This course discusses the obligations and consequences that boards and managers share in relation to delayed capital maintenance.  Beginning with the consequences, the class reviews two case studies of the worst-case examples of planning failures.  We use these examples to identify important lessons to prevent repeat catastrophes, including the financial ones caused by a lack of appropriate planning.  The course then takes a turn to discuss reserve studies, including reserve study standards and  how the different models provide insight for drafting an appropriate long-term plan separate from the reserve study.