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Improving Your Reserve Fund Study
Author:
Mitchell Gerskup
Publication date:
Article Summary:
Discusses the importance of developing a comprehensive capital repair plan in addition to a reserve fund study for condominiums. While reserve fund studies are required by the Condominium Act, they often focus on financial aspects rather than strategic planning. A capital repair plan, also known as a "strategic capital repair plan," outlines major repair or restoration projects for the next few years and provides a roadmap for effective decision-making and cost savings. The article emphasizes that condominium managers and boards should go beyond the minimum requirements of reserve fund studies to create a plan that prioritizes and orders repairs strategically.
Keywords:
Capital repair plan, Reserve fund study, Condominium boards, Strategic planning, Financial planning, Condominium Act, Maintenance planning, Property value enhancement, Cost savings, Infrastructure upgrades, Building recladding, Project coordination, Long-term objectives, Property maintenance.
Source Citation:
Mitchell Gerskup
Improving Your Reserve Fund Study
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