How much money should be in your Condominium Reserve Fund?
Building Owners Guide to Short-term Rentals
Top things to consider for a Reserve Fund StudyHired by a small consulting engineering firm after graduating high school, Chris spent most of his summers off from university preparing Reserve Fund Studies and Building Condition Assessments. After obtaining a Bachelor of Architectural Studies from Carleton University, and taking a 6-month working vacation on cattle and sheep stations in the Australian Outback, Chris joined the consulting engineering firm on a permanent full-time basis.
As the firm grew, so did his duties and expertise. Chris garnered extensive experience in the building science and restoration industry through performing investigations, testing performance of windows and walls, preparing specifications and drawings for major building remedial work, reviewing field restoration work, administrating restoration contracts, assisting with litigation support, and preparing performance audits for new condominiums; all while continuing to prepare Reserve Fund Studies and Building Condition Assessments. After further part-time education, Chris earned a Master of Engineering degree from the University of Toronto, with a Specialization in Building Science. Soon after his post graduate studies, Chris became a Senior Project Manager and Principal at the, now medium sized, engineering firm.
After 17 years of preparing reserve fund studies for an engineering firm, amongst a plethora of other technical and managerial duties, Chris decided to venture on his own to establish AvidCRP, a capital reserve planning company that specializes in the production of thorough, accurate, and fair Reserve Fund Studies. With an affinity for mathematics, problem solving, and building science, Chris is focused, enthusiastic, and well-suited to take on your capital reserve planning project.
Sample of completed academic courses:
Civ.Eng. 82.105 – Introduction to Technology
ARCC 2202 – Architectural Technology
ARCC 2203 – Architectural Technology
ARCC 3202 – Architectural Technology
ARCH 3902 – Workshop in Architectural Technology
CIV575 – Building Science
CIV576 – Sustainable Building Design
CIV1282 – Building Science Case Studies
BL8101 – Building Envelope Systems
CIV514 – Concrete Technology
CIV1201 – Concrete Technology and Non-Destructive Testing Principles
BL8201 – Sustainability, Heritage and Existing Buildings
CIV1279 – Construction Contract Documents
APS1001 – Project Management
CIV 1281 – Management of Building Projects
IRES2340 – Reserve Fund Case Study
IRES2330 – Reserve Fund Financial Fundaments
IRES2320 – Building Costing and Life Analysis
IRES2310 – Building Construction and Systems
IRES 2300 – Introduction to Reserve Fund Studies & Management
REIC 2600 – Ethics in Business Practice
Large capital expenditures may be required sooner than planned or may not have been anticipated at all.
If your reserve fund seems to be depleting too quickly, AvidCRP can review your last reserve fund study and financial documents, and provide an expert opinion on whether a Reserve Fund Study should be updated sooner than next required by law.
The Condominium Act requires condominium corporations to have a reserve fund used to offset expenditures associated with the major repair and replacement of the common elements and assets of the Corporation. The Condominium Act also requires that corporations obtain Reserve Fund Studies to determine whether the amount of money in the reserve fund and the amount of contributions collected from Unit Owners are adequate. The first study obtained by a new Condominium Corporation, or first study prepared by a new Reserve Fund Study provider, is required to be a Comprehensive Reserve Fund Study, also known as Class 1.
Thereafter, reserve fund study updates are required at maximum 3-year intervals, alternating between Class 3 (without site inspection) and Class 2 (with site inspection). AvidCRP is adept in preparing all classes of Reserve Fund Studies. Our Reserve Fund Studies are thorough financial planning tools that exceed the minimum requirements of the Condominium Act and are invaluable to Condominium Property Managers, Boards, and Owners.
The Building Condition Assessment is an evaluation of each building and site component. The delivered report includes observations, recommendations and budget estimates, along with condition and priority ratings for each component. If desired, the report can also include a Reserve Fund Study section that shows year-by-year capital expenditures and various funding scenarios.
A Building Condition Assessment is often obtained by owners or operators of multi-unit residential properties or large institutional, commercial or government buildings interested in developing long term plans for capital repairs and replacements. Unless otherwise requested, AvidCRP adheres to the guidelines of ASTM E2018-15, Standard Guide for Property Condition Assessments: Baseline Property Condition Assessment Process, when we prepare Building Condition Assessments.
We strive to be efficient in the delivery of our service by streamlining processes, reducing redundant reviews, and avoiding wasteful overhead, so that these cost savings are passed along to you.
Capital reserve planning needs to be a collaborative process to produce accurate and useful results. We encourage the relay of information and feedback from property representatives throughout the project. All information is reviewed and taken into consideration.
We endeavour to present recommendations that are fair to all Unit Owners, current and future.
Our Reserve Fund Studies are based on the Functional Reserve Fund Study, which was adopted as the standard for the Real Estate Institute of Canada’s professional designation of Certified Reserve Planner. The Functional Reserve Fund Study includes a financial analysis of the reserve fund operation in addition to a physical analysis of the property. The current reserve fund actual funding level and contribution are assessed by comparison to the optimal levels determined by the benchmark analysis. Our Reserve Fund Studies comply with and exceed the requirements of the Condominium Act of Ontario.
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