What is the reserve fund for?

Reserve funds are built towards future cyclical expenditure (such as the replacement of the lift of the re-covering of a roof and/or general block redecoration). Collecting a reserve fund helps spread costs as the due date approaches. Only if the lease allows should a reserve fund be used to fund the cost of routine services. Legislation assures that the money held in the reserve fund is held on trust. At the SMSU reserve funds are held in your own private interest bearing Client account. The interest accrues to you the lessees collectively.

Social