ben engineering

Reserve Fund Study - Scope of Work












Ben Engineering's Reserve Fund Study is a comprehensive report that provides our clients with a better understanding of the reserve fund strategy, and is an effective tool to achieve long-term maintenance goals.

Major highlights and steps for preparation of a Reserve Fund Study include the following:

Identifying the common elements of the building that are the Corporation's maintenance responsibility as described in the legal documents of the Corporation, including the Declaration, Description, By-laws, and Schedules of the Corporation

Review of the financial situation, reported deficiencies and concerns, present maintenance, and any other pertinent information including the review of the following:

Audited financial statement of the Corporation
Reciprocal cost sharing agreements of the Corporation
Review the most recent Study of the Reserve Fund of the Corporation (if applicable)
Review the most recent notice of future funding of the Reserve Fund sent to the Owners (if applicable)

The 30-year period Reserve Fund Study is based on inventory, quantification and inspection of the building's common elements components including the following:

Interview with key building operation personnel regarding known problems, repair history, and future maintenance or replacement plans
Visual inspection of each of the common components where practical, to identify existing observed problem, general estimation of the current condition, and the general assessment of the remaining life expectancy for each of the common elements

The Reserve Fund Study includes a review of the following (where available and applicable):

All existing warranties, guarantees, and service contracts for each common element component
The as-built architectural, structural, mechanical, electrical, plumbing drawings of the property
The as-built specifications for the building
The as-built plans for underground site services, site grading, drainage, and landscaping as well as television, radio, or other communication services for the property
The repair and maintenance records and schedules

The 30-year inventory analysis of the Reserve Fund Study for each of the common elements in the building includes the following:

Description
Estimation of the current condition
Estimation of a normal life expectancy
Estimation of the remaining life
Estimation of current replacement cost
Estimation of future replacement cost
Three different scenarios for a 30-years funding period of maintenance or replacement of the major common elements of the property

The Reserve Fund Study includes three different scenarios for a 30-year funding plan

Preparation of a draft Reserve Fund Study report for client review

Preparation of three hard copies and an electronic version (PDF format) of the final Reserve Fund Study

Related topics:

Reserve Fund Studies
Reserve Fund Study sample report (PDF)
Reserve Fund Study - Questions and Answers
Learn more how the Reserve Fund Study impacts your unit value

Service Area

Our services are provided across Ontario, mainly in southern Ontario within a traveling distance of up to 500 kilometres from Greater Toronto Area, between Windsor, Niagara Falls, Ottawa, and Sudbury.

Toll Free: +1 888 250 6696

Service Quality

We endeavour to provide the best and most reliable service in the market for our clients. Our services are always delivered on time and we are always available for questions and support before, during, and after retaining our services.

Affordability

Our rates are competitive. In most cases we charge a flat fee per service, which includes travel, dispensements and other expenses, as we are aware that customers normally do not like hourly based charges.