Reserve fund study… report.. plan. Whats the difference?
In Alberta, legislation speaks to the reserve fund study, the reserve fund report, and the reserve fund plan. These three terms are often used interchangeably but legislation defines them uniquely.
1. The Reserve Fund Study: Collection of data
A reserve fund study provider will collect relevant data through observations, review of documents, and correspondence with stakeholders. The provider needs the financial elements, and to identify building components, discern their quantity, verify the current costs to replace, and estimate replacement timing.