The Condominium Act, 1998 requires that each corporation prepare a Reserve Fund Study together with regular updates, as well as a Performance Audit.
The Condominium Act, 1998 requires that each corporation prepare a Reserve Fund Study together with regular updates, as well as a Performance Audit.
HighPoint will coordinate these reports as required utilizing the services of qualified engineers. Once completed, reviewed and accepted by the Board of Directors, the required notice to the owners will be prepared and distributed.
The purpose of the Reserve Fund is to build resources sufficient to replace or repair certain elements of the buildings or services. HighPoint will provide an overview of the criteria used in the preparation of these reports as well as recommend and advise on spending priorities and the appropriate timing of the work to be completed.
Ideally, a well-funded Reserve Fund will always be able to carry out the forecast repairs and replacements, while never having to resort to a special assessment to the owners.