ANNOUNCEMENT announce the appointiment C Crippen to our dynamic sales te Sales Representative Perry‘s impressive record in makes him a valuable additior office Perry will be pleased to CC assisting you with any real needs you moy have at h location at 842â€"7000 s FOR FURTHER s & INFORMATION ON ANY OF, e _ THEABOVECALL _ e & .. _ANN SHORE842â€"7000 _ * e o e o o oa o o o o o o o o o e * 842â€"7000 PERRY CRIPPEN 418â€"2 Nortt ervice Rd. E Dear Condofax: Reserve Fund Study done this yEar Of |â€"â€" I am writing on behalf of a condoâ€" . next. We are also concerned about what :_f;; minium corporation Finance Subâ€"comâ€" effect the new Condominium Act‘s mittee. We are trying to decide if it would requirement to implement "Reserve Fund t be to our advantage to have a formal Studies," will have on future NE ts Condominium fees. ® We would like information on the proâ€" posed Condominium Act, (particularly; any details of Section #94, dealing with Reserve Fund Studies. We also have questions concerning: 1. How often will "Reserve Fund Studies be required? 2. Who are required to conduct the Reserve Fund Studies? 3. How many years of future major repairs or replacements cost of the common Elements should there be money in the reserve to cover? 4. What shall a Condominium corporation be required to do, in the event that a required amount of money is not in the Reserve Fund? Thank you in advance for your time and efforts in answering our questions. We hope to hear from you soon. Dear Anxious: Thank you for your letter inquiring about Reserve Fund Studies. It is an interesting question. I note you have addressed your letter to the Golden Horseshoe Chapter of the Canadian Condominium Institute. One of the main duties and responsibilities of the Chapter is to provide advice and information to our members. However, though your corporation 1s not a member I have prepared an answer to your questions since it raises a number of interesting points. Anxious I am also enclosing an application form which I would suggest you might be interested in completing. Your manageâ€" ment company, is well acquainted with our work and has actually lectured at our last Session of the Director‘s and Manager‘s Course earlier this year... We would appreciate having you join us so that we might be able to offer the same assistance to others that we extend to you. In the meantime the following may answer your questions. In asking about Reserve Fund Studies, I think you have opened a whole can of worms. When it comes to confusion, there is nothing like the Condominium Act. "Screams Park" has finally realized that something had to be done with that piece of legislation which has had such a stranglehold on everything that Board‘s of Directors have attempted to do, as they tried to administer the affairs of their corâ€" porations. Even the advice offered by the King in "Alice‘s Adventures in Wonderland" doesn‘t seem to help much for, "Begin at the beginning," is what the King said, gravely, "and go until you come to the end: then stop." Beginning at the beginning is easier said than done, for where is the beginâ€" ning when it comes to describing Reserve Funds, all that was specified in the preâ€" sent Act was, that the corporation set up one or more reserve funds; that each year an amount equal to at least 10% of the (See "Vital" Page RE 21) %uunï¬;* ooo goo