Component List Compilation is the process of collecting and then combining all the Community Component data, relevant to the reserve study. Elements of the Component List Compilation stage include Component Data Collection; the Import of the data in the Component Management Application; Cleaning up of the Data; and the Round 1 review and update of the data.

Reserve Fund Strength Analysis is the exercise of determining the strength of the current reserve fund (available funds and planned collections, relative to 30-year cost requirement determined from the Component List Compilation phase). Elements of the Reserve Fund Strength Analysis phase include the Component 30-year cost requirement analysis (budget); Reserve funding in-place analysis (funding available and existing funding policies); and the Current Reserve Fund Strength Analysis, which is the funding gap analysis comparing funding in-place against the 30-year component cost budget.

Fully Funded Reserve Fund Study is the calculation of the funding requirement in order to be fully funded. Elements of the study include the determination of the funding requirements in order to fully fund the 30-year component cost budget and the calculation of the delta funding requirement in order to be fully funded (between current funding in place and the fully funded requirement).

Funding Plan: Road to being Fully Funded is the process of consulting with the client in order to find a funding plan to be fully funded, which is within the reality of the community’s current means. Elements of this phase include: Determining the impact on members if the fully funded budget were to be adopted; The consideration of funding options in order to “breach the gap” (from current to fully funded); The consideration of “road to fully funded” options (increasing the funding strength gradually over a number of years, balancing critical funding needs and member affordability.)

Component Maintenance & Funding Plan Implementation is the process of implementing the adopted and signed-off reserve plan. This includes the Implementation of the adopted Funding Plan with the corresponding component maintenance plan and the realisation of funding initiatives with the action of planned component maintenance items.

Component List Maintenance includes the on-the-job maintenance of the Component List in the SR-FMA (Facility Management Application), driven by the adopted Funding Plan Component Spend Budget. This includes the re-scheduling of planned component events not realised, details update of realised planned component events and adding or removing of new and disposed of components.