While reserve fund studies are conducted for financial budgeting purposes to ensure that sufficient funds are available throughout the life of a project, a Reliance reserve plan is so much more than that – It’s our commitment to assure that we’re maximizing our client’s most valuable assets.
In choosing to partner with us, it’s not only siding with a team of seasoned and educated experts, but partnering with dependable and trusted advisors. We adopt the standards set out by the Real Estate Institute of Canada, which is considered one of the most advanced reserve fund planning systems in Canada. We place the utmost emphasis on communicating with Boards to not only provide an uncomplicated, transparent process, but to provide them with a solid base for future planning. As part of our comprehensive process, we are determined to offer Boards funding options based on detailed and relevant information, including historical funding patterns, current reserve requirements, annual contribution and a variety of other data. This helps us develop and set a realistic and sufficient level of funding that meets the property’s needs, and satisfies both the Board and its clients.
Since the year 2000, Reliance has seen the continuing problematic performance of over- or under-funded reserve studies in the marketplace. As an integrated solution, we now provide the option of annual updates as a powerful and current budgeting tool. Reliance Reserve Fund Updates fine-tune the process to account for actual cashflow and expenses, interest earned on investments, and resetting after major component replacements (roof, siding, windows etc.). This all adds up to a more accurate reserve fund plan and a more streamlined process for the Corporation year-in, year-out. Ask us about the reduction to the cost of a future study.
A 10-year-old, 18 Unit, 3-story Apartment w/ Parkade and Elevator
The Board was concerned that the projected contributions listed by a recent reserve fund study were out of line, and would impede the marketability of the project. The complex also had roof and parkade building envelope issues which required immediate attention.
We developed a new, detailed reserve fund study, which allowed for a sufficient funded level that prioritized the work required for the building envelope remediation. The report also set acceptable on-going funding at levels that were acceptable to the market and provided the building with the appropriate funds to function under a healthy and sufficient environment. We also completed a market analysis to compare condominium fees in relation to other similar building types in the immediate area.
Our report and market analysis provided the Board with a clear understanding of where the building was in terms of current funding and where that would bring them in future while addressing current building requirements.
While major replacements such as windows and roofs may loom overhead, we can describe this impact on the level of contribution, and can highlight how it can be both responsible and attractive to buyers.
When tested under the scrutiny of quasi-judicial appeals, our systems have exceeded expectations in determining funding solutions that are unique to each project.
We have conducted reserve fund studies for a variety of intended uses including assessment appeals, capital expenditure programs, component cost-benefit scenarios, economic analysis, and so much more.