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What is a Contingency Reserve fund?

April 26, 2017Contingency fund Reserve

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What is a Contingency Reserve fund?

1 Answer

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A Contingency reserve fund are monies set aside to cover emergency problems and non-annual maintenance, like replacement of a furnace, boiler, roof, or elevator. The idea is to protect Owners from major $$ levies for repairs to expensive items by taking part of the monthly condominium fee and setting it aside in a contingency fund. Recommended to not rely on information expressed here and get further advice from your accountant or lawyer.