Summary
Reserve Advisors completed a full reserve study for the Prestonfield HOA dated February 17, 2026. This is the first reserve study since the Waldman Engineering Consultants study in 2014 — a gap of approximately 12 years. The study was approved at the January 2026 board meeting at a cost of $2,200. The study identifies 6 reserve components, projects a 30-year replacement schedule, and recommends a phased increase in annual reserve contributions to avoid a funding deficit.
The study was distributed to the board as part of the May 7, 2026 board packet and discussed at that meeting. The board raised a scope concern — questioning whether the study properly distinguished between HOA-owned and homeowner-owned property. Review of the study indicates the classification is likely correct: it designates “Homes and Lots” as Owner Responsibility and treats HOA fencing items (perimeter fence, pond fence) as HOA assets.
Reserve Components
| Component | Quantity | Next Replacement | Estimated Cost | Notes |
|---|---|---|---|---|
| Perimeter shadow-box fence | 3,190 LF | 2034 | $140,360 | HOA-owned perimeter fence along Rt. 59 and community boundary |
| Split-rail pond fence | 300 LF | 2027 | $7,500 | Fence around pond area |
| Hemlock/Snowberry pond sediment removal | — | 2037 | $89,250 | South/community pond dredging |
| North shared pond sediment removal | — | 2037 | $264,285 total; 45% HOA share | HOA pays proportionate share with cost-share parties |
| Masonry retaining walls | — | 2042 | $344,080 | |
| Entrance monument signage | — | 2031 | $4,500 |
Total 30-year projected expenditures: $1,288,158
Funding Plan — Recommended Annual Contributions
| Period | Recommended Annual Contribution | Current |
|---|---|---|
| Through 2026 | $7,799 (current) | $7,799 |
| 2027 | $11,100 | — |
| 2028–2030 | Graduated increases | — |
| 2031 onward | ~$24,300 by 2031 | — |
Without funding increases, the study projects a potential reserve deficit beginning in approximately 2043. The phased increase schedule is designed to build reserves proportionally to anticipated expenditures.
Property Classification
The study classifies reserve items into two categories:
| Category | Classification | Examples |
|---|---|---|
| HOA Responsibility | Reserve components above | Perimeter fence, pond fence, retaining walls, pond dredging, signage |
| Owner Responsibility | Not included in reserve study | Homes, Lots, individual homeowner fences |
This classification resolves the board’s May 2026 scope concern. Homeowner fences are correctly excluded; the HOA fencing items in the study are perimeter/common-area assets.
Topics Covered
reserve-study-findings, assessment-structure, hoa-annual-finances, community-areas
Notable Details
- The North shared pond sediment removal ($264,285) is the largest single line item and is cost-shared with commercial wetlands partners. The HOA’s 45% share is approximately $118,928. See cost-share-arrangement.
- The split-rail pond fence replacement is scheduled for 2027 — the most near-term reserve expenditure. At $7,500, this is modest and should be fully fundable from existing reserves.
- The masonry retaining wall replacement ($344,080 in 2042) is the largest all-HOA expenditure and drives much of the funding urgency.
- A proposed Illinois law (discussed at the May 2026 meeting) would require associations that have not completed a reserve study to contribute at least 15% of annual assessments to reserves. Completion of this study may insulate the HOA from that requirement. Source: minutes-2026-05-07.