy some new assets when underfunded? It's a good idea. Is it a good idea to write protections and covenants to prevent boards from doing this?" Okay, I know of two states that have legislation that requires boards to refund reserves, if they are spent on non reserve components. Remember, reserve funding is for deterioration that's actively affecting your existing assets. So if you're spending those already scarce reserves for something else, depleting them, to add something new to the association, you're going in the wrong direction. The two states I know of are Washington and California, they have either 12 month or 24 month paybacks in national reserve study standards updated in 2023, it's very clear that capital improvements, new assets added to the association are not to be funded from reserves, you need to protect your reserve funds, and not deplete them, adding new things to the association, that then will be added to the Reserve component list. And then you'll have to fund for those things. Also check with your reserve study provider, they'll give you that same counsel, if you want to you can add it into your governing documents. But the standards that are in place, National Reserve Study Standards, say exactly the same thing. Don't do it. Okay, "For those states that now require a certain level of reserve funding, what's the percentage range of the requirement?" Okay, good question. It used to be just Hawaii, that had a reserve funding requirement that came into effect in the 1996 to 1998 timeframe. And that requirement was initially a higher standard. But it got lowered to what we call in our industry baseline funding, which means just sufficient to hash to stay cash positive in reserves. And that's the requirement in reserve funding to the best of my knowledge, Maryland, Florida, New Jersey, Hawaii, that the association stay cash positive. And that is not a high requirement. We're not talking about having margin for the inevitable things that happen. Not exactly according to plan. So as I sit here today, my best understanding is it's just barely cash positive, is all that is being required by legislation. Now, in Florida, there's been a lot of misinformation. When the ability of homeowners to waive reserve funding was taken away, people said, oh, we have to fully fund reserves. And that is not true. fully funding is a conservative level of reserve funding. All that's being required in Florida, is to fund your SIRS components. And then your reserve study provider may give you the rest of the components as a recommendation may give you a minimal reserve funding plan or a conservative funding plan. There's different ways this can be flavored across the country. But basically, the reserve funding mandates are very minimal. Okay, "if the association owns all the windows and doors, and all take that to mean responsible for maintaining the windows and doors, not just the common area ones, should it be in the SIRS?" that is specifically called out in the Florida legislation, I believe windows and doors, and so check with your attorney. But as I sit here without referencing the law, I believe that is included just talking about the association's maintenance responsibilities and if that includes individual windows and doors, which is not a surprise because you're thinking a high rise, the integrity the high rise relies on the building envelope. If you have a window that is out here or a door sliding door that is out on one side, it's going to allow wind in and pressurization inside the building. Bad things happen. So I was not surprised to see Windows and doors in at least the early drafts if not the final draft of the surge legislation. Do it. "What is a SIRS?" Boy, The Florida questions are dominating here. A service is a structural integrity reserve study. It is a reserve study. It's a reserve study. The closest parison I can make is to the Washington reserves studies where it's called a reserve study that has, I think, in Washington, it's seven mandated components in Florida, I think it's nine, eight or nine mandated components, I don't think there's a really good reason for it to be called something different. It is just a reserve study, it needs to be done on on a legislative level of every 10 years, which I think is crazy. It is just the Florida version of what a reserve study needs to contain. Let me tell you, that national best practices is to have a with-site visit update every THREE years. So if legislation in your state says we need to have an updated reserve study, based on site inspection every five years, we're still going to recommend you do it every three years. Because when we prepare reserve study updates, when we prepare it on an annual basis, it's a tweak, it's an adjustment. When we do an update every third year, it is I can say an adjustment. Okay? When we do a reserve study only every five years or more, it's a rescue because the association's gotten so far off track. So timing wise, because the reserve balance changes, the conditions or the components change, the pricing of the components change, interest and inflation change, board priorities change, you need to be updating your reserve study on the basis of a with-site Visit inspection at least every third year. And that's national best practices. Now. "Is there legislation pending in Arizona?" There's legislation pending in most states. I don't know specifically in Arizona, I know. In Colorado, there was legislation that made it pretty far in 2023. And it got, I believe, vetoed by the governor. So expect that to come back. But again, it's no surprise that board members all across the country are struggling to make real, that understanding that everything is deteriorating, they're not getting a bill from the roof, they're not getting a bill from the asphalt, they're not getting a bill from the carpet or the elevator. But that deterioration is as real as any other build that they do get from the management company, from their insurance provider from the electric company, water company, all those types of things. Boards need to be facing, and dealing with the very real cost of ongoing deterioration, you have to confront the reality that owning real estate is expensive. And everything deteriorates. And so legislation is there to encourage boards to do the right thing. And I'm here also today to encourage boards to do the right thing. Appreciate the reality of a cost of ongoing deterioration. "What if a property has soil erosion issues? Should that could that be a special assessment or included in the reserves?" Okay, there is a three part national standard test for what to fund through reserves and this national reserves a standards it's not individual states. It's is the project a common area maintenance responsibility? Is the project reasonably predictable? And is the project above a minimum significant cost. Okay, so we're talking about significant projects that are the association's responsibility that you can see coming. We have many clients that have extensive hillsides. And they have, you can look at their history, slope failures, every three years, every five years, whatever it is for their association, and they're expensive, 50 grand 75 grand a piece, six significant cost. So we may not know exactly when or where soil erosion may occur. But we know that at this association, it's going to happen roughly every five years, we can see that pattern, and therefore that triggers us to think is reasonably predictable. So we include that cost in the reserve study. If you cannot anticipate it happening, then it's a special expense. You and I know that insurance is for surprises. Now, not everything is covered by insurance, like an insurance deductible. If you have a significant hailstorm that pounds and destroys a roof insurance will pay for the replacement roof generally, but you're still left with the deductible and that's what you use excess operating funds for. That's not appropriate use of reserve funds. "Please talk about the use of reserve funds to pay for projects earlier than listed in the study. Can we fix roads earlier than listed and pay with for reserve funds?" Absolutely. Yes. A reserve study is a guideline is not a strict hard and fast requirement. If we make an estimate that your fence needs to be replaced in three years, but due to rain or wind or sun, it's wobbly and needs to get replaced this year, by all means fix the fence out We're making estimates to help guide your association forward, you're going to have most of the funds there. Go ahead and do the project. Next time you update the reserve study will update the timing of that project the funding for that project. So yes, you are free to meet your responsibility to take care of the assets of the corporation that is always first. We can update the reserves it afterwards. "What is the solution if HOA has private roads and didn't reserve any funds for the roads, and they're now 25 years old?" sounds like an association that I finished their reserves that last week,"covenant state, the board can only raise the dues 10%" Ouch."Special assessments require a 67% vote." Hey, folks, you may be driving on lousy roads for a while asphalt deteriorates on schedule, asphalt is very expensive. You can see asphalt deterioration coming years, or I should say differently, you can see an asphalt project coming years in advance. So if you are if your hands are tied as a board member, by only increasing your assessments by 10%, or by having a very high requirement for special assessments, you've got your work cut out as a salesman for the good of the association, we had one client that had a balcony problem. And it was a balcony problem. But for some crazy reason was past the time period for construction defect litigation, and found out that the drain in the center of all their balconies went nowhere. It just went inside the balcony, structural box. And so every balcony at their association was rotting out. And they had to repair one and it was let's say $5,000. And the board was all up in arms about it and say, Okay, we need to repair a balconies, we need to pass a $5,000 per unit special assessment to take care of all the balconies in the association. And most people said, No, that was a problem in unit number 13. Over there, it's not my problem, why should I pay a special assessment to fix their balcony. And they were over two on special assessment votes until the board got the clever idea to take the debris from unit 13 balcony and stack it right by the guard house. So everyone saw the deterioration of their balcony and they put a sign on it that said this is what your balcony will look like soon unless you pass the special assessments. Those are extreme measures. But the special assessment pass the next time. So if your assets are deteriorating, you as a board member are in a bit of a quandary your responsibility is to maintain and protect the assets of the corporation. But the governing documents, kind of tie your hands. So you need to start getting things together. In some states, you can appeal to a judge to give you special powers. But that's getting beyond my expertise as a reserve study provider. So check with your attorney, see how long it will take to change your governing documents so that you have a higher ceiling for how much the board can raise assessments, and perhaps a lower requirement for what it takes to pass special assessments. You got to take care of the corporation. And I got encouragement from my staff to keep on going. So let's handle a few more questions. "Our board seems to disagree with the reserve study analyst" that's never happened before. With a cost estimates, replacement costs or need for special assessments, or I could say the timing of those projects, "should they get a new reserve study from a more trusted analyst?" I'm always going to recommend get a reserve study only from a trusted analyst in this country. There are two designations for reserved a preparation competence there the RS, which is the credential that I have stands for reserve specialist and the other one is a PRA professional reserve analyst. They're promoted and upheld by two different organizations, but they're for all practical purposes. The same thing, get a reserved a done by a company that is staffed by and led by either an RS or a PRA. That's going to ensure you're headed in the right direction. If you want to double check and get another credential reserved a provider, by all means knock yourself out. But talk to the reserve study, prepare. They may have answers. They may have pictures, we have so many clients that say I didn't know we had three taught lots, I only see the one next to where I park and that being a short story to tell you that the reserve study professional does this all year. And they're looking at good assets, fair assets and poor assets. And they know what replacement costs are because they're dealing with clients that are getting replacement and repair projects done all year. So give them the benefit of the doubt. They're recommending what's best for your association. They're recommending they understand community standards. So give them a little leeway, give them a little grace. But if push comes to shove, by all means, you do that with a medical opinion, seek of disputing second opinion. And make sure you do that from a credential reserve analyst. "Does the level of reserve funding indicate overall Association Health?" No, the level of reserve funding is a nice balance between physical and financial assets of the corporation? Alright, those are two very powerful and large factors. There is this other company that association reserves has started. It's called AIM, association insights and marketplace, and the website is ourfipho.com. And it's because we have created a scoring system like the FICO system, a free public service scoring system that incorporates the physical, the financial, and the operational, Fi pH O. And when you're combining those three things, then you get a better idea of the overall Association health that takes into things like the 60 day delinquencies, the owner occupancy, the election cycle board member getting fresh board members onto the property, a number of different questions that each board answers on their own. And that gives a better idea of the overall Association's health a one to 100 score, just like you and I care about our FICO score individually, The FIPhO score is a great way to learn about your associations, overall finances, excuse me, overall health, it helps you know how your association measures up on overall one to 100 scale, compared to other associations."What's your opinion on an HOA in California applying for a loan to cover need to reserve funds, instead of assessing the owners?" That's an expensive solution, I would always go to the owner's first because anytime you get the bank involved, and I trust that we have a number of bankers on the podcast here today, it gets expensive, because instead of ongoing reserve funding, where you're handing money to the bank, and they're saying thank you and adding their few percentage points of interest, and you're getting money from the bank, when you're taking a loan, you are paying money to the bank. So not only when you take a loan, are you getting the cash to do the project, call it a roof project, you're also paying handsomely for that privilege, while you need to raise your assessments to pay for the new roof that is also deteriorating. So alone is an expensive proposition. If you're backed up against a wall, yes, it does get you a new roof or a new project, whatever it is. But I would always recommend this special assessment. First, you're always going to hear that from me, that's the way the numbers work out. Loans are expensive. And once you let the banker into your association, the banker is most likely going to recommend that you need to raise your assessments. Because of course, they have that leverage now, because they've provided you a loan. And they can insist and just think about it. If you would have raised your assessments five or 10 years ago, just like the banker is now insisting you wouldn't need the bankers money. And you could have saved all that interest, 1000s of dollars of interest. So it's going to be expensive, one way or the other. It's better to face the music sooner rather than later. That's what we do in the reserve study field and start paying the ongoing cost of deterioration. It's very real. "Is your company still recommending 100% funding at the end of 30 years? And what level of inflation are you currently recommending?" Association reserves is a believer in the end, we apply national reserve study standards. The four funding principles are to have sufficient cash for your reserve projects, to have budget stability to have equitability across the years and for the plan to be fiscally responsible. And because nothing ever happens exactly according to plan. And because board members are fiduciaries of the common areas, that means they're not supposed to take risk. They're not supposed to take chances. That means that the board needs to plan with some level of margin for sufficient reserve funding. And that sounds to me like full funding. And the great thing is, as I said earlier, the legislation requiring funding is only requiring what we call baseline funding which is barely cash positive. That for many associations is a low lot more than they've been doing funding a little bit more, to give some margin is really just a little bit more so full funding, in our calculations is 12 to 15% more than baseline funding, so it's not a lot more, and it makes special assessments almost entirely go away. So yes, we recommend full funding. And"what level of inflation are you currently recommending?" We do a 30 year plan. And in our country, when you look backwards, inflation has been about 30%. At this point in time, you know, some very powerful people are working on the problem of bringing inflation down to where it's healthy for our economy, I have every confidence they're going to be successful, and inflation will be down to the 3% or so that we've enjoyed. So we are planning in a 30 year plan for 3% Inflation is higher right now. It'll go down. But for a 30 year plan 3% is a good number. Next question, final question."In the annual reserve study review," okay, I'm interpreting that as an update, "how do we financially treat items that were not replaced? or repaired in the year projected?" Okay. Let's go back to that illustration I spoke about a few moments ago, where we had a fence. And earlier I said, we rated it with three years life left, and it has zero life left. Okay, fine. Let's still talk about that fence. But let's say we recommended it at zero life left. But due to one of many different circumstances, the fence is still okay. And you choose to not replace it. Well, again, you're not required to replace it, the funds are there. And next time you update your reserve study, we'll just make that adjustment. And we may make that adjustment finding that oh, that fence is not really a 15 year lifecycle fence. It's really in this application, more of a 20 year lifecycle fence. So we may revise the useful life and the remaining useful life. So we will adjust the reserve study as necessary. And you're not mandated to do what is in the reserve study, you are mandated by your governing documents to take good care of the physical and financial assets of the corporation. And think about what a judge would say, if the reserve study says you need to replace a fence now. And you can go before a judge and say the fence is perfectly fine. Look at these pictures. The judge is going to say the reserve study is crazy. I get that. So you're not mandated to replace something that does not need replacing, if you take great care of something which we highly recommend. It may extend the life a year or two or more. So we encourage that day in day Okay, that will be the last one. And fantastic. Hey, everyone. out. That's going to conclude today's episode. Thank you for your participation. Joining us for today's episode on reserves at legislative trends. And thank you for asking some great questions. We hope you gained some HOA insights from our discussion today that helps you bring common sense to your common area. If you want to learn more about HOA insights, go to hoainsights.org, where you can look at prior episodes. You can always subscribe on any of the more popular podcast platforms, and you can watch on our YouTube channel. So subscribe that way you make sure you aren't missing any future episodes. Thank you for joining me today. We wish you all the best as you do the hard work taking good care of your associations. We're going to be here next week. And we look forward to having you join us for another great episode. Next week. You been listening to HOA Insights: Common Sense for Common Areas, you can listen to the show on our podcast website, Hoainsights.org, or subscribe on any of the most popular podcast platforms. You can also watch the show on our YouTube channel. Check the show notes for helpful links. If you like the show and want to support the work we do, you can do so in a number of ways. The most important thing that you can do is engage in the conversation. leave a question in the comment section on our YouTube videos. You can also email your questions or voice memos to podcast@reservestudy.com Or leave us a voicemail at 805-203-3130. If you gained any insights from the show, please do us a HUGE favor by sharing the show with other board members that you know. 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