//
you're reading...
Uncategorized

Reserve Fund Study for Condominium Corporations

Web Definition:  A financial document that identifies the projected costs associated with the repair or replacement of major building components and/or studies to determine whether the amount of money in the fund and the amount of contributions collected, to date, are adequate.

As per the Condominium Act of Ontario, 1998:

The corporation shall establish and maintain one or more reserve funds. 1998, c. 19, s. 93 (1).

A reserve fund study shall be conducted by a person of a prescribed class who shall have no affiliation with the board or with the corporation that is contrary to the regulations made under this Act. 1998, c. 19, s. 94 (6).  Source: http://www.e-laws.gov.on.ca

Condominium Corporations have one year from the date the condominium was registered to perform a Reserve Fund Study. The studies have to be updated every three years.

Professionals Accredited to Perform Reserve Fund Studies, under the Act:

  • Members of the Appraisal Institute of Canada
  • Persons who hold a certificate of practice within the meaning of the Architects Act
  • Certified Engineering Technologists
  • Architectural Technologists
  • Holders of a CRP designation
  • Persons who hold a certificate of authorization within the meaning of the Professional Engineers Act
  • Quantity Surveyors

There are 3 levels of Reserve Fund Studies

Class I:  Comprehensive Reserve Fund Study

  • Requires a Site visit
  • An in depth inventory of common area element items such as HVAC, boilers, envelope and cladding, roofing, windows, corridors, parking and any amenities.

This level of study establishes a benchmark and future studies and condition assessments of systems are measured from it.

Class II: Update with Site Visit

  • A review of all common element systems is performed and life cycle costing adjusted. Usually the review is a visual condition assessment only.  Histories of issues as noted by interviewing site staff are calculated into the final study.

Class III: Update with out site Visit

  • An update of the comprehensive reserve fund study and is primarily a financial update of the annual reserve fund contributions and reserve fund expenditures that have been made to date.

Need a Reserve Fund Study? Contact one of the Professionals listed above or

Rascom GreenBuild Services will:

  • Provide 2 professional engineers to perform the site visit; structural and electrical/mechanical
  • Include all travel costs and disbursements in our fee proposal
  • Provide a draft copy for review by the Board of Directors
  • Attend one Board Meeting at no additional charge
  • Will prepare a Form 15 at no additional charge

www.rascomgreenbuildservices.com

Advertisements

About rascom1

Enthusiastic, entrepreneurial believer in using greener, sustainable methods to build new and to maintain old structures. I spent many years promoting the use of Insulated Concrete Form construction in building envelopes, and the last few years engaged in retrofitting old mechanical (hvac) systems in condominium, rental and commercial buildings, taking advantage of recent rebate programs that gave money back to people willing to invest in reducing energy consumption. I strongly believe we need to to things better, be kinder to both ourselves and the environment! For the kids, people, for the kids!!!! :)

Discussion

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Categories

Enter your email address to follow this blog and receive notifications of new posts by email.

Contributors

Follow me on twitter!

Error: Twitter did not respond. Please wait a few minutes and refresh this page.

Categories

%d bloggers like this: