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6 Things You Need to Know About a Reserve Fund Study

Author: 
Criterium - Jansen Engineers
Publication date:
November 28, 2022
Article Summary: 

All condominiums are required to have a reserve fund, which is reviewed and studied every three years to ensure compliance and accuracy. Reserve funds can only be used for non-routine repairs and maintenance for the common elements of a condominium corporation. A reserve fund study is the study of how much money needs to be in a reserve fund to ensure necessary repairs. Professional engineers complete these reserve fund studies, which include a detailed physical assessment and financial plan. Accurate documentation is necessary for a reserve fund study to be conducted. Natural disasters, poor maintenance, and other factors can alter a reserve fund study.

Keywords: 

reserve fund, condominium, non-routine repairs, maintenance, physical assessment, financial plan, professional engineers, compliance, accuracy, review.

Source Citation: 
Criterium - Jansen Engineers
6 Things You Need to Know About a Reserve Fund Study
November 28, 2022
https://www.criterium-jansen.com/6-things-you-need-to-know-about-a-reserve-fund-study/
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