Accent Building Sciences Inc. (ABSI) is a trusted reserve fund study provider in Ontario. Our professional engineers and building specialists prepare reserve fund studies for industrial, commercial, and standard condominiums in Ontario.
Accent Building Sciences Inc. (ABSI) is a trusted reserve fund study provider in Ontario. Our professional engineers and building specialists prepare reserve fund studies for industrial, commercial, and standard condominiums in Ontario.
The Condominium Property Act requires that all condominium corporations establish a reserve fund that is separate from the daily maintenance and operation of the building. The reserve fund helps condominium corporations cover future and current costs associated with major repair or replacement of the common elements used by all unit owners, such as roofs, windows, garage rehabilitation, elevators, plumbing, electrical systems, pools, etc.
This Condominium Property Regulation also requires that a qualified person completes a reserve fund study to assess and provide a depreciation report, with estimated required reserves. The funding of the reserve fund is guided by a Reserve Fund Study (RFS), a special assessment that can identify the life expectancy and repair costs of the common elements. With a reliable reserve fund study and a comprehensive reserve fund planning program, a condominium corporation can predict expected costs and adjust its funding model to ensure that its reserve fund balance will have sufficient funds for any future major repairs and replacements. At ABSI, we can help you with our comprehensive reserve fund studies and assistance with your reserve fund management.
The success of any corporation is not measured by the low maintenance fee but rather by its sound financials, positive cash flow, and proper allocation of funds for essential capital projects. Good financial health and a strong reserve fund directly affect the value of the property. We provide clear and actionable reporting, to help you make informed decisions as you maintain your reserve fund and plan any repairs or replacement of your property.
Reach out to ABSI today to be prepared for future costs associated with the maintenance and upkeep of your building, and be fully prepared for any upcoming major projects. We can also advise if you have a potential surplus to allow for investment with a qualified financial institution, to provide more money for the reserve fund for the future.
A Class 1 reserve fund study, also known as a comprehensive reserve fund study, is done within the first year of registration. A comprehensive study may also be required after major repairs or replacements.
A Class 2 reserve fund study includes a site visit to update an existing study. A Class 2 study should be done alternatively every three years with a Class 3 study.
A Class 3 reserve fund study updates an existing Reserve Fund Study. A site visit is not required. A Class 3 study should be done alternatively with a Class 1 and 2 studies.
