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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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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.
Are you concerned that someone might pocket the funds instead of donating them? If so, you could take over this function yourself, or make a roster with other owners. Or if the amount is small, ignore this potential corruption and let this person be judged at the pearly gates.
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