In my state, a condo association or a homeowner’s association is required by statue to conduct a reserve/engineering study every five years and keep an adequate reserve fund. If it does not, any member has standing to sue the association to force it to do so, and if successful, the association must pay the owner’s attorney’s fees and costs.
That’s a big deal because the legal fees are the biggest deterrent to filing the lawsuit in the first place.
Many mortgage companies require condominium associations to put 10% into reserve each month. They won’t write mortgages for the building unless the associations have this as a policy.