eyre.consulting Inc. Services
Full Reserve Fund Study & Report
Detailed insight into your corporation's reserve requirements.
This service includes a detailed site visit and review of components, an interview of the board or manager to obtain the project history and documents, a thoughtful analysis of the numbers & timing, a detailed report of the findings, and a one hour+ in-person meeting to discuss the report.
Periodic Report Updates
When things change, get the new picture.
On occasion, things may unfold in an unpredictable way. Components may fail much sooner than expected or a corporation may decide to add a capital project where they plan to use reserve funds. Whatever the reason, these changes can be incorporated into the existing study for a modest fee.
FAQ
A reserve fund study & its associated report can be complicated. Check out our FAQs for some of the more common questions. If you don't find what you're looking for there, feel free to contact us using the form below.
What is a reserve fund study?
Generally, there are two budgets for a project, the operating budget and the capital budget (reserve fund). The operating budget deals with the annual expected expenditures. The reserve fund is the long-term capital budget for your project. The reserve study determines how much the project will have to spend, approximately when that expenditure can be expected, how much inflation might be experienced over the study period, and how much investment income may be expected during this time. Once the study is complete, it is summarized in a reserve fund report.
What is a reserve fund plan?
For condominiums, once the long-term capital requirements for the project are known, as presented in the reserve fund report, then the board of directors must implement a plan sufficient to meet the savings requirements.
When should we have a reserve fund study done?
Newly registered condominium corporations are required to have their first study done and available within two years of registration with land titles. After that, a reserve fund study is supposed to be done no later than every 5 years.
Can I do my own reserve fund study?
Yes, you can under limited circumstances. Condominium corporations of 12 units or less, can elect to act as their own “qualified person” if approved by a special resolution of the corporation.
We don’t yet have a study, but we would like to begin contributing to our reserve. How much should we contribute?
There's no reliable rule-of-thumb to answer this question. An experienced planner may be able to reference a similar project to get a ball park number, but ultimately, the real number will only come out of the study/analysis. You have to have the study done to get the answer.
How much does a reserve fund study cost?
Reserve fund studies are custom financial analyses and generally must be quoted based on the size and complexity of the project. We would consider the number of component types, the complexity of the construction, the location of the project (in Calgary or in a satellite community), and whether there are building plans available or if a considerable amount of site measurement is required.
I have a pending sale; how long will it take to get a reserve fund study report?
It would depend on several factors. First, how large and complicated is the project? Smaller simple projects (2-8 units) could be completed in a couple of days to a week, depending on the response time of the project contact(s) and the available information. Larger more complex projects can take up to several months as there is a lot more information to obtain and process and communication between all the parties can be challenging.
Of course, these estimates begin when we start the project, as we may already be working a couple of projects, and there may be a couple in the queue ahead of you.
Contact Us
If you have any questions, would like to request a proposal, or would like to schedule a presentation, fill out the form below or call Susan @ 587-832-6161
