Asset Management is about planning, developing and preserving our homes into the future.
Every co-op needs long-term planning. Good asset management planning is key to helping your co-op carry out much needed building repairs and improvements.
What is an Asset Management Plan?
- a 30-year plan for your buildings to provide the optimal level of service in the most cost-effective manner
- shows how much you will need to spend, and when, on repairs and replacements
- shows how to manage your co-op’s money so you can afford repair and renovation work
- takes into consideration your co-op’s goals and needs
Your Asset Management Plan (AMP) will be a written report with a repair and capital expenditure schedule, reserve fund projections and operating budgets covering a 30-year period. It will identify issues currently facing your co-op and strategies to ensure its long-term viability.
How is your co-op involved in developing your Asset Management Plan?
- At the start of the plan, the co-op will be asked to provide feedback on the Building Condition Assessment done by the engineering firm, to determine which capital repairs members are keen on seeing implemented.
- We will work with the co-op to understand your concerns and goals while drafting the AMP. Upon completion of the draft, we will meet with your board and present the analysis and findings in the report.
- We will gather your feedback on the draft AMP before making adjustments and providing you with a final Asset Management Plan
The AMP is developed prioritizing your co-ops needs, to plan for your co-op’s bright and sustainable future.
What is a Building Condition Assessment?
- A Building Condition Assessment (BCA) is conducted by a certified building science professional to provide a report on the condition of your co-op’s buildings and repairs required.
- The report is a core planning document for your co-op as it identifies repairs and replacements you will need to purchase and when you will need to spend the money.
- We will help you prepare and send a request for proposals to qualified companies, analyze the proposals you receive, review the draft BCA reports with you, and ensure delivery of a quality product.
- Based on the BCA recommendations and the co-op’s priorities, the AMP will provide a short to medium-term and long-term capital expenditure schedule to carry out repairs and replacements in the most beneficial manner.
If you are looking for information on building capital repair needs, please visit our educational webinar Where to Start: Building Envelope Repairs
What about a financial plan?
- When developing an AMP, our team will analyze your operating revenue and expenses, reserve fund balances and other information such as market rents, government assistance and debt obligations
- We will use researched estimates about future revenue and costs for your co-op to develop financial projections. These include operating budgets, reserve fund contributions and capital budget projections.
- The AMP also helps you assess your replacement reserves, to see whether your savings should be combined with new borrowing to provide money to handle overdue repairs immediately. If so, our team can help you get the funds you need.
While all decisions on the long-term success of the co-op are made by your co-op, the Asset Management Plan will provide you with valuable information you will need to make your decisions easier. Your co-op should review its AMP annually when preparing operating and capital budgets, and the AMP should be updated every five years.
For more information, please download our Asset Management brochure, or call or email:
1-800-268-2537, ext 250,
1-800-268-2537, ext 227