Standards Certification

Current Status
Not Enrolled
Get Started

Obtain your ICBI Reserve Study Standards Certification. RFA Pro Software is included. Current RFA Pro software users pay $0 to complete the exam and obtain the certification.

International Capital Budgeting Institute

An international organization dedicated to providing clarity and transparency in capital budgeting reporting.  ICBI provides education and resources to all those involved in the creation of and users of capital budgets  – business managers, facilities managers, and other businesses and professionals who provide products and services to organizations that maintain capital facilities.

ICBI is based in the United States of America, and our membership includes professionals in Australia, Canada, Dubai, Kenya, Mexico, and the United Kingdom. 

Professional members include CPAs, architects, engineers, construction contractors, facilities managers, project managers, reserve study professionals, software developers, and lawyers.

Our mission is to inspire professionalism in the development of capital budgets.  We do that by:

  • Providing internationally respected standards for the preparation of capital budgets, including evaluation of facilities, calculation, and software standards.
  • Providing internationally respected standards for reporting on capital budgets.
  • Providing professional designations for those individuals involved in the preparation of capital budgets.
  • Providing education opportunities for industry professionals. 
  • Publishing web content, articles, and books and guides on capital budgeting.
  • Advocating on behalf of industry groups before federal regulatory agencies and state legislatures. 

International Capital Budgeting Institute – International Capital Budgeting Institute

Professional Reserve Study Standards

The ICBI Standards Committee determined the best approach to the standards setting process would be to review all potential information available that might provide influence in this process.  Accordingly, the committee reviewed reserve study standards adopted by other organizations that work with reserve studies and also looked at standards developed by the Society of Professional Engineers, the American Institute of Architects, and the American Institute of CPAs.  While concepts could possibly be borrowed from this literature, none of these were considered of significant help.

The committee effectively started anew and moved forward with the premise of “what standards should exist.” The committee developed a structure to set forth the basic principles underlying the reserve study process, then a separate set of performance standards related to the conduct of reserve professionals in performing their work.

 These two broad categories, principles and standards, were established at a broad level addressing major issues.  Then the committee developed a series of interpretations of the standards that is best described as the detail level.  The concept is that broad level principles and standards are static.  In contrast, the detail level interpretations are designed to anticipate change.

The result is that principles and standards are not expected to change, but new or changed interpretations may occur on a more frequent basis.

A summary of the key conceptual differences between ICBI Standards and standards followed by non ICBI reserve preparers is located here.

The differences in reports produced under ICBI standards compared to what others do is demonstrated by this example report and these example supplemental schedules.

Generally Accepted Reserve Study Principles establish and document the broad, basic concepts upon which the reserve study process is based.

  1. General Principles
  2. Reserve Activity & Component Principles
  3. Calculation Principles
  4. Service Level Principles
  5. Reporting Principles
  6. Software Principles 

Interpretations of Generally Accepted Reserve Study Principles clarify and expand the principles to provide specific guidance.

  1. Interpretations of each of the principles noted above

Generally Accepted Reserve Study Standards establish and document the broad, basic performance guidelines for the preparation of reserve studies.

  1. General Standards
  2. Field Standards
  3. Reporting Standards
  4. Software Standards

The Future of Reserve Fund Studies

The future of reserve studies is here today – Although the reserve study industry has existed for more than thirty years the reserve study profession was born only in 2015 with the issuance of the ICBI reserve study principles and standards.  One of the characteristics that must exist to be recognized as a profession is the existence of professional level standards. ICBI is an independent 501(c)(3) organization with a sole purpose to establish standards for long term budgeting, including reserve studies.  

ICBI’s Generally Accepted Reserve Study Principles and Generally Accepted Reserve Study Standards are the foundation upon which a profession could be built.  Reserve Study Principles establish the fundamental building blocks of the reserve study process.  Reserve Study Standards establish the performance standards that professionals must adhere to in order to perform the reserve study process in accordance with established principles. ICBI has also partnered with two other organizations to create the necessary structure to support a profession that is independent of any single dominant group of individuals or trade organization. 

ICBI standards require that members obtain continuing education.  ICBI has partnered with Associated Reserve Planners to provide the education,  The US affiliate of Associated Reserve Planners – ARP-USA develops education courses in compliance with ICBI standards.  Part of ARP-USA’s charter Is that all members must comply with ICBI standards in order to qualify for membership. Associated Reserve Planners is an international trade organization formed in Canada in 2011 to address the educational requirements of the ICBI standards.  Associated Reserve Planners USA (ARP-USA) also held its first annual conference in 2019.  ICBI was a sponsor of that conference.  Visit ARP-USA at   

The Budgeting Professionals Credentialing Board (BPCB) was formed specifically to establish a professional credential for budget professionals.  BPCB has created the Registered Reserve Consultant (RRC) credential which is issued only to individuals who have completed a required series of educational courses designed to provide training in all technical areas applicable to the reserve study process and have proven their knowledge by passing a comprehensive test of knowledge.  The RRC differs from other reserve study designations that do not require a test of knowledge and technical training.  The RRC represents the highest level of professionalism for reserve preparers.  Visit BPCB at

Credentials and Laws

You will need to investigate the appropriate laws and credential requirements in the areas in which you intend to conduct business however many areas either have no laws or leave it up to the entity to decide who they consider qualified to prepare the report. The Accredited Reserve Fund Planner (ARFP) designation will likely provide your client that you are qualified.

Search Reserve Fund Study or Depreciation Report and the local condominium, strata, HOA or other laws and regulations. If you need assistance please don’t hesitate to reach out at

Select a date & time for a 30 minute video consultation