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Our (NSW) Strata Manager, while providing a summary of Income and expenditure (in accordance with the Act) has however only over several years provided a summary of transactions (cheques drawn) to ONE of the many expense accounts (which was an incidental expense) and “NOTHING” for any of the revenue accounts. This I considered was irregular.
It is my view that ALL expense accounts should have the related transaction information detailed. (Cheques drawn details) I view it as potentially sloppy admin and worse that the Executive Committee has not thought it important to bring u. I have raised it with the EC.
Am I correct about this ?
In relation to the Revenue Account, I believe that they also should be provided.
The revenue account I consider should likely be in the form of a schedule of contributions per unit, so as to identify any lot that is in arrears at the date of the accounts preparation. Am I correct about this ?
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Our AGM financial report shows the total against each budget line item for each fund: administrative fund, sinking fund and a ‘special purpose’ fund. As treasurer, I provide a ‘report’ in which I describe in more user-friendly terms what sorts of things are covered under various line-items in those accounts. I also draw attention to and explain anything that might look odd, such as spending significantly more or less than the previous year on something. Often the explanation is simple: an error the year before corrected this year or bills for 3 quarters landing last year and five quarters landing this year. However, I don’t provide every single transaction ever made. One year when we did that, the AGM bogged down with pedants agonising over minutiae.
The strata manager should supply whatever information the EC and/or Owners Corp requests, in as much detail as they want.
They will also charge you accordingly for the extra work involved.
It really is as simple as that – or should be. Put a motion to the EC or AGM and see what happens.
The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers.
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