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Proper Use Of The Reserve Fund - Letter To The Editor

Author: 
Toronto Condo News
Publication date:
November 23, 2022
Article Summary: 

A reader wrote a letter to the editor of the Toronto Condo News seeking clarification about the proper use of the reserve fund in paying for the cost of installing magnetic locks in the underground garage for the safety and security of residents. The response from the Toronto Condo News stated that while the board has the authority to undertake repairs and upgrades for security and safety reasons, the reserve fund is not to be used for the addition of new building components. The reserve fund is for maintenance, repair, and replacement of existing building components. Funds for additional components, like the magnetic locks, should come from the operating account, not the reserve fund.

Keywords: 

Reserve fund, Condo Act, building upgrades, security, safety, maintenance, repair, replacement, operating account, common expenses.



Source Citation: 
Toronto Condo News
Proper Use Of The Reserve Fund - Letter To The Editor
November 23, 2022
https://tocondonews.com/archives/proper-use-of-the-reserve-fund-letter-to-the-editor/
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