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.