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The Administration Fund and the Sinking Fund
For those looking to buy into an apartment building, make sure you get a copy of any minutes from the last year or so. For those who might be new to apartments and schemes, effectively the $4,000 a year on body corporate, it's usually split up. The admin fund pays the yearly expenses, the insurances, the man who cuts the grass, the admin people... Safety orders. Cleaning common areas. That sort of stuff. And the sinking fund is an accumulation fund to pay for the big ticket items that happen periodically. So, painting the outside of the building, replacement of floor coverings in common areas. ...lifts, air conditioning and roofs. Yes.
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