Page 27 - Project Acanthus_Mainstay

26. Please describe your approach to long term repair and cost replacement planning. What controls do you put in place to prevent reserve or sinking funds from being used for general contingencies?
A key advantage that Mainstay possess over many of our competitors is our breadth of service. This benefits our clients because we can take a proactive and dynamic approach to long term repair and cost replacement planning.
We have a full raft of support services that are crucial to our operation. These include Engineering Services and Building Surveying.
These in-house teams oversee the provision of M&E Services.
In order to ensure that the M&E equipment is operating efficiently and effectively, Mainstay will compile an
updated asset register using industry leading Kycloud asset management software, which will individually identify each piece of equipment. This will allow us to ensure that the equipment is fit for purpose, covered by a suitable maintenance contract, subjected to regulatory inspection, and will enable life cycle cost analysis in conjunction with a planned maintenance programme. This will also guarantee traceability and ensure all plant equipment and utilities are charged to the correct service charge or customer.
Our approach is intended to not only fulfil the legal requirements placed on the Duty Holder, but also to protect the assets and extend the working life of installed M&E plant.
All asset information is held in a comprehensive asset register recorded in our maintenance management software. This includes estimated life cycles based on published technical data, together with data and feedback from routine planned preventative maintenance. From this, a Life Cycle Replacement Programme and Forward Maintenance Register (FMR) is generated.
The FMR incorporating the information and data extracted from the existing 10-year management plan will be agreed with the client, reviewed at least half yearly and prioritised according to the categories agreed with the client.
This means that significant costs can be forecast and planned for, preventing reserve or sinking funds from being used for general contingencies.
Use of sinking funds to support general day to day expenditure is not permitted under RICS Members Account Regulations. Our Qube property management system, and internal compliance checks prevent this. Money can only be transferred from a reserve to a client account with clear client approval and
sign off from the relevant Associate Director.
Mainstay: Response to Tender | Project Acanthus - Part Two
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