Peace Of Mind With A Body Corporate Secretary
With the increase in size and complexity of bodies corporate and the financial affairs of multi-unit complexes only becoming more complicated, you’re thinking you could probably benefit with help from a professional body corporate secretary, … right? Well many people do, and in addition to our professional systems and procedures, to provide each body corporate with accounting and budgetary advice Strata Title Administration employs an in-house chartered accountant, chartered secretary, and qualified accounts staff.
Contact us to find out more about how Strata Title Administration can be your body corporate secretary.
Body Corporate Financial Accounts
A Body Corporate is not allowed to conduct business, as stipulated buy the Act. The financial accounts for your body corporate are a record of all receipts and payments. A statement of all receipts and payments made during the year is distributed to you with the agenda along with the audit certificate.
Role of onsite Building Manager
Most complexes with over 70 units and many large townhouse developments have an onsite building manager. The role varies depending on the type of development. Each building manager is an independent contractor to the body corporate. Building managers are required to keep a register of residents in the building, to coordinate residents moving in and out, and to liaise with landlords and their tenants.
How Bodies Corporate Function
Annual general Meetings
Several weeks before your Annual General Meeting (AGM), Strata will notify you by sending out a notice with the details on it as well as an Annual Accounts agenda of the year. Each meeting of your body corporate can only pass valid resolutions only if it has a quorum which is defined as being one third of the proprietors who are entitled to vote. If you are unable to attend the AGM you need to complete a form so that you are represented. Often these absent members appoint Strata as their proxy. The items which are discussed at the meeting include the body corporate annual accounts; its audit procedure; renewal of insurance policy; security; maintenance issues; and a budget of projected expenditure in the coming year. Voting at a body corporate meeting may be exercised by the proprietor or by proxy, whereby the majority of resolutions are passed by a majority.
Several months before the Annual General Meeting a registered valuer will be instructed to prepare a reinstatement insurance valuation of all units. A receipt from the valuation will be forwarded to an insurance broker to obtain competitive quotes for the renewal of the insurance policy, where the quotes are presented at the Annual General Meeting to decide which one to accept.
All maintenance thought to be required for the coming year will be discussed at the Annual General Meeting so that it can be budgeted in. The Body corporate will discuss what maintenance issues are to be effected, who will supervise the contract and who will approve the contractors invoices. General Business is the last item on the agenda and is an opportunity to discuss any other issues. After the AGM, Strata will post the minutes along with a levy statement. The levy statement is a bill to each proprietor each for their share of the body corporate’s budget, and has to be paid by the due date