February 21, 2021 at 3:55 pm #398834JurasPlanMember
We used to receive transaction details in our AGM Financial Statements such as dates, description of works, contractors and amounts but now we only receive category totals with no itemization of the expenditure.
I note that the SSMA 2015 Sect 93 2d Requirements for Financial Statements requires that the particulars and amount of EACH (my caps) item of expenditure be included.
Surely we’re entitled to this information and how do we obtain it ?
RegardsFebruary 22, 2021 at 6:17 pm #398850ts1904Expert
Schedule 1, clause 9(a) prescribes the required financial statements that must accompany a notice of AGM, being “a copy of the last statements of key financial information“. Section 94 then describes what the statements of key financial information is (which is a summary of the financial statements, not the granular details of each income/expense).
The section you had referred to (93) is one that prescribes what financial information must be kept by an owners corporation, not necessarily what must be provided with the notice of AGM (as this information can be over 100 pages in larger schemes).
Having said that, perhaps you could request that information from your strata managing agent. They may be happy to provide it to you without the need for an inspection of the records.February 23, 2021 at 9:03 pm #398912Amanda FarmerExpert
+1 to ts1904February 25, 2021 at 2:03 pm #399015JurasPlanMember
Hi ts1904 and Amanda,
Thank you both, but regardless I’m concerned that the Owners Corporation only receive a summary, which in my opinion is inadequate given that coding errors may have occurred and invoices belonging to other SPs may have been paid. Ongoing problems or issues , unresolved sagas and instances of incorrect payments (such as the OC paying for works when it was the lot owner’s responsibility) may be revealed if details are provided.
Schedule 1 clause 10 (1) ” Financial statements to be provided upon request”
Wouldn’t this be a solution in this instance ?
Also Schedule 1 clause 10 (2) seems to imply that the owners corporation can determine that the financial statements ARE included in the AGM notice. If so how is this implemented ?
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