Who can complete a Depreciation Report?
February 2015

Welcome to our February 2015 newsletter edition. This month we discuss who can complete Reserve Fund Studies and share a few interesting website links.

As always, I look forward to your thoughts and comments.

All the best,
Ernie Paustian
Ernie Paustian

Who can complete a Reserve Fund Study?

A common misconception is that Engineers are the only ones that can complete reserve fund studies. Not that we have anything against Engineer’s, most of the one’s that I have met are great people. Along with many other talents, they are very good at creating specifications to build or repair buildings, and for determining why a problem has occurred. However, for most Engineering firms, the Reserve Fund Study is a sideline; it is not their main focus.

Another misconception is that all of the people who complete reserve fund studies have equal experience and qualifications. We believe it’s beneficial that your provider have formal education and training in the provision of Reserve Fund Studies. We would suggest as a minimum requirement that providers have at least one or more of the following designations. This following list is taken from The Ontario Condominium Property Act which is one of the provinces with legislated requirements and indicates that the following are qualified to complete reserve fund studies within the Province of Ontario:

Designated professional under the Ontario Act includes:

  1. Certified Reserve Planners (CRP),
  2. Accredited Appraiser Canadian Institute (AACI),
  3. Professional Engineers (P. Eng.),
  4. Architects (Arch.),
  5. Certified Engineering Technologists (CET),
  6. Bachelor of Technology with the Architecture option (B. Tech. (Arch)) or building science option,
  7. Professional Quantity Surveyors (PQS),
  8. Architectural Technologists & Registered Building Technologist (MAATO)

Choosing a provider who has the qualifications listed above is a good starting point – but it’s equally important to ensure that your provider has the experience in addition to the qualifications.

A few condominium related links:

Micro-condos and who is buying them.

Reduced condo fees - short term gain, long term expensive pain? After reading this article, I found that it provided far more questions than answers.

A reminder that Board members aren’t exempt from the rules.

There can be a lot of positive benefits to condominium living.

Thank you for taking the time to read our newsletter. 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 as we are not competitors in maintenance, project or property management.

For more information about Delta Appraisal and our easy to read Reserve Fund Studies or to request a no-cost, no-obligation proposal, please contact us.

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