Depreciation report is a legislated planning requirement for strata corporations in B.C.
The purpose of the Depreciation report is to establish long term planning for the common property/assets. The report will determine:
1. What assets you own (an inventory).
2. The assets condition (evaluation)
3. When things need to be replaced (Maintenance, repair, replacement)
4. How much you currently have (contingency reserve report)
5. What it is likely to cost for future replacement (a description of the factors and the assumptions in projecting costs) 6. How you are going to pay for the costs (three cash flow models projecting 30 year replacement periods)
Regulations regarding the Depreciation Report
As of Dec 13,2011, a depreciation report is mandatory for strata corporations. The report needs to be put into place before Dec 13,2013.
Exemptions - Strata Corps with less than 5 strata lots, and those who pass an annual 3/4 vote are exempt.
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