Tag Archive for: operating fund
https://www.reedpope.ca/wp-content/uploads/2020/01/rp-logo.svg 206.2 594.1 JohnM John https://www.reedpope.ca/wp-content/uploads/2020/01/rp-logo.svg JohnM John2023-03-01 12:00:262023-02-27 14:42:17Paying the Bills: Properly Spending the Strata Corporation’s Money
The Strata Property Act requires every strata corporation to meet its common expenses. The money to meet those expenses is usually held in one of three funds: an operating fund, a contingency reserve fund, or a special levy fund. Understanding the operating fund and the contingency reserve fund and the requirements for spending the money in these funds are fundamental concepts that must be understood by anyone intending to spend the strata corporation’s money.