For a community association to succeed long term, its major components, like elevators, clubhouses, and swimming pools, will eventually need to be repaired or replaced. The funding for this comes from the money set aside in a reserve fund. 

A reserve fund is cash saved by a community association for additions to components the association is obligated to maintain and future replacements and repairs that don’t happen regularly. While an appropriately funded reserve account is crucial to a well-run association, many managed communities in Canada are underfunded. That means they lack the proper savings to pay for major projects or parts.

As industry leaders, we at Associa know how essential reserve funds and studies are to a community’s financial well-being. In this ebook, we provide valuable answers to commonly asked questions about reserves. Download it now!