Any condominium corporation requires a plan for long-term funding of the property's common elements (land and improvements). This long-term funding plan is called the “Reserve Fund Study” or “Depreciation Reports”. Examples of these common elements are building components and assemblies such as parking lots, parkades, heating, cooling and ventilation systems, plumbing systems, electrical systems, elevators, roofing, windows, exterior doors, exterior finishes, and common areas finishes (ceilings, walls, and floors). Reserve Fund Study provides budgeting requirements to consider a reserve for the replacement of short-lived and long-lived building elements. The RFS is not to address regular (scheduled) maintenance items or emergency (unscheduled) maintenance requirements.
