In the context of Co-operative Housing Societies (CHS) or Apartment Owners Associations (AOA)<\/p>\n
A Reserve Fund<\/strong> comprises of –<\/p>\n a) the amounts carried to this fund, from year to year, out of the net profit of that year<\/p>\n b) all entrance fees received by the society from its members<\/p>\n c) all transfer fees received by the society from its members on transfer of shares, along with the occupancy rights*<\/p>\n d) all premium received by the society from its members on transfer of their interest in the capital or property of the society*<\/p>\n e) all donations received by the society, except those received by it for the specific purpose.<\/p>\n Utilization:<\/strong> The Reserve Fund of the Society may be utilized for the expenditure on repairs, maintenance and renewals of the society’s property.<\/p>\n To ensure your Association \/ Society’s Reserve Fund’s are accounted correctly and are centrally available for the review of Auditor, Managing Committee as well as Members, use the End-to-End online accounting features of ADDA ERP<\/a>!<\/p><\/blockquote>\n * These are not applicable for Apartment Owners Associations (AOA) or Home Owners Associations (HOA), Residents Welfare Associations (RWA).<\/p>\n