We ask that all boards comply with the Condominium Act 1998 to ensure that they have commissioned a Reserve Fund Study and publish a Reserve Fund Summary Funding Plan (formerly called a Form 15) to all registered unit owners within the prescribed time limits as set out in the Condominium Act, 1998 and the associated Regulations.
There are many Certified Reserve Fund Planners and Engineering firms with which we are familiar and whom we would recommend.
Our experience in this area has proven useful to our clients as we do not simply take the Engineer's worksheets as the final word. We work closely with the Engineers to ensure that they are aware of all past, current and planned future projects as well as scrutinizing the estimated costs and remaining life of all Corporation assets listed on the Study.
The Ontario Govenment has now approved an extension for all residential condominium corporations which were registered before May 5, 2001, of five (5) years to be fully funded. Essentially this means that these corporations can modify their Reserve Fund Summary Funding Plan, to provide full funding by 2019