Trustees need to know this!

Did you know that many bodies corporate lose money on insurance premiums by skimping on the valuation? In some cases, the reason might be that the body corporate has not met its obligation to obtain the mandatory 3-yearly replacement cost valuation – this usually leads to over-escalating the sum insured by applying the same “on-the-safe-side” escalation rate of 10% year after year.

How to calculate your community scheme levy

Creating a financial roadmap for your sectional title scheme starts with understanding how your levy is calculated and what it includes. To that end, we will focus on the three parts that make up the community scheme levy in this article, namely the contributions required for the reserve fund, the contributions to the admin fund and the CSOS fee.