What are service charges?
Owners Associations raise funds by levying contributions from all unit holders. These are known as “service charges”. The General Fund is an annual service fee that covers the cost of maintenance, repair and management of the common areas for the budgeted year and includes building insurance, utility services and administration costs. Unit holders must also pay a service charge to the Reserve Fund to provide funds for maintenance and renewal of long-term structural and capital items of the building such as elevators. The General Fund levy and Reserve Fund levy are jointly known as “Service Charges”