In this episode of #WeSpeakCondo, Nicholas speaks with Romina Facchini from Statis Inc. about condo reserve funds and the financial planning required to maintain condominium buildings over the long term.
They discuss reserve fund studies, eligible expenses, contribution increases, deferred projects, inflation, preventative maintenance, shared facilities, and what happens when boards keep condo fees artificially low or spend reserve funds on items that were never included in the plan.
Romina also explains how underfunding can eventually lead to significant fee increases, loans, or special assessments for owners.
An important episode for condo board members, property managers, owners, auditors, and anyone responsible for the financial health of a condominium corporation.
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