Reserve fund (Yedek akçe)
Also known as: reserve, sinking fund, contingency fund, rezerv fon
Definition
A fund set aside by decision of the owners' assembly for major repairs, renewals or unexpected expenses and kept separate from day-to-day expenses.
The Condominium Ownership Law does not make a reserve fund mandatory; the fund is created by a decision of the assembly or by a provision in the management plan. Saving for major works that come up every few years, such as roof renewal, façade painting or elevator modernization, prevents sudden, large supplementary budgets.
Keeping the reserve fund in a separate bank account, or at least tracking it separately in the books, makes it transparent how much has accumulated and by which decision it was spent.
In CasaX
In CasaX you can define a separate bank or cash account for the reserve fund and distribute contributions as a separate charge item.
This content is for general information only and is not legal or financial advice. Legislation may change; consult a professional about your specific situation.