How is the condominium run?
The condominium trust is run by a board of trustees elected by the owners. The board’s function is to manage the condominium complex and association. Major decisions are voted on at owners’ meetings. Annual general meetings must be held at least once a year to ensure that unit-owners have an opportunity to review the financial statements and discuss any issues in a timely manner. Participation in community decision-making is a benefit of condominium living. Reserve fund A condo trust must maintain a reserve fund for the sole purpose of paying for major repairs and replacement of the association’s common elements and assets. Trusts should conduct a reserve fund study to determine whether the fund will can cover these costs. Once the study is done, the trustees propose a plan to ensure the reserve fund is adequate.
