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Five benefits of the condominium sinking fund
01 āļĄāļĩ.āļ. 2017
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Some residents may wonder why aside from the common facility fee, they must also contribute to the sinking fund. The purpose of the sinking fund is to have ready cash to spend in times of dire emergency and other unforeseen circumstances. The collection and maintenance of the sinking fund is in accordance with condominium law which stipulates that the committee or the juristic person management must be responsible for. The five objectives applicable to the use of the sinking fund are:
1. For use as a revolving fund during the launch of the project when the collection of the common fees is still not complete and inadequate for monthly expenses. However, once all the management fee collection is completed and adequate, the advanced amount must be put back into the sinking fund.
2. For use to purchase central assets, such as expensive but necessary assets that the committee or the General Meeting must agree upon.
3. For use as reserve fund for emergency repairs.
4. To be kept for future major repairs.
5. For other purposes per the resolution of the committee meeting or the Co-owners Annual General Meeting.
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