Reserve Fund Studies in Plain Language

The article provides a plain language explanation of Reserve Fund Studies (RFS) in condominiums, addressing common questions from owners and directors. It describes the purpose and contents of an RFS, including the list of common elements, determination of major repair or replacement, timing of repairs, current and future costs, interest and inflation rates, and future annual contributions. The article emphasizes the importance of the Notice of Future Funding of the Reserve Fund, which summarizes the key information for owners, including the percentage increase in reserve contributions that impacts total common element assessments (CEA) in the coming years.