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The Condominium Property Regulations, Alberta Regulation 168/2000 with amendments up to and including Alberta Regulations 23/2001. An essential governing document that accompanies the Act and contains requirements and forms a Corporation will need to comply with or use.
Also referred to as "Remaining Life". The estimated time, in years, that a Reserve Fund component can be expected to continue to serve its intended function. Components anticipated to be replaced in the initial year of the Reserve Fund Study have "zero" Remaining Useful Life.
The current market price to replace a component without consideration for depreciation.
A letter provided to the auditor that states that all information and pertinent records have been made available to the auditor and stating the author has no knowledge of any pertinent information that was not provided to the auditor.
The fund set aside by the Corporation for the repair and replacement of the common property, the units and the Corporation's real and personal property that are not repaired or replaced annually, in accordance with the Act and Regulations. The appropriate level of funding must be determined by conducting a reserve fund study.
Actual or projected funds, as of a particular point in time, used to defray the future repair or replacement of those major components that the Corporation is obligated to maintain. The Balance is the starting point of any Reserve Fund Study.
A plan, prepared in accordance with the requirements in the Regulation and approved by the Board, based on a reserve fund study report, which identifies how the Board will raise the funds required, spend the money allocated, maintain the property to extend the life of components and meet the recommendations in the Reserve Fund Study report.
A written document describing the findings and recommendations of the Reserve Fund Study, provided to the Corporation by a qualified person.
An inspection conducted by a qualified person in accordance with the requirements of the Regulations, of the common property, the units and the real and personal property of the Condominium to determine the age of the components, their life expectancy, the cost of replacement of each component and the estimate of the funds needed by the Corporation to meet those replacement obligations. Also a budget planning tool which identifies the current status of the Reserve Fund and provides a stable and equitable Funding Plan to offset the anticipated major repair or replacement expenditures of components whose re-occurrence is more than one (1) year. The Reserve Fund Study consists of two parts; the Physical Analysis and the Financial Analysis.
A person or company who is qualified under the requirements of the Regulations to perform reserve fund studies.
A motion made either at a meeting or in writing upon which the owners/Board have voted in favour.
The in-house guidelines for owners within the Condominium complex. Normally passed by the Board. Are superseded by the Bylaws and the Act and probably cannot be legally enforced unless registered as a Bylaw.