Condo corporations must establish a reserve fund to pay for major repairs and replacement of the corporation’s common elements and assets. To ensure sufficient funding, condo corporations must conduct a reserve fund every three years to determine how much money the corporation will need, over the next 30 years, to maintain/replace these assets. This budgeted estimate will calculated on the basis of the expected repair and replacement costs and on the life expectancy of the common elements/assets of the corporation. This is your nest egg to maintain the condo complex. So who does the RFS, how to best prepare for it and what goes into the mix?
Condo Reserve Funds often end up being your most valuable asset. Time to take a deep dive on Reserve Fund Studies.
See topics and speakers below.
This webinar was aired on November 3, 2021.
Duration: 1 hour
Topic: Deep Dive on Reserve Fund Studies
- Basics and beyond
- What are they for?
- Who does them?
- How can directors best prepare for them?
- 30 or 40 year horizon?
- How much latitude do boards have: who decides what goes in?
- What if directors don’t agree with the Reserve Fund Study provider?
- What if we have an expense not listed in the RFS?
- What if there isn’t enough in the RF?
- Can we use it for green initiatives?
- Do we need to consult before we use RF money?
The Gowling crew:
- Rod Escayola (Gowling WLG)
- Graeme MacPherson (Gowling WLG)
- David Plotkin (Gowling WLG)
- Claudia Damaren (FirstService Residential)
- Josée Deslongchamps (DES Services)
- David Heska (WSP Engineer)
View on demand and Resources
- Watch the webinar here
- Chat discussion between attendees
- You can download the powerpoint presentation here