The Reserve Fund Study is a financial report that examines all major building components; provides an analysis of repairs and replacements; and estimated costs required over the next 25 to 30 years. Reserve fund studies are an essential tool for property managers and the board of directors. They are used to tell condominium owners how much money should be paid into the reserve fund or “savings account” for major capital improvements.
Industry requirements regarding reserve funds and reserve fund studies vary between provinces and continue to evolve. As well, every condominium corporation is unique and its current status and requirements must be considered when preparing a Reserve Fund Study.
Carlson Reserve Planning & Consulting Inc. pride ourselves in providing professionally prepared, detailed reserve fund studies that meet legislative requirements AND take into consideration the needs of the condominium corporation. A recommended funding plan along with alternative funding options are provided to the Board for their consideration and presentation to the unit owners.
Our Reserve Fund Studies will:
- identify the reserve components, assess their quality, normal life span and present condition;
- estimate the remaining serviceable years for each reserve component and propose a time schedule for repairs and/or replacements;
- provide replacement cost estimates including the cost of removing worn-out items and special safety provisions;
- calculate current reserve fund contributions required to be invested in interest bearing securities in order to fund future reserve fund expenditures.
Benefits of the Reserve Fund Study is to:
- assist Board of Directors to plan budgets and maintenance programs;
- ensure an adequate and balanced reserve fund is maintained for current and future owners;
- avoid levies for special assessments;
- ensure funds are available when needed for major repairs and/or replacements.
You will receive:
- a detailed, easy to read Reserve Fund Study that meets legislative requirements and is designed specifically for your condominium needs;
- diverse funding options that will help the Board determine their current and future funding plan for the reserve fund;
- professional, quality and timely service.