BILL 16 – CONTINGENCY FUND STUDY
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Be in good standing now with Bill 16 which obliges co-ownership syndicates to produce a provident fund study.
The 3 steps for the contingency fund study
1. Maintenance log
The maintenance log is an essential tool in the management of your asset. All the technical and clerical information can be found there. Information on the work that has been carried out is recorded there as well as the planning of future work.
2. Visual inspection of common areas
The inspection report provides you with the elements to be corrected in the short term, those which can influence the service life in the medium and long term. An important tool for establishing the provident fund and indispensable for ensuring the integrity of the components.
3. The contingency fund spreadsheet
A complete document that gives you the amounts to be expected monthly, per owner, over a horizon of 1.5 and 25 years. Based on the useful life of the components, indices of deficiencies noted during the inspection and according to the maintenance carried out and planned.