Can Housing Society collect celebration funds as part of monthly maintenance?

In order to meet the expenses most of Housing Societies are collecting either as Cultural Fund and or Festival fund as a part of regular monthly maintenance. There is neither an express prohibition nor permission to collect compulsory contributions for cultural fund which are voluntary in nature.

What is society welfare fund?

In order to protect the members from untimely emergencies like death of the member or their spouse ESCO gives assistance through a special Scheme known as Member Welfare Scheme. ESCO provides financial assistance to such families through a defined process in Member Welfare department.

Can society funds be used for cultural activities?

A CGHS can levy charges and fees ONLY for such purposes as are permitted under the society bye-laws. Thus, if your society bye-laws do not permit levy of charges or a fund for cultural activities, then the managing committee is not permitted to do so.

What does society maintenance charge include?

This includes all Staff Salaries (including society office staff, maintenance staff, security staff, housekeeping staff, technical staff etc.), Administration Expenses (internet, telephone, printing, stationary etc.), Auditor Expenses, Common Area Electricity Bill (excluding bill for Lift operations), Conveyance / …

Can we use sinking fund in society?

“Sinking fund can be utilized by the society for non-routine capital expenditure without permission of the registrar, subject to approval of the general body via a notice, agenda, resolution, under provision,” said Jeby Patel of All-India Cooperative Housing Societies Association (AICHSWA).

Is Sinking Fund and Corpus fund same?

Once the housing society is duly formed, the Corpus Fund amount can also be transferred to the Sinking Fund which is used for major repairs, reconstruction, structural addition or redevelopment.

Can society Charge welfare?

“Charges/fund for functions and welfare of the society” can be clubbed so that we can collect that from the members as a compulsory charge. namely item No. (xiv) “Any other charges : As may be decided by the general body of the society at its meeting.”

What is society fund?

Types of funds in a cooperative housing society Utilisation: As per the model bye-laws, Reserve Fund is used for repair, maintenance and renewal of the society’s property. A housing society saves this amount for the time when there are any structural additions or alterations to the buildings/wings of society.

How do housing society generate revenue?

Top 10 Ways To Increase Revenue

1. Defaulting Is A Big No. No MC likes defaulters.
2. Automate Your Billing Process.
3. Mandate Online Payment.
4. Automate Apartment Accounts With An Apartment Billing Software.
5. Invest Right; Save Taxes.
6. Regularise Community Asset Maintenance.
7. Leverage Your Clubhouse.
8. Rent, Rent, Rent Away.

How much funds are provided for Organising Cultural Festival?

5.00 lakhs per project as recommended by the Expert Committee. The Ministry may in exceptional circumstances, increase the assistance to any project of outstanding merit and relevance upto Rs. 20 Lakhs with the approval of Hon’ble Minister of Culture.