Your recent article on contributing to the reserve fund as a condominium owner made good reading. We recently purchased a condo and made the offer conditional on the review of the status certificate. Would there be some indication in this document about the reserve fund?

First, let me explain reserve funds for condos. They are kind of like a savings account for homeowners who put a small amount of money away each month for repairs to the roof and other items around the house.  

Reserve funds for condos are contributed to in order to address large upkeep issues for the building such as roofs and parking. Under the statute, a condo must keep a certain percentage of their operating budget in reserve.

When you order a status certificate, it will indicate if the reserve fund is adequate for the coming fiscal year and if the board of directors has any thoughts of increasing the fund through a special assessment.  

Typically, this statement is reliable for the fiscal year but you cannot rule out the possibility that half way through the year, a large repair becomes necessary and therefore the board may have to reconsider the adequacy of the reserve fund.

So really, new purchasers cannot rely on the status certificate past the point in time that it was issued because like all of us, condo owners and boards do not have crystal balls to see the future.