- This topic has 1 reply, 3 voices, and was last updated 1 year, 6 months ago by .
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Topic
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How are owners (who do not sit on the Strata Committee and hence are being kept in the dark) safeguarded financially when a scheme changes strata managers? That is, how are they protected from the possibilities that shenanigans – around or during the changeover – take place such as (a) the sacked manager and/or committee members helping themselves at will to the trust a/c without informing the rest of the OC and (b) the new strata manager upon taking over, debiting the trust a/c for whatever he/she sees fit?
What I am after is to know whether there is a standard set of papers such as trust a/c bank statement or reconciliation statement prepared by the sacked strata manager that shows the closing of the a/c as per the sacked agent and the opening of an a/c by the newly appointed agent.
If not, then how do owners know whether or not funds are missing or have been misappropriated? And if so, to what extent?
- This topic was modified 1 year, 6 months ago by .
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Replies
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Every strata is required to keep accurate financial accounts.
As an owner, you can access the accounts at any time by asking the strata manager.
Just be prepared, because strata accounts are slightly different to company accounts . That’s not to say there is any funny business but you need to understand the way to read strata accounts. ( don’t ask me to explain, it takes too long).Also accounts need to be kept if all expenses. Again you can ask for these as well as the supporting invoices.
There is also a balance sheet.
The trust account should agree with the balance sheet
The outgoing strata manager should be able to prepare these documents. I doubt whether the new strata manager would take on a strata with out satisfying themselves thst the numbers add up. That does not mean thst the accounts are correct.
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