What is statement of reserve fund in SAP RE-FX - Flexible Real Estate Management?

SAP Term: statement of reserve fund

• Component: RE-FX

• Component Name: Flexible Real Estate Management

• Description: Third-Party Management A record of the reserves and assets of a condominium owners' association.

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• Key Concepts: 
  Statement of Reserve Fund is a financial document used in SAP RE-FX Flexible Real Estate Management. It is used to record the amount of money that is set aside for future maintenance and repairs of a property. The statement of reserve fund is used to ensure that the property is kept in good condition and that any necessary repairs are taken care of in a timely manner. 
  
  How to use it: 
  The statement of reserve fund is created by the property manager or owner. It includes information such as the amount of money set aside for future repairs, the type of repairs that are expected, and the estimated cost of those repairs. The statement also includes information about any other funds that may be available for repairs, such as insurance or grants. Once the statement is created, it can be used to track the progress of repairs and to ensure that all necessary repairs are taken care of in a timely manner. 
  
  Tips & Tricks: 
  When creating a statement of reserve fund, it is important to make sure that all necessary information is included. This includes the estimated cost of repairs, the type of repairs that are expected, and any other funds that may be available for repairs. Additionally, it is important to keep track of any changes in the estimated cost or type of repairs over time so that the statement can be updated accordingly. 
  
  Related Information: 
  The statement of reserve fund is an important part of SAP RE-FX Flexible Real Estate Management. It helps to ensure that all necessary repairs are taken care of in a timely manner and that the property remains in good condition. Additionally, it can be used to track the progress of repairs and to ensure that all necessary funds are available for those repairs.