What document is prepared following a Reserve Fund Study?

The correct answer is a "Reserve Fund Report." After conducting a Reserve Fund Study, a detailed report is drafted to provide insights into the current status and projected future needs of the reserve fund for a condominium or property. This report outlines the anticipated costs for repairs and replacements of major components, helping stakeholders understand how much money should be set aside in the reserve fund to adequately cover those future expenses.

The Reserve Fund Report serves as a critical tool for property management, as it informs decision-making regarding budgeting, fund allocation, and planning for eventual repairs or replacements, ensuring the financial health and maintenance of the property over time.

Other documents, while important, address different aspects of property management or financial planning. The Condominium Operating Plan focuses on the day-to-day operational aspects of a condominium, the Property Management Agreement outlines the relationship and responsibilities between the property owner and the management company, and the Annual Financial Statement provides a summary of income and expenses related to the property for a specific financial period. Each serves a unique purpose but does not specifically relate to the findings and plans stemming from a Reserve Fund Study.