What to consider when choosing a Reserve Fund Study Provider

The variations and options available can make choosing a suitable provider a daunting task. Some important considerations, which may facilitate the decision are:

1. The qualifications of personnel involved in the study

  • the range of expertise offered by each provider

2. The philosophy on which the provider’s funding recommendations are based

3. The level and extent of customizing the provider is prepared to offer such as:

  • phasing of major expenditures
  • manipulating the scheduling of component replacement to logical order, or strictly scheduling by book value

4. The scope of work has:

  • a clear outline of service to be provided
  • details of inspections included

5. Number of funding options presented

6. The inclusion of a buffer or safety margin in all funding options

7. Related services offered by provider, which may result in an opportunity for cost savings

8. Post-presentation services

  • Can requests for changes in replacement scheduling be made following the initial presentation, and if so, is there a fee involved?

9. Method and format of presentation

  • the style best suited to Corporation’s needs
  • short and concise is sometimes more easily understood than long and verbose

10. Cost: one must make sure they are comparing apples with apples. The most expensive may not be the "best" choice for every condominium project.

The most important consideration, however, is which product is the most user friendly and best suited to the Corporation’s needs. Board members need a study that they are comfortable working with when budgeting and reporting to unit owners.

The variations and options available can make choosing a suitable provider a daunting task. Some important considerations, which may facilitate the decision are:

1. The qualifications of personnel involved in the study

  • the range of expertise offered by each provider

2. The philosophy on which the provider’s funding recommendations are based

3. The level and extent of customizing the provider is prepared to offer such as:

  • phasing of major expenditures
  • manipulating the scheduling of component replacement to logical order, or strictly scheduling by book value

4. The scope of work has:

  • a clear outline of service to be provided
  • details of inspections included

5. Number of funding options presented

6. The inclusion of a buffer or safety margin in all funding options

7. Related services offered by provider, which may result in an opportunity for cost savings

8. Post-presentation services

  • Can requests for changes in replacement scheduling be made following the initial presentation, and if so, is there a fee involved?

9. Method and format of presentation

  • the style best suited to Corporation’s needs
  • short and concise is sometimes more easily understood than long and verbose

10. Cost: one must make sure they are comparing apples with apples. The most expensive may not be the "best" choice for every condominium project.

The most important consideration, however, is which product is the most user friendly and best suited to the Corporation’s needs. Board members need a study that they are comfortable working with when budgeting and reporting to unit owners.