Contingency Fund Study: Succeeding at Self-Management

We would like to highlight the importance of planning now for the production of a contingency fund study and the creation of a maintenance log to support the directors of syndicates of co-owners who choose self-management. These two tools are essential to ensure the long-term durability of the property and the sound financial management of condominiums, in compliance with the legal obligations introduced by Bill 16.

The contingency fund study

The contingency fund study is a document that assesses the repair and replacement needs of the building's common portions over a 25-year period, and determines the optimal amount of co-owners' contributions to the fund. It must be carried out by a qualified expert who is a member of a professional order, and be updated at least every five years. The contingency fund study is mandatory for all condominiums, subject to forthcoming regulations.

The maintenance log

The maintenance log is a set of technical documents that traces the history of the building as well as all work carried out or planned on it. It has two main components: a documentary function, which presents the building's characteristics and records the reports, expert assessments and work completed; and an operational function, which details the maintenance procedures for the building's components, the follow-up on maintenance completed and to be done, and the relevant technical documentation on those components. The maintenance log must be prepared by the syndicate and updated regularly. The professional you hire will help you build it properly.

Conclusion

Sound planning based on these two tools is therefore essential for syndicate directors who want to ensure effective and responsible self-management of their condominium.

By planning the production of these tools now, you will immediately benefit from better control over your property, more accurate budget forecasting and better protection.

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