This relates to NSW strata schemes.
One way to find out what amounts were spent on any items is to obtain either monthly or quarterly Cash Management Statements (Cash Mgt St) from the strata manager (SM). These are bank statements that itemise:
• all amounts paid;
• the name of the person/company who it was paid to;
• the nature of the work/service done; and
• also monies received by the OC including levies listed lot by lot.
All the strata manager needs to do is scan or download the statement that the bank has provided. It is then emailed to all owners or just the OC treasurer. As treasurer I email all owners a copy – it’s just a few clicks of the mouse.
When negotiating the terms and conditions of the Strata Management Agreement which was a standard SCA agreement, I asked that the agreement state that Cash Mgt Sts be emailed to the treasurer or all owners at the end of every month. Our SM agreed. A friend’s SM agreed to do so at the end of every quarter.
Alternatively, if the SM runs a portal for each strata scheme, the Cash Mgt Sts just need to be posted there and owners can access and download it at any time.
Receiving monthly or quarterly Cash Mgt Sts allows owners to query amounts spent on unrecognised works/services while they’re still fresh in the SM’s mind. One real life example is that a friend’s SM had paid a bill from the wrong strata scheme’s AF, and when it was queried, it was very quickly reversed.
Then when the AGM notice is received, owners need only to refer to the monthly/quarterly Cash Mgt Sts and add up amounts spent on plumbing or whatever to see if the total corresponds to the total amount presented in the Income and Expenditure Statement attached to the AGM notice.
Additionally, if owners receive regular Cash Mgt Sts, they have no excuse for not knowing if their levies are fully paid and if they’re entitled to vote.
I feel that receiving monthly Cash Mgt Sts should be compulsory.