Understand your long-term financial future.
Our dedicated team of certified reserve planners provide Depreciation Reports and Capital Plans to any organization that may benefit from budgeting long-term repair and replacement of capital assets, including strata corporations, non-profit societies, BC Housing, private and public assisted living facilities as well as private clubs.
Benefits
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Clear and Comprehensive Reports
Known as a Reserve Fund Study throughout most jurisdictions in North America, a Depreciation Report is a written description of the depreciating assets of a condominium, or a strata, which will require major repair or replacement within a projected life cycle, which is typically 30 years. Strata Corporations with five or more strata lots in BC are required by law to obtain a Depreciation Report no later than six months after their second annual general meeting. The study details the age, condition, life expectancy and estimated cost of the repair or replacement.
Our Functional Reserve Fund Study is a step-by-step report that incorporates clear explanations, comprehensive physical and financial analyses, and valuable tools to assist clients in understanding and implementing effective reserve fund strategies.
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Valuable Financial Forecasting
A Depreciation Report provides users with an inventory of common physical property, major components, and a clear, concise plan for long and short-term maintenance. Obtaining a Depreciation Report adds value to your complex.
Regular, up-to-date Depreciation Reports provide potential buyers with peace of mind that a condominium unit purchase won’t come with a large special assessment in the near future. Current owners can enjoy security knowing that their strata fees are being allocated to regular maintenance, and when to expect an increase in fees or special assessment levy.
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Exceeding Industry Standards
As Certified Reserve Fund Planners (CRP), we prepare our depreciation reports in accordance with the Real Estate Institute of Canada, which is known as having the most advanced reserve fund planning system in Canada. As Accredited Appraisers of the Canadian Institute (AACI P.App.), we create reports that exceed the requirements under the Appraisal Institute of Canada’s Canadian Uniform Standards of Professional Practice and will therefore be fully covered under the association’s errors and omissions insurance program. The policy carries a Claim Limit of $2,000,000, an Aggregate Limit of $2,000,000, and a Program Aggregate of $20,000,000. Proof of insurance is provided in the Addenda of each report.
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Going Where We’re Needed
We’re based in beautiful Victoria, BC, but our reserve planners are equipped with the technology to serve our clients with Depreciation Reports and Capital Plans across British Columbia and Alberta. No matter where you are, we’ll come to you.
