Fictional sample
In-depth Condo Condition Review (sample report)
Illustrative example based on a fictional condominium scenario. It was made by the same software that makes a real report, from invented documents. It is not based on any client or on your documents.
FEE & RESERVE CHECK FOR REALTORS
In-depth Condo Condition Review
Synthetic Condominium Corporation No. 9999 / Suite 201 / 2099 fiscal year / Budget and study: 2099 / Work schedule read: 2099 only / Audited to December 31, 2098
Prepared for the realtor. It reports what the documents show about one unit and building, so you can talk with your client. It does not tell your client what to do.
The listed maintenance fee matches the fee schedule. The 2099 budget puts $325,000 less into the reserve than the corporation's study recommends. The status certificate says a special assessment may result.
$731.41
Maintenance fee on the listing
$1,025.00
With the study's contribution
$293.59
Monthly difference
Higher with the study
40.1%
As a percentage
Of the listed fee
What the certificate disclosed
Certificate dated March 4, 2099, for suite 201 (Level 2, Unit 1). A certificate describes the corporation on its date only.
Reserve fund, as the certificate says it: "The Corporation's Reserve Fund amounts to $150,000.00 as of 31/12/2098 and remains underfunded. The Corporation is devising a plan to increase the contributions to the Reserve Fund." (Status Certificate, p. 1).
Possible special assessment: The certificate says one may result. It names no amount and does not say one was proposed or approved. "This may result in a special assessment and/or a further increase in common expenses in the near future." (Status Certificate, p. 1).
Collection already in the fees: The certificate says a deficit recovery of $60,000 a year over the next 3 years is collected through the common expenses. This is the corporation's collection, not a charge stated for one unit. (Status Certificate, p. 1).
Proceedings, as the certificate lists them: "The Corporation is not party to any proceeding before a court of law, an arbitrator or an administrative tribunal. Except for the following: A) the Corporation is the defendant in an action about a balcony repair." (Status Certificate, p. 1).
What the audit shows about the operating deficit
The audit notes say the board levied special assessments to cover the operating deficit: $140,000 for 2097 and $60,000 for 2098, $200,000 in all. These are the corporation's assessments, already collected. They are not an amount stated for any one unit.
Operating fund deficit still carried at December 31, 2098: $23,400 (Audited Financial Statements, p. 4).
| Fiscal year | Assessment levied | Source |
|---|---|---|
| 2097 | $140,000 | Audited Financial Statements, p. 4 |
| 2098 | $60,000 | Audited Financial Statements, p. 4 |
Reserve fund in 2098: the study's plan against what happened
The audit notes give both. The study's column is what it projected for the year; the audited column is what the corporation did, to December 31, 2098. The documents do not say why spending was lower or which planned work moved; that is a question for management.
| Measure | Study projected | Audited actual |
|---|---|---|
| Contribution | $350,000 | $350,000 |
| Spending from the reserve | $400,000 | $300,000 |
| Balance at year end | $52,000 | $152,000 |
Source: Audited Financial Statements, p. 4
Five years of reserve funding in the study
The recommended contribution rises from $420,000 in 2099 to $490,000 in 2103, 16.7% over the period (7.1%, 4.4%, 2.1%, 2.1% a year).
The lowest closing balance in the table is $82,000, at the end of 2102. This is the study's table, not a forecast by this report.
| Year | Start of year | Contribution | Spending | Interest | End of year |
|---|---|---|---|---|---|
| 2099 | $152,000 | $420,000 | $400,000 | $3,000 | $175,000 |
| 2100 | $175,000 | $450,000 | $500,000 | $3,500 | $128,500 |
| 2101 | $128,500 | $470,000 | $200,000 | $2,500 | $401,000 |
| 2102 | $401,000 | $480,000 | $800,000 | $1,000 | $82,000 |
| 2103 | $82,000 | $490,000 | $300,000 | $1,500 | $273,500 |
Source: Reserve Fund Study, p. 6
If the budget stays below the study
Every year's contribution is the study's recommended amount minus $325,000, the amount the 2099 budget falls short of the study. Nothing is assumed to close the gap.
The year-by-year spending and the interest are the study's own figures, not recalculated for the lower balance, so the scenario shows direction rather than a forecast.
The opening balance of the first year is the study's own, so the only difference from the study's table is the contribution.
On these assumptions the balance falls below zero in 2099 (lowest -$1,351,500). A real board would act before that; the table shows the size of the gap, not what will happen.
| Year | Start of year | Contribution | Spending | Interest | End of year |
|---|---|---|---|---|---|
| 2099 | $152,000 | $95,000 | $400,000 | $3,000 | -$150,000 |
| 2100 | -$150,000 | $125,000 | $500,000 | $3,500 | -$521,500 |
| 2101 | -$521,500 | $145,000 | $200,000 | $2,500 | -$574,000 |
| 2102 | -$574,000 | $155,000 | $800,000 | $1,000 | -$1,218,000 |
| 2103 | -$1,218,000 | $165,000 | $300,000 | $1,500 | -$1,351,500 |
Source: Calculated from the study table above and the budget
Two totals for the same five years of work
The first total adds the study's listed work for these years at 2098 prices. The second adds the spending in the study's cash-flow table, which carries the study's inflation. They describe the same plan in different dollars and must not be added together.
| Total | Amount | Stated in |
|---|---|---|
| Listed work | $2,810,000 | 2098 dollars |
| Spending in the cash-flow table | $2,200,000 | dollars of the year each is spent, as the study projects them |
Source: Reserve Fund Study, p. 1
Questions for your client or their lawyer
- Is a special assessment now planned, and how much would fall on this unit?
- Has the board adopted a funding plan that replaces the study's $420,000 reserve contribution for 2099, or does it plan to close the $325,000 gap?
- Is the garage roof slab waterproofing work ($950,000, 2099) contracted, delayed or done?
What this check does not do
Software made this report from the documents you supplied. No person has checked it.
It uses only those documents. A risk that is not mentioned may still exist.
When documents differ, the report says so. If the documents show which figure applies, the report uses it and says why. If not, it does not choose.
A figure the documents do not establish is shown as not established.
Fictional sample
FRC / FEE & RESERVE CHECKREALTOR REPORT
What the documents show about this unit.
Synthetic Condominium Corporation No. 9999 / Suite 201 / 2099 fiscal year
Budget and study: 2099 / Work schedule read: 2099 only / Audited to December 31, 2098
THE SHORT ANSWER
The listed maintenance fee matches the fee schedule. The 2099 budget puts $325,000 less into the reserve than the corporation's study recommends. The status certificate says a special assessment may result.
Does the listed maintenance fee match the documents?
Matches the fee schedule
The listed fee is $731.41 a month. That matches the 2099 fee schedule. (S4 p. 1; S5 p. 1)
$731.41
Maintenance fee on the listing
$1,025.00
With the study's contribution
$293.59
Monthly difference
Higher with the study
40.1%
As a percentage
Of the listed fee
The calculated comparison is 40.1% higher than the listed fee. This is not an approved fee increase.
What do the documents show about the board's planning?
Yearly contribution below the study
The 2099 budget puts $95,000 into the reserve; the study recommends $420,000 ($325,000 more).
No newer adopted plan or explanation for the difference was found.
The status certificate says a special assessment may result as of March 4, 2099. It does not say one was proposed or approved. The Budget Package says "No special levy is proposed in this budget"; that does not cancel it. (S1 p. 1; S2 pp. 2, 6)
What deserves attention?
Condition not assessed
No engineering or condition report was supplied, so the building's current condition cannot be assessed from these documents.
The study schedules $2,810,000 of work for 2099 only (2100 to 2103 not covered), including $40,000 of contingency; a date alone is not evidence of failure.
A special assessment may result
The certificate says one may result. It names no amount and does not say one was proposed or approved. Ask whether and when the board will decide. (S6 p. 1)
2099 reserve contribution $325,000 below the study
The unit's share is $325.00 a month. No plan for the gap is stated. (S1 p. 1; S2 pp. 2, 6)
Garage roof slab waterproofing: $950,000 in 2099
The largest work planned soonest. Ask if it is contracted, delayed or done. (S2 p. 4)
Fictional sample
Why this matters and what to ask next.
The nearest work, the reserve funding, and three questions for management.
Nearest significant work
Garage roof slab waterproofing
2099 / $950,000 S2 p. 4
Main Roofing System
2099 / $700,000 S2 p. 4
Window Replacement - Phase 1
2099 / $520,000 S2 p. 4
Plus $40,000 contingency in 2099: money set aside, not a building part.
The schedule read covers 2099 only (2100 to 2103 not covered).
Reserve funding this year
Budget$95,000
Study$420,000
$325,000 a year less than the study. The unit's 1.2% share: $325.00 a month.
Sources: S1 p. 1; S2 pp. 2, 6
Reserve outlook
The study's projection stays above zero; lowest $82,000 (end of 2102).
This chart assumes the reserve contributions in the study. The 2099 budget contributes $325,000 less.
| Year | Balance |
|---|---|
| 2099 | $175,000 |
| 2100 | $128,500 |
| 2101 | $401,000 |
| 2102 | $82,000 |
| 2103 | $273,500 |
Source: S2 p. 6. The study's figures, not a forecast by this report.
Three questions for management
Is a special assessment now planned, and how much would fall on this unit?
Has the board adopted a funding plan that replaces the study's $420,000 reserve contribution for 2099, or does it plan to close the $325,000 gap?
Is the garage roof slab waterproofing work ($950,000, 2099) contracted, delayed or done?
The details behind this report
Open any section to read it. The PDF contains all of them.
The building: planned work, part by part
Fictional sample
The building in detail.
Planned replacements are not evidence that something has failed.
Location 1: Underground garage
2099 / $1,130,000
The parking levels below ground. "Roof slab waterproofing" is the waterproof layer on the concrete slab that forms the garage's roof (the study lists it under "Underground Parking Garage"). Study items: Roof Slab Waterproofing System; Parking Garage Painting.
Location 2: Windows, balconies and walls
2099 / $780,000
The outside walls, windows and balconies. Study items: Window Replacement - Phase 1; Balcony Concrete Repairs.
Location 3: Roof
2099 / $700,000
The roof covering that keeps water out of the building. Study items: Main Roofing System.
Location 4: Fan-coil units
2099 / $160,000
The heating and cooling units inside the suites. Study items: Fan Coil Unit Replacement.
Source: Reserve Fund Study, p. 4. Every item behind these amounts is in the full list at the end.
What the documents do not tell us
These are the study's estimates for 2099 only (2100 to 2103 not covered), not contractor quotes. The documents do not confirm that the scheduled work was contracted or completed. No engineering or building-condition report was supplied, so the condition of these parts is not described. No work was found for: Elevators. That does not mean none is needed. The study also sets aside $40,000 of contingency, a financial allowance shown on no part of the building.
The money: your payment and the reserve fund
Fictional sample
Follow the money.
The yearly contribution and the reserve balance answer different questions.
1. How much goes into the reserve each year?
The 2099 budget$95,000
The Reserve Fund Study, for 2099$420,000
Source: Budget Package, p. 1; Reserve Fund Study, pp. 2, 6.
$325,000 a year less than the study
The unit's 1.2% share: $325.00 a month
The reserve contribution is what the corporation puts into the reserve fund each year. The balance is what the fund holds at a point in time.
2. How could the reserve balance change?
The Reserve Fund Study's own projection of the year-end balance, 2098 to 2103.
This chart assumes the reserve contributions in the study. The 2099 budget contributes $325,000 less.
| Year | Balance |
|---|---|
| 2098 | $152,000 |
| 2099 | $175,000 |
| 2100 | $128,500 |
| 2101 | $401,000 |
| 2102 | $82,000 |
| 2103 | $273,500 |
Starting point: $152,000 at the end of 2098, as the study projects it.
Contributions, spending, interest and inflation are the study's own assumptions. This report does not change or extend them.
This is the study's projection, not a forecast by this report or a decision by the board. A balance that stays above zero does not, on its own, show that the fund is adequate in the long term.
Source: Reserve Fund Study, p. 6.
$152,000
Reserve fund balance on December 31, 2098, from the audited statements
Up from $100,000 at the start of that year. A past balance. It does not show what the fund holds today or whether it is enough.
Source: Audited Financial Statements, p. 1.
The next five years of planned work
Fictional sample
The next five years in detail.
Estimated project spending for the whole corporation, not a charge to the unit.
$2.81 million
Listed estimates for 2099 only (2100 to 2103 not covered), exactly $2,810,000, of which $40,000 is contingency. Years the schedule does not reach are not established, not $0.
- $2.81 million
2099
Garage and 3 more
- Not established
2100
Not covered by the schedule read
- Not established
2101
Not covered by the schedule read
- Not established
2102
Not covered by the schedule read
- Not established
2103
Not covered by the schedule read
These are estimates for the whole corporation, paid over time from the reserve fund. They are not charges to the unit, and a project price alone does not show whether an extra payment will be needed.
The schedule also lists 11 items for 2096 to 2098, before 2099; whether that work was done is not stated. See the full list at the end.
Sources, calculations and assumptions
Fictional sample
The evidence behind the numbers.
The documents, what was read from them, and how each amount was worked out. You do not need to read this section to understand the main result.
Documents read
- S1
Budget Package 2 pages; used: pp. 1, 2
2099 reserve contribution $95,000; the budget line the fee split is based on; a disagreement or ambiguity discussed in this report; statement on special assessments. Text read.
- S2
Reserve Fund Study 6 pages; used: pp. 2, 4, 6
2099 reserve contribution $420,000; schedule of major work: 18 items, 2096 to 2099; year-by-year balance projection. Text read.
- S3
Audited Financial Statements 4 pages; used: p. 1
Reserve balance $152,000 on December 31, 2098. Text read.
- S4
Unit Fee Schedule 1 page; used: p. 1
Monthly fee $731.41. Text read.
- S5
Declaration 1 page; used: p. 1
This unit's share 1.2%. Text read.
- S6
Status Certificate 1 page; used: p. 1
Special assessment. Text read.
Text read means the software read the words on the pages. Read by text recognition means the pages were scanned images and the software recognized the words on them. Neither guarantees that every table in a document was read.
Check the calculation
Reserve difference: $420,000 - $95,000 = $325,000 a year.
The unit's share of the reserve difference: $325,000 x 1.2% / 12 = $325.00 a month.
Scenario against the listed fee: $1,025.00 - $731.41 = $293.59, which is 40.1% of the listed fee.
Assumptions
- The operating budget and other income are taken exactly as the corporation adopted them; only the reserve contribution is replaced by the study’s.
- This split assumes every owner’s fee is divided between operations and the reserve fund in the same proportion as the budget as a whole.
- Amounts are in Canadian dollars, as the documents state them. No interest, inflation or later decision is added.
Where the documents disagree or are unclear
- Owners' yearly fees and total revenue are different figures, not a conflict: "Maintenance Fees 700,000" is what owners are charged; "TOTAL REVENUE $740,000" also counts other revenue lines ($40,000 more). This report uses the owners' line (Budget Package, p. 1).
What was not established
- No engineering or building-condition report was uploaded, so this report does not describe the building’s current condition. The Reserve Fund Study was used for its plan and costs; any condition notes it contains were not assessed, and it is not a physical inspection.
- Work after 2099: the schedule that was read lists nothing later, which does not show that none is planned.
How to use this report
What this report uses
- Software made this report from the documents you supplied. No person has checked it.
- It uses only those documents. A risk that is not mentioned may still exist.
- When documents differ, the report says so. If the documents show which figure applies, the report uses it and says why. If not, it does not choose.
- A figure the documents do not establish is shown as not established.
What it does not do
- It is not legal advice or legal representation. It is not an audit, an engineering opinion, a reserve fund study, or accounting or tax advice.
- It is not a building inspection or emergency help. It does not judge the building's condition or safety.
- If this report shows no safety warning, that does not mean the building is safe.
- It does not predict board decisions, special assessments or fee increases.
- It does not check whether the operating budget is enough to run the building.
Access and help
Questions about this report: help@condoowneradvocate.ca. Support does not interpret the result or give advice.
Appendix: all scheduled work
For reference. Every item read from the Reserve Fund Study. You do not need to read this appendix to understand the report.
18 items from the Reserve Fund Study, in the years it plans them. Estimates for the whole corporation.
| Year | Item | Estimate | Page |
|---|---|---|---|
| 2096 | Main Roofing System | $655,317 | p. 4 |
| 2096 | Contingency | $40,000 | p. 4 |
| 2097 | Roof Slab Waterproofing System | $900,000 | p. 4 |
| 2097 | Balcony Concrete Repairs | $220,000 | p. 4 |
| 2097 | Parking Garage Painting | $180,000 | p. 4 |
| 2097 | Fan Coil Unit Replacement | $150,000 | p. 4 |
| 2097 | Contingency | $40,000 | p. 4 |
| 2098 | Window Replacement - Phase 1 | $500,000 | p. 4 |
| 2098 | Parking Garage Painting | $190,000 | p. 4 |
| 2098 | Contingency | $40,000 | p. 4 |
| 2098 | Roof Slab Waterproofing System | $30,000 | p. 4 |
| 2099 | Roof Slab Waterproofing System | $950,000 | p. 4 |
| 2099 | Main Roofing System | $700,000 | p. 4 |
| 2099 | Window Replacement - Phase 1 | $520,000 | p. 4 |
| 2099 | Balcony Concrete Repairs | $260,000 | p. 4 |
| 2099 | Parking Garage Painting | $180,000 | p. 4 |
| 2099 | Fan Coil Unit Replacement | $160,000 | p. 4 |
| 2099 | Contingency | $40,000 | p. 4 |