B.B. writes:
Dear Paul:
Our Condo Corporation must get a Reserve Fund study completed in the next six months. We are told that it could cost close to $5,000 to get this done. Our property manager told us that we could charge the cost to the reserve fund. Is this correct?
Paul replies:
Your property manager may have thought of something different when giving you this advice. According to the Manitoba Condominium Act, the cost of the reserve fund study is a common expense. As such, it must be paid for from your corporation’s operating expenses and not out of the reserve fund.
Cost of Reserve Fund Study
- Post author:Paul T
- Post published:November 9, 2018
- Post category:Finance
- Post comments:0 Comments
Tags: Reserve Fund