The notice of future funding is an essential financial document that outlines a condominium corporation’s plan to fund future repair and maintenance expenses. It is derived from the reserve fund study and includes a cash flow table projecting contributions, expenditures, and the overall financial health of the reserve fund over a set period.
The following is an example of what a cash flow table looks like:
Why Is the Notice of Future Funding Important?
For condominium owners, the notice of future funding provides insight into how their monthly fees contribute to the long-term financial stability of the property. It helps them understand upcoming increases in common element fees and whether their building is adequately prepared for future expenses.
For Vertical City, the notice of future funding is a key document because it contains the cash flow table, which our toolkit uses to generate analytics on reserve fund health. This allows owners and boards to make more informed financial decisions based on projected funding needs and expenditures.
How Do I Find My Notice of Future Funding?
The Condominium Act mandates that all owners must receive a notice of future funding every year.
If your property management typically emails documentation to owners, then you should be able to search for 'notice of future funding' in your emails.
Some condominiums store documentation on a document portal. If your condominium uses a system to store documents then you can log in to that system to find your last notice of future funding.
If you are still unable to locate the documentation, you can always contact your property manager to request it. Property managers are required to produce a copy of the documentation to any owner upon request.
Understanding and accessing your notice of future funding is crucial for both individual financial planning and the broader financial health of your condominium community.
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