How you use your asset management plan will depend on your
If your co-op has adopted an AMP, review your AMP each year. Consider how you’ll schedule the capital works anticipated for the current and next years and be sure to track what work is actually done. Keeping good records is extremely important: note which components see work, what the costs are and ensure that warranty requirements are clearly laid out. Ideally, your co-op will retain digital copies of all its important documents and ensure there are backups.
On the financial side, it is a good idea to refer to your AMP when establishing your annual budget. The AMP makes some assumptions regarding vacancy losses and other items, so some divergence between the projections and the budget is to be expected.
Plan for regular maintenance. Maintenance is a critical element of asset management and appropriately-maintained building components last longer: proper maintenance helps co-ops avoid the kinds of expenses that come up when components fail unexpectedly and catastrophically.