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Ben Engineering’s Reserve Fund Study is a comprehensive report that provides
our clients 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 items:
- 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 common elements building 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-years 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 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 30-year funding plan
- Preparation of a draft Reserve Fund Study report for the client review
- Preparation of three hard copies and an electronic version (PDF format) of the final Reserve Fund Study
Click here to view a Reserve Fund Study sample report
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