As of December 13, 2011, Stratas are required to obtain a Depreciation Report, with the exception of Stratas with fewer than 5 units or any Strata passing a 3/4 vote exemption resolution.
The terms Depreciation Report and Contingency Reserve Fund Study are used interchangeably, with the former typically used in BC and the latter used across Canada. A Depreciation Report is a financial plan that consists of the identification, description, quantification and analysis of reserve components; then providing cost estimate and life cycle analysis, projecting future repair or replacement costs and estimating the necessary reserve fund requirements. It is a financial report containing technical description and prediction in order to aid in the prudent fiscal management of the Owners’ Contingency Reserve Fund.
Depreciation reports should be performed by qualified, technical professionals who have a long history of performing building condition assessments and making recommendations on estimated service lives and potential replacement costs. As building envelope consultants, JRS Engineering has intimate understanding of the structure and building enclosure systems, which makes up a majority of the replacement costs. Our review and reporting processes conform to accepted practices across the country and are consistent with the guidelines set out by the Real Estate Institute of Canada (REIC).
JRS Engineering would like to help you maintain a sound, healthy reserve fund with a clear and concise Depreciation Report. We are currently the only engineering firm in BC that has completed the Certified Reserve Planner Program with the Real Estate Institute of Canada (REIC). Our site review, financial analysis and reporting methods are consistent with nation-wide standards and guidelines as provided by the REIC.
Please see JRS' Depreciation Report Services Brochure or our 10-step Guide to Depreciation Report Process for more information.
If you have any questions or would like us to send you a fee proposal, please call or email.