WebThe body corporate at the following meeting[s] resolved to maintain the long term maintenance fund each year for the amount[s] stated: The body corporate acknowledges this plan can be reviewed as frequently as it considers necessary. The body corporate must carry out a review at least once every 3 years. The plan must cover a period of at … WebMay 16, 2024 · The maintenance plan must cover a 10-year period and is required to project all forecasted expenditure that will be necessary over this period. An annual review of the maintenance plan must be carried out to establish what maintenance was in fact carried out throughout the year and what the plan is for the next 10-year period.
Body Corporate Reserve Funds – What You Need to Know
WebJun 28, 2024 · The Sectional Title Schemes Management Act now compels schemes to have a 10-year maintenance plan in place, which estimates the total maintenance costs for each year over a period of 10 years. An MRRP should include the following: Major capital items that will require maintenance, repair and replacement within the next 10 … WebOct 6, 2024 · According to the Sectional Title Schemes Management Act (STSMA), a 10-year maintenance, repair and replacement plan for major capital assets must be … brownfield motorplex
How to calculate reserve fund contributions - The Advisory
WebMar 6, 2024 · Under the Unit Titles Act (2010) all Bodies Corporate are required to establish a Long Term Maintenance Plan (LTMP) covering at least 10 years from the date of the plan or its last review. It must ... WebJun 1, 2024 · This major capital item first appeared on the body corporate’s 10 year maintenance, repair and replacement plan for its 2024 financial year, when the calculation to work out the annual contribution required for that item was done as follows: (R450 000 – 0)/9 = R50 000. WebJan 17, 2024 · A 10-year maintenance plan must include: current condition of the property; items requiring maintenance in the next 10 years with expected dates and costs; ... For the average body corporate, these are tough issues to accurately determine or measure and will require professional assistance. Coetzee says that this has become a critical focus ... everpro hair products