- This topic has 9 replies, 5 voices, and was last updated 3 months ago by .
-
Topic
-
We are a 10 unit class B Unit Plan in Canberra.
In the Financial Statement presented at the AGM our current Strata Manager provided a word table with 10 or so rows showing a summary of expenditure in the previous year. Some of these rows were things like: “Management fee – Work out of scope ~$2.4k” with no break down of what work was actually done. This summary table was NOT supported by a ledger showing all transactions (date, who, purpose and the credit or debit amount).
We put an amended motion to “NOT to accept the Financial Statement until the full ledger was provided.” We quoted part 2.1 section 2.1 of the UT(M)A to no avail:
2.1 Executive committee must keep minutes, and records and accounts
(1) The executive committee of an owners corporation must—
(f) keep proper records and books of account in relation to—
(i) the corporation’s assets and liabilities (including all amounts owing to and by the corporation); and
(ii) all amounts received and paid by the corporation; and
(3) The executive committee must keep the documents, records and books of account for at least 7 years and make copies available for inspection on request by any member of the owners corporation.The SM said that in their 14 years of strata management, everyone prefers the high-level summary and no-one wants to see the actual transactions. If we passed the amended motion they would provide the ledger but at a cost. When asked what the cost would be, the reply was words to the effect of “We are not going to be jerked around by you. We will generate the ledger and charge you whatever it costs.”
* Does anyone have a similar experience of being denied access to the ledger in the Financial Statement?
* How did you proceed?
* Is it worth the fight to see where OUR money is actually being spent?Feel free to send me a message if you want to discuss this offline.
Enjoy the new year,
Woodwalker
- You must be logged in to reply to this topic.