A preventative maintenance report is a detailed planning tool that outlines best practice maintenance activities for community maintained assets. It includes a detailed schedule of maintenance tasks or activities to ensure each asset is adequately maintained, thus maximizing life expectancies and minimizing annual cost of ownership.
In 2017, the MCIOA, which governs the operation of condominium associations and other common interest communities, was passed by the state legislature. Pursuant to Minnesota Statute 515B.3-107 – Upkeep of Common Interest Community, association boards shall prepare and approve a written preventative maintenance plan, maintenance schedule, and maintenance budget for the common elements. Communities that are regulated by the MCIOA receive a preventative maintenance report that assists with satisfying the statutory requirements.