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Component

Refers to the development’s reserve fund planning’s general inventory items created or updated during the physical analysis process of a depreciation report.

Components are corporation responsibility and refer to full and partial replacement of capital assets with: 1) limited expected lifespans, 2) predictable remaining lifespan, 3) a cost above a minimum spending threshold, and 4) local codes.

Components categories include full replacement, partial replacement, update, upgrade and allowance.

Improvements become components in a new round of reserve fund planning.

De-commissioned components are removed from the general and benchmark inventories in a new round of reserve fund planning.

About Author: Jean-François

With experience gained in construction, project management, field reviews, inspections, report writing and as strata president, J.-F. has cross-industry expertise guaranteeing that you will participate in a process geared to improving the corporation's finances and to setting the condo | strata board | council's planning to stand the test-of-time.