Every 3 years the condo board is required by law to order a “Reserve Fund Study” this is just like a business’s profit and loss projection, except the study is done for the next 30 years. If at any point in the projection the cash flow dips into the negative the condo board HAS to develop a plan to deal with it, often times this will result in a special assessment, which is fancy talk for everyone who owns a condo here pitch in some money so we stay in the black. It’s usually figured about by square footage, so if the condo needed $100,000 and your condo represents 1% of condo living space they would asses you for $1,000.

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