13th Month Condo Fee

May 2018

A 13th month fee is an additional month of condo fees some condo corporations utilize to increase the Reserve Fund.  This is an assessment amounting to 8% of current condo fees.  It was created by individuals as a way to increase Reserve Fund contributions without implementing a permanent increase in condo fees or a special assessment.

A 13th month fee is not part of condo governance documents.  It is comparable to a special assessment and should be treated as such.  It masks a Reserve Fund shortfall best addressed directly by raising condo fees 8% rather than being masked as a 13th month fee.