Are all Reserve Fund Studies the same?

Reserve fund studies vary in complexity and detail, depending on the qualifications and philosophies of the study provider. There is also a wide variety in methods of conducting studies and the format in which they are presented.

"Performed by a qualified person" can include any of the following scenarios:

  • the professional (qualified person) performing all aspects of the study;
  • the professional supervising trained personnel in the performance of the study following an on-site inspection by the professional;
  • the professional supervising trained personnel in the performance of the study without the benefit of a personal on-site inspection.

The number of funding options can vary from study to study, as well as the philosophies on which they are based. Providers may differ in their opinion of what is a reasonable and sufficient level of funding.

The Condominium Property Act requires the provider to determine the present condition or state of repair of the depreciating property, an estimate as to when each component may need to be repaired or replaced, as well as the estimated costs of the repairs to or replacement of these components. Providers are not required to customize the scheduling of replacement for each project by:

  • phasing large expenditures,
  • co-ordinating the scheduling of major repairs with the replacement of adjoining components etc.

It is up to the provider to decide the level of customizing to be offered.

The method and format of reporting the condition of the depreciating property can range from a generalized form (good/fair/poor) to a detailed written description. The same range can be found in the level of maintenance recommendations made in studies.

The Act requires the provider to report in writing, however some providers will also include a personal presentation.

The Act does not require the provider to be knowledgeable in the areas of safety, building and/or fire codes, thus existing violations may not be noted or reported.

Reserve fund studies vary in complexity and detail, depending on the qualifications and philosophies of the study provider. There is also a wide variety in methods of conducting studies and the format in which they are presented.

"Performed by a qualified person" can include any of the following scenarios:

  • the professional (qualified person) performing all aspects of the study;
  • the professional supervising trained personnel in the performance of the study following an on-site inspection by the professional;
  • the professional supervising trained personnel in the performance of the study without the benefit of a personal on-site inspection.

The number of funding options can vary from study to study, as well as the philosophies on which they are based. Providers may differ in their opinion of what is a reasonable and sufficient level of funding.

The Condominium Property Act requires the provider to determine the present condition or state of repair of the depreciating property, an estimate as to when each component may need to be repaired or replaced, as well as the estimated costs of the repairs to or replacement of these components. Providers are not required to customize the scheduling of replacement for each project by:

  • phasing large expenditures,
  • co-ordinating the scheduling of major repairs with the replacement of adjoining components etc.

It is up to the provider to decide the level of customizing to be offered.

The method and format of reporting the condition of the depreciating property can range from a generalized form (good/fair/poor) to a detailed written description. The same range can be found in the level of maintenance recommendations made in studies.

The Act requires the provider to report in writing, however some providers will also include a personal presentation.

The Act does not require the provider to be knowledgeable in the areas of safety, building and/or fire codes, thus existing violations may not be noted or reported.