Flat Chat Strata Forum Common Property Current Page

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  • #75070
    Dcassa11
    Flatchatter

      Our Committee have bins to collect recycling, Containers for change, they donate  the profit to a local charity. Do these funds have to be recorded in our financials? If it is to be recorded where would you allocate it?

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    • #75121
      Sir Humphrey
      Strataguru

        Is this really ‘Making a profit from common property’?

        The collection bin is on the common property but what goes into it is the waste containers of individual residents, which is not common property. Someone living on site (who only coincidentally happens to be a committee member) takes those containers for recycling and makes a donation to a charity on behalf of the neighbours who placed containers in the bin.

        I think that is just a group of neighbours engaging in a cooperative activity. It is not an Owners Corporation function so I don’t think the funds have to pass through the OC accounts.

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      Flat Chat Strata Forum Common Property Current Page