In the province of Saskatchewan it is required by law for condominiums with 12 units or more to have a reserve fund and conduct a reserve fund study (RFS). Moreover, it’s mandatory that these condominiums conduct a reserve fund study every five years.
If you’re wondering what you need to know about a reserve fund study in Saskatchewan, we’ve compiled a list of commonly asked questions.
1. What is a reserve fund study and why is it important?
A reserve fund study helps determine the reserve fund’s current status and helps determine how much needs to be in the fund. Reserve fund studies are critical to ensure that there are funds available for unexpected repairs and replacements. Reserve fund studies are essential because it protects the condominium and the owners of the individual units. When payments for emergency repairs cannot be made, the individual units suffer.
2. What kind of organizations require a reserve fund study?
Various organizations are required by law to conduct a reserve fund study. Some of them being:
- Non-profit housing
- Housing co-operatives
- long term care homes
- Seniors housing facilities
3. What is involved in the process of a reserve fund study?
A reserve fund study has many steps to ensure that they get the correct data they need to make an informed decision. The first step in a complete reserve fund study is to have the property inspected by an engineer. This will involve a site inspection, measurement, photographs, and a review of blueprints. After, the engineer will prepare estimates for the property that will then be used to design a funding plan.
4. Who can conduct a reserve fund study?
A reserve fund study needs to be conducted by a qualified professional. This professional can be an engineer or certified reserve planner. When looking to hire a professional, make sure to hire someone who has experience in reserve fund studies. The engineers at Criterium- Jansen have years of experience in reserve fund studies and can make sure you get a reliable professional.
5. What are the costs of a reserve fund study?
The cost of a reserve fund study can vary depending on various contributing factors such as age, size, location, and design. Having previous studies and blueprints can help to estimate the cost of a reserve fund study.
6. When should you conduct a reserve fund study?
Reserve Fund Studies are not a one-time thing. Depending on the province, a reserve fund study needs to be done every three to five years. In Saskatchewan, a reserve fund study should be conducted every five years on condominiums with 12 units or more. If your building has less than 12 units, you’re not required to have a reserve fund study done.
Contact Criterium-Jansen Today!
Do you need a reserve fund study done? The engineers at Criterium-Jansen can help! Criterium-Jansen is a team of engineers who are highly skilled and professional. Contact us today, and we can help you complete your reserve fund study.