Completing a reserve fund study

Perhaps you’ve already made an excellent choice by hiring Delta Appraisal Corporation to do your reserve fund study. Thank you very much, but now what? A substantial amount of documentation is required to complete the Reserve Fund Study, including:

• Current registered Bylaws along with any proposed Bylaw revisions;
  
• Site plans and Blueprints;
  
• Minutes of Annual General Meetings and Board of Directors Meetings;
  
• Current and historical financial statements, including a list of prior reserve fund expenditures;
  
• Current and/or proposed operating budget;
  
• Prior reserve fund study/studies and technical audits or engineering study (if any);
  
• A copy of quotes received for reserve fund projects which have not yet been completed.

Did you know that there are steps property managers and board members can take to reduce the time that it takes to receive your draft copy of the Reserve Fund Study?

1. Provide the above information with sufficient time to review, prior to the site inspection. This should alert the reserve fund planner to areas requiring additional attention.

2. Once the site inspection is scheduled, let residents and the site manager know that someone will be at the property on the scheduled date.

3. Letting the reserve fund planner know about potential site hazards such as dogs (or ninja cats) that like to hide in their yard and don’t appear until the gate is closed behind you doesn’t hurt either.

4. If access is arranged with individual unit owners, a reminder call a couple days before is helpful (if you are able to provide us with their names and numbers, we would be happy to do this).

5. Keys, along with access to the roof, electrical, mechanical and elevator rooms, exercise and pool areas, along with underground parking make the site inspection process go easier.

These steps sound like common sense, but with everyone’s hectic schedules, you’d be surprised at what we find. It’s better all-around if we work together to get your reserve fund studies done as efficiently and accurately as possible.

At Delta Appraisal, we work with property managers and board members to set realistic budgets and to prioritize maintenance and repair projects. Our functional Reserve Fund Studies are unbiased and we are not competitors in property management or maintenance.

For more information about Delta Appraisal and our easy to read, functional Reserve Fund Studies or to request a competitive quote, please contact us.

Thank you for taking the time to read our newsletter. If you have a topic that you would like to see in a future newsletter, please let us know. We are always looking for new ideas and would be happy to give you credit for your topic. Please send your ideas to delta@telus.net.

Delta Appraisal Corporation www.deltaappraisal.ca Reserve Fund Studies and Insurance Appraisals 11810 Kingsway Avenue Edmonton, AB T5G 0X5 Ph: 780.469.2993 Fax: 780.401.3129 E-mail: delta@telus.net Ernie Paustian CRP, RPA, AACI, P. App. General Manager

CRP Certified Reserve Planner (Real Estate Institute of Canada) AACI Accredited Appraiser Canadian Institute (Appraisal Institute of Canada)

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