Definition : Administration fund (general)

Funds used to manage the day-to-day operations of the syndicate, including the maintenance and operation of common portions, and administrative duties.

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November 1st 2016 - A condominium syndicate has the obligation to report its operations using the fund basis of accounting. The article 1071 of the Civil Code of Quebec imposes indeed the creation of a contingency fund. Every condominium has to set up accounts distinguishing the general fund for common operations, sometimes called the administration funds, and the contingency funds.
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