What is the CRF (Contingency Reserve Fund)?
The CRF is a forced savings plan for each strata corporation required under the Strata Property Act. The CRF is typically used to fund unforeseen expenses or major projects such as a new roof, exterior painting, deck replacement, insurance deductibles etc. If the CRF does not meet the minimum standard under the SPA the strata is required to contribute at least 10% of last years operating expenses towards the CRF. Spending money from the CRF can only be done in emergency situations or a ¾ vote among owners at an Annual or Special General Meeting.
