Tag Archives: Strata Managers
How to Handle Asbestos
The Strata Roll Explained
The Strata Managers Role in Owners Corporation Budgeting
Budgets must be prepared annually for the administrative and sinking funds: ss. 75(1) and 75(2).
Administrative fund budgets estimate how much money the owner’s corporation will need for Actual and expected expenditure:
- To maintain in good condition on a day-to-day basis the common property
- Personal property vested in the owner’s corporation
- To provide for insurance premiums
- To meet other recurrent expenses
Recurrent expenses includes regular expenses such as insurance excesses, water charges, electricity, carpet cleaning, lawn mowing and minor expenses relating to maintenance of common property. In budgeting for administrative expenses, strata managers need to keep track of any likely abnormal increases in expenditure. Recent examples include the exorbitant
The sinking fund budget is required to estimate how much money the owner’s corporation will Need for actual and expected expenditure for:
- Painting or re-carpeting buildings or other structures on the common property
- Acquiring personal property
- Renewing or replacing personal property
- Renewing or replacing fixtures or fittings that are part of the common property
- Replacing and repairing the common property
- Meeting other expenses of a capital nature
In estimating amounts to be credited to the sinking fund, an Owners Corporation must take into account anticipated major expenditure identified in the 10-year sinking fund plan required by s.75A. The idea of the 10-year plan is to force owners of the day to pay progressively for their use of the common property. The Act permits the owners corporation to engage expert assistance in the preparation of the plan but does not oblige the owner’s corporation to use an expert. A recent study has shown most owners do not use experts: Where plans are prepared externally and an Owners Corporation decides not to levy in Accordance with the recommended plan, there should be a good reason. Many sinking funds are underfunded and it is possible that a new member of an owner’s corporation might sue the owners corporation for not having properly funded their sinking funds before their period of ownership. Strata managers might be liable on this account as well.
Thank you TEYS Lawyers for this Article
Netstrata welcomes 5 Wallaroo Close
Netstrata are pleased to announce that they have been appointed as strata manager’s for 5 Wallaroo Close, Killara. The prestige strata scheme will be managed by Brad Wood . Brad said “I look forward to working with the committee in helping them run the scheme more effectively, reducing the amount of their own time that they have been putting into the strata management”.
Netstrata welcome the owners of 268 Flood Street Leichhardt
Netstrata is proud to announce that they have been appointed by the owners corporation at 268 Flood Street, Leichhardt. The strata scheme comprises 38 townhouses set amongst well established botanical type gardens. The scheme will be managed by Christine Ashfield-Howell and she can be contacted direct on 02 8567 6420. Business Development Manager Jeremy Stone said “after going through an extensive tender and selection process it was fantastic to be appointed and we look forward to working with the committee in order to add some real value to this strata property, delivered through our proactive management approach”.
Fine moustachery and immaculate grooming doesn’t grow on trees
Netstrata are proud to support Movember.
Each year Movember is responsible for the sprouting of moustaches on thousands of men’s faces in Australia and around the world, with the sole aim of raising vital funds and awareness for men’s health, specifically prostate cancer and depression in men.
Men sporting Movember moustaches, known as Mo Bros, become walking, talking billboards for the 30 days of November and through their actions and words raise awareness by prompting private and public conversation around the often ignored issue of men’s health.
Supported by the women in their lives, Mo Sistas, Movember Mo Bros raise funds by seeking out sponsorship for their Mo growing efforts. The rules are simple; register online at Movember.com and start the month of Movember clean shaven, before growing a Mo.
Money raised in Australia is shared equally between programs targeting prostate cancer and male depression. Funds are committed to our men’s health partners, the Prostate Cancer Foundation of Australia and beyondblue – the national depression initiative and the Movember Foundation. Together, the three channels work to ensure that Movember funds are supporting a broad range of innovative, world class programs in the fields of research, education, support, and awareness.
City Futures Research Centre to undertake major study of the strata sector
Strata is the fastest growing form of residential property ownership in Australia. Over half the new dwellings to be built in our metropolitan areas over the next decades will be strata titled. The growth of this sector raises increasingly important questions over property ownership and governance.
A new two-year research project, supported by the NSW strata industry and the NSW State and Federal governments, will chart the key issues facing the governance and management of strata buildings. The research will be undertaken by the High Density City team at the City Futures Research Centre. The project is the first major study of the strata sector undertaken in Australia.
The research has three main aims:
- 1. To explore the role, capacity & effectiveness of owners’ corporations as agencies of property governance and management.
- 2. To explore the capacity & effectiveness of strata managers as mediators of outcomes for owners and residents in strata & their role within the overall structure of management & governance.
- 3. To assess how well residential strata works from strata owners’ points of view.
The project, which focuses on NSW, will deliver systematic information about the operation of the strata system. The findings will assist residents, owners and those involved in strata management and policy development to better understand the nature and scale of issues facing the strata sector and its capacity to self-manage these issues. It will provide an informed evidence base to support improved best practice and policy development across the sector. While it focuses on NSW, the results will inform policy and practice in the strata sector across Australia.
The research will be undertaken by the City Futures Research Centre in partnership with:
- The Institute of Strata Title Management
- The Owners Corporation Network
- Lannock Strata Finance
- Macquarie Bank
- NSW Land and Property Management Authority
- NSW Fair Trading
For more information check out https://cityfutures.be.unsw.edu.au/
Forbes Richest Man & Netstrata
Netstrata’s Business Development Manager Jeremy Stone attended a luncheon at Doltone House Pyrmont today to hear some insightful comments on the world economy from the world’s richest man Carlos Slim Helu who is in Sydney for the 2010 Forbes Global CEO Conference. Jeremy Stone said “it was amazing to see how down to earth Carlos was happily posing for photos and donning his Akubra hat which was his gift for his attendance”.
Netstrata SUPPORT Thong Day
The strata managers at Netstrata have signed up to support the great Thong Day a cause which will take place on October 1 2010. The team will come to work in their favourite pair of thongs to help raise money and awareness for the Young Care organisation.
What is Young Care?
Did you know that currently there are over 6,500 young Australians are forced to live in aged care facilities, simply because there are few alternatives. Youngcare’s aim is to raise awareness of this national issue by driving change to create real choices in care options for young Australians with full-time care needs.
To find out more, visit: youngcare.com.au or to assist the Netstrata team in raising $1000 visit http://www.everydayhero.com.au/netstrata.
Thank you for your support.
The strata management team @ Netstrata
