A Reserve Fund Study is a tool to help the Condominium Corporation decide how much it needs to put into its Reserve Fund. As of 2015, it is required that every Condominium Corporation obtain an updated Reserve Fund Study every 5 years.
The Reserve Fund Study is generally prepared by engineers and must contain the following:
- an inventory listing all parts of the condominium common elements or units which the corporation is required to maintain and repair;
- a physical analysis of the current state or repair and anticipated date for replacement;
- a financial analysis;
- a summary of the study;
- a description of the qualifications and experience of the reserve fund study preparer.
