Contingency fund study for condominiums in Quebec
The contingency fund study details a condominium's future expenses. The purpose of this exercise is to ensure the financing of major repairs and replacements required to maintain the integrity of a building.
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The contingency fun study is a forward-looking financial assessment, which will be required by Law 16.
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Bill 16 should confirm the obligation to carry out a pension fund study.
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We are engineers specialized in Quebec condominiums. Find out more about us.
What is the contingency fund study ?
The contingency fund study is a forward-looking financial assessment. It must be carried out for all condominiums in Quebec.
It is essential to ensure sound financial management of the co-ownership. It also helps avoid unforeseen special assessments to co-owners.
To find out more, read our article on the importance of a contingency fund.
Regulation of Bill 16
The contingency fund study will become mandatory when the new provisions of Law 16 come into force.
The regulations should stipulate a minimum annual contribution equivalent to 0.5% of the building's reconstruction value until the developer obtains the contingency fund study.
The contingency fund study should be valid for 5 years. To find out more about Bill 16, read our article on the impact of the coming into force of Bill 16.
Effective date
Part of Bill 16 is already in force.
We do not yet know the date on which the provisions relating to the study of the contingency fund will come into force. Directors, managers and co-owners should have three years to comply with the new law.
WHY ENTRUST US WITH THE STUDY OF YOUR CONDOMINIUM'S CONTINGENCY FUND
Our contingency fund studies are aligned with the requirements of Bill 16 and the recommendations of the Regroupement des gestionnaires et copropriétaires du Québec (RGCQ). This ensures consistency.
Our studies are exhaustive, but concise so as to be easy to understand and easy to communicate.
Our in-depth knowledge of building, cost assessment and financial projections is the strength of our service.
You receive a customizable spreadsheet to document your activities, facilitate updating and reduce the cost of your next pension fund study.
CONTINGENCY FUND FOR
SMALL CONDOMINIUMS
We work with small condominiums to implement good management practices. We also offer coaching on the world of co-ownership. You'll also benefit from competitive rates.
We offer group rates for identical buildings in the same neighborhood. This offer saves you money while ensuring the proper maintenance and harmonious aging of your neighborhood, helping to preserve and increase the value of your property.
HOW TO CALCULATE
THE CONTINGENCY FUND ?
There are several steps involved in accurately calculating the contingency fund.
Carry out a site visit. Then, identify all the condominium's components.
Analyze key condominium documents. Understand the condominium context.
Detail the inventory of components: life expectancy, replacement costs and major repair costs.
Make economic projections to determine contingency fund contributions.
Once the contingency fund study has been completed, the condominium can implement the multi-year financing plan.
Our team combines expertise in engineering, recognized by the Ordre des ingénieurs du Québec, actuarial science, condominium finance and condominium management.
We offer managers and administrators throughout Quebec a range of personalized services in compliance with Bills 16, 141 and 122.
OTHER SERVICES
RELATED TO LAW 16
Maintenance logbook
The maintenance logbook is a record of maintenance work required by Bill 16.
Asset management plan
The asset management plan is a strategic view of a condominium's needs.