Wednesday, November 30, 2005

Spending from the Reserve Fund

Dear Betty

As the treasurer for a Condominium Corporation in Calgary, I am writing for some assistance on the clarification of reserve fund expenses/common property. This past summer we had to remove and replace a number of trees on the common property of our complex because they were becoming a hazard. The current board, along with myself believe that this is a reserve fund expense because the trees are on common property, coming under landscaping of the complex. The former treasurer says it is against the law to take these funds from the reserve fund because trees are not depreciating assets. Do you have any advice or know where we can obtain further clarification?I would appreciate any information you can provide me. Thanks in advance, J.


J.,

first, on our web site, www.condo-check.com, we have a Trades and Service Directory that contains the contact information for companies in the Condominium industry that can assist with a variety of condominium matters.

Regarding your question regarding the use of the reserve fund money. A condominium corporation can use the money in the reserve fund for repairs, maintenance or replacement of any items that are listed in the reserve fund plan. In the case of the tree removal, if landscaping is a line item, then yes, funds can be taken from the reserve. Reporting of this activity is to be done in the annual report that is to be provided to the owners at the Annual General Meeting of the owners.

The Condominium Property Act of Alberta, and the Condominium Property Regulation is what governs the condominium reserve fund.

Cheers!

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