WebPercent Funded calculation as a way to assess your reserve fund strength, rather than the amount of cash in reserves. • Make sure your Percent Funded is calculated at the beginning of each fiscal year. • Honesty and transparency is key. Disclose the Percent Funded and the amount of cash in Reserves to homeowners and provide regular updates. WebMar 23, 2024 · CSOS sub-regulation 15.(3) is clear. A community scheme (both sectional title schemes and HOAs) must purchase fidelity cover for a minimum amount of: (a) the community scheme’s investments and reserves at the end of its last financial year; and (b) 25% of the community scheme’s operational budget for its current financial year.

Sectional Title - Payment of CSOS Levies: 6 Steps to Success

WebMar 4, 2024 · Community Schemes Ombud Service Levy. Section 11 of the CSOS Regulations of 2016 stipulates that a levy is payable by every community scheme on a … Web1. If the amount of money in the reserve fund at the end of the previous financial year is less than 25% of total contributions to the administrative fund for that previous … phillip island floods

Condo association reserve fund guidelines - Condo Control

WebJul 7, 2024 · There is also a small CSOS levy, which is payable to CSOS either quarterly or annually in advance - and this will be charged in addition to the monthly levy amounts … Webmaintain a reserve fund in such amounts as are reasonably sufficient to cover the cost of future maintanance and repair of common property, but not less than such amounts as … WebThe reserve fund maintained in terms of section 3 (1) (b) of the Act (which section requires the establishment and maintenance of a reserve fund in such amounts as are reasonably sufficient to cover the cost of future maintenance and repair of common property) must be used for the implementation of the maintenance, repair and replacement plan ... phillip island flooding