Definition : Unforseen events fund

Fund dedicated to unexpected expenses of any kind, such as an urgent repair. It is the result of an accounting management process consisting of isolating a certain amount of money which may be deposited in a separate bank account. Unlike the contingency fund, the unforeseen events fund is not mandatory in the strict legal sense.

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A syndicate of co-owners has the obligation to account for its operations by funds. The Civil Code of Québec requires the creation of a general fund, a contingency fund and in April 2022, the creation of the self-insurance fund. The creation of the early self-insurance fund is recommended. The general fund for current operations is also sometimes referred to as an administration fund or an administration fund.
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