I’d be really worried that a building of 55 units has only $4000. An audit might not find any impropriety or errors in the accounting but you really should have more than that accumulating for planned maintenance. I.e. a sinking fund plan. Not sure how the NSW legislation puts it now but I expect it is not so different from the ACT, where an OC must have a sinking fund plan adopted by general meeting resolution and must review it at least every 5 years.