Building a reserve fund is a separate fund which is maintained by the condominium corporations. It is maintained by condominium owners and used to pay for major repairs and maintenance or replacement of common elements. The Building reserve fund is generally used for future budgeting by property managers to assess future capital cost. Overlooking its importance can lead to a deficit in capital for vital asset replacement. The report on the reserve fund analysis will contain background information about the condominium corporation, the current condition of common elements and assets, the expected costs going forward to repair and/or replace the common elements and assets, and various contribution plans that may be used to fund these expenditures.
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