Financial Transparency for Condo Board Members: A Crash Course in Managing Reserve Funds

The blog provides a crash course in managing reserve funds for condo board members, emphasizing the importance of financial transparency and responsibility. It outlines the key steps in creating and managing a reserve fund, including conducting a reserve fund study, setting a reserve fund target, and developing a long-term plan for maintaining and repairing the building's infrastructure. The blog also highlights the importance of regularly reviewing the reserve fund and ensuring that it is adequately funded to cover future expenses. It emphasizes the need for open communication with condo owners about the reserve fund and the importance of presenting financial information in an understandable and transparent manner.