One of the basic responsibilities of an owners corporation is to raise and manage fees and to Keep track of its finances. A strata manager has an important role in assisting the owners corporation to budget for their expenses, levy contributions, collecting levies, spending the funds in an authorised way and accounting to the general meeting each year on finances.
- Budgeting correctly for contributions to the administrative and sinking funds;
- Accurately levying contributions to the administrative fund and sinking fund;
- Collecting unpaid levies efficiently;
- Expending funds only on authorised expenses; and
- Preparing financial statements.
Thank you TEYS Lawyers for this Training Note