THE DAVISVILLE & LEASIDE INSIDER

THE DAVISVILLE & LEASIDE INSIDER

Monday, March 10, 2014

Condo reserve fund: Who decides how fast to build it up, and can that decision be overruled?

Q Our condo conducted its first reserve fund study and received recommendations for contribution increases to the fund. Instead of following the recommendations, our board of directors presented a plan to fund the increase over 17 years, rather than over two years as per our reserve fund study indicated. Does the board of directors have the mandate or authority to override the recommendations of the reserve fund study?

Click here to read the answer on National Post's web site....

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