Reserve Funds 101

The blog post on the SRCondoLaw website provides an overview of reserve funds in condominiums. It serves as a guide to help readers understand the basics of reserve funds and their importance in condominium management. The post explains that reserve funds are a pool of money set aside by condominium corporations to cover future repairs, replacements, and major expenses related to common elements and assets. It discusses the purpose of reserve funds, which is to ensure that there are sufficient funds available for the ongoing maintenance and long-term sustainability of the condominium property. The post also highlights the legal requirements and regulations surrounding reserve funds, including the need for reserve fund studies and the establishment of a reserve fund plan. It emphasizes the role of the board of directors in managing reserve funds and making informed decisions to adequately fund and maintain the condominium's infrastructure. The post concludes by emphasizing the importance of proper reserve fund management for the financial health and overall well-being of condominium communities.