What is a reserve fund plan? A reserve fund plan is a document generated by the condominium corporation or strata based on the reserve fund report/depreciation report. The plan outlines the reserve fund expenditures projected for the next five years and the contributions required to cover them.
Generally speaking, a reserve fund plan should be completed annually to help the corporation identify when special assessments or contribution increases are needed. The plan should reflect the recommendations made within the reserve fund report, while also identifying unforeseen issues the building needs to address that weren't initially forecast by the study.
How does myRPlanner (powered by StelorPM) generate reserve fund plans? myRPlanner lets corporations and stratas quickly and easily generate and analyze five-year plans. Based on changes to the plan, an updated financial forecast identifies cash-flow issues and suggests changes to the current contribution model. Using myRPlanner, owners and potential buyers stay more aware of the corporation's current and future financial state. Watch the video below to learn more.