2005 – THE BEGINNING
The genesis of the CIDA Report traces its roots to 2005, when CIDA co-founder, Law Broili began working in the office of a large community management firm in Portland, OR. Within a few months it had become apparent that buyers who purchased homes in a homeowner association (HOA) were often left to fend for themselves when it came to investigating the financial condition of the HOA. Even more alarming was the realization that many times buyers were provided little in the way of financial data. As a result, these buyers often had no idea what they were getting themselves involved in when they purchased a home in an HOA.
After several months of hearing the stories of many frustrated homeowners who had unknowingly purchased a home in an HOA only to learn that the organization was a financial calamity in the making, Law decided that something needed to be done to assist buyers with the process of investigating the HOA and its business practices before they committed to the purchase of a home in a particular community.
2012 – 2018
In 2012, Law along with business partner Carson Horton, began selling pre-purchase due diligence services under the banner of Capital Reserve Consultants, LLC (CRC); the company they had previously founded which provides reserve study and maintenance planning services to HOAs.
From 2012 through 2017 the service was marketed as the CRC Report in the Portland, OR area. In the summer of 2017 the partners launched CID Analytics. Inc. (CIDA) with the help of legal counsel Orrick, Herrington & Sutcliffe LLP.
On December 1, 2017, CRC’s principles executed a Spin-Off & Capitalization Agreement which transferred all of the intellectual property and other business assets associated with the CRC Report to the new company. With the transfer of ownership now complete, the CRC Report has been renamed the CIDA Report.
Since the spin-off of CIDA into a stand-alone enterprise, monthly sales of the CIDA Report have continued to increase as the founders move forward with expansion plans that include a round of fundraising that will be used to develop a proprietary software platform to generate the CIDA Report and manage a centralized database of the HOA information. CIDA’s near-term growth plans also include expansion of our Oregon-based staff and licensing of independent CIDA Examiners to serve outlying areas beyond the core markets that will continue to served by in-house staff.