Our Services

Westview consulting ltd provides professional reserve fund studies for residential and commercial condominium corporations.

The purpose of a reserve fund study is to estimate the cost and replacement periods for major repairs and replacements of the common property of the condominium corporation.

At Westview consulting ltd we take a functional approach to reserve fund studies. Our report is a financial document, based on a physical and financial analysis of a condominium corporation.

A functional reserve fund study consists of two parts: A physical analysis of the property and a financial analysis of the reserve fund operations.

The physical analysis of a Functional Reserve Fund Study culminates in the benchmark analysis on a single spreadsheet, comprising the following elements:

  • Building components organized in a uniformat system

  • Reserve component expenditures

  • Quality assessment of reserve components

  • Unit cost of reserve components

  • Actual reserve component expenditures over a relevant time period

  • Life cycle analysis of reserve fund components

  • Current replacement cost estimates of reserve components

  • Future replacement cost estimates of reserve components

  • Current reserve fund requirements

  • Future reserve fund accumulations at compounded interest

  • Future reserve fund requirements (unfunded reserve components)

  • Reserve fund contributions calculated by the sinking fund method

  • Rations of reserve fund allocations

The financial analysis consists of a review of the audited financial statements and a review of the historical expenditures for major repair and capital replacements

Part of the financial analysis that we can complete is a reserve fund deficiency analysis, which measures the reserve fund shortfall by comparing the actual reserve fund balance to the estimated current reserve fund requirements, or the reserve fund balance, which the corporation should have, if it were fully funded.

Lastly, recommendations are provided as to reserve fund contributions as a 25 year reserve fund projection is completed, showing the opening balances, reserve contributions, interest income, reserve expenditures and closing balances.

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