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An account used to save for unexpected expenses. In most cases, a reserve fund is a savings account from which one can withdraw at will. In other cases, a reserve fund may be a money market fund or may be invested in something like U.S. Treasury securities. In any case, a reserve fund is highly liquid and easy to access.
A physical fund with money for anticipated future needs. A reserve fund should appear on a company's or property's balance sheet as an actual bank account, earmarked for a particular use.