In order to pay for the costs of the condominium, owners are required to pay maintenance fees. Condo maintenance fees are monthly payments, collected from each owner, based on their percent ownership of the condominium. This percent can be found in the condominium Declaration.

Since condominiums are not-for-profits, the condo maintenance fees collected are only supposed to pay for what is needed. In other words, there should not be any leftover money (surplus) at the end of the year. Maintenance fees pay for all aspects of the condominium, which can be found in the annual budget. Some of the main categories are:

• Repair and Maintenance, which covers work around the building, such as landscaping, mechanical, parking control, pool maintenance, or anything related to the work that needs to be done to keep the place running.
• Administrative, which covers the cost of the management, insurance, office supplies, owners meetings, and the annual audit.
• Staffing, which covers the cost of the non-contract staff.
• Contribution to the Reserve Fund, which is money placed in a savings account and is used only for major projects. The amount that you contribute is determined by an engineering firm every three years as part of the Reserve Fund Study.
• Utilities, which covers the cost of electricity, gas, water, and sewage.