Sally Thompson, executive vice-president and practice leader, Halsall Associates discusses reserve fund studies. She addresses why they are critical from a planning and budgeting perspective, as well as why reserve fund contributions increase each time a study is conducted.
Reserve fund studies
Critical in helping condo corporations budget for upcoming major expenses
Wednesday, October 30, 2013
Usually completed by an engineer? Wow. There are many more accredited professionals than just engineers performing reserve fund studies across Canada. Engineers actually typically do not perform reserve fund studies, engineering companies will send out CET's, CRP's or others to actually perform the study. Engineers have professional standards problems performing reserve fund studies because they are not allowed to give advice on building components which fall outside their area of expertise. For example, a mechanical engineer should not be advising on architectural components because they have no more training on this than you or I.