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State Owners Corp understands that you want your Owners Corporation to operate smoothly. As a result we have crafted a straight forward and easy to understand financial reporting process

Perhaps one of the most important aspects of Owners Corporation Management is the basis on which the accounts are prepared, then presented to the committee and the members in a timely and easy to understand format. We use the software program Stratamaster, to efficiently manage and streamline the operations of our properties.

The software is regularly upgraded to keep up to date with the changing requirements of the industry.

 

Our services include the following:

  • The invoicing, receipting and banking of all fees and levies
  • To hold all Owners Corporation funds in a separate bank account (Macquarie Bank Limited) in the name of the Owners Corporation.
  • To set up an appropriate course for the authorisation of payment of the accounts
  • The payment of accounts on behalf of the Owners Corporation
  • Impose and collect interest on outstanding contributions and levies where applicable
  • Collect all outstanding monies owing to the Owners Corporation and/or arrange debt collection services where applicable
  • To maintain up to date financial records of the Owners Corporation
  • To prepare and lodge quarterly BAS statements

 

Your owners corporation has the power to:

  • Set fees to cover general administration, maintenance and insurance
  •  Levy special fees for extraordinary expenditure
  • Establish a maintenance fund to cover the cost of works in the maintenance plan
  • Borrow money
  • Invest money
  • Recover money owed
  • Charge penalty interest
  • Operate a bank account

 

A prescribed owners corporation must also:

  • Audit financial statements after the end of the financial year
  • Establish a maintenance fund to cover the cost of implementing the maintenance plan

 

Owners Corporations rely on levying fees in order to fulfil their maintenance and administrative responsibilities, as such we take debt recovery very seriously and have stringent procedures in place to minimise monies owed to your Owners Corporation

Where possible we communicate with lot owners giving them an opportunity to clear their debt and also discuss payment plans. Any decision on whether to enter into a payment plan should be agreed upon and endorsed by the committee and recorded in the committee’s meeting minutes.

After following our internal debt recovery procedure, the matter is referred to our legal representatives, namely KCL Law. Failing recovery of monies will result in VCAT application, VCAT Hearing and lastly application to Magistrates Court if necessary.

 

Meetings

Committee Meetings
If required we can:

  • Produce and publish the notice of meeting
  • Record minutes of the meeting
  • Publish the minutes to the committee members
  • Carry out the committee’s instructions from the minutes

 

At Committee Meetings

  • Report on the state of the finances
  • Report on the comparison actual to budget (cash book)
  • Report on the activities of The Owners Corporation Manager

 

Annual General Meeting and Special General meeting

  • Liaise with the committee and produce The Notice of Meeting
  • Send the Notice of Meeting to all members
  • Produce a Meeting Report which would assist the meeting chairman and advise of the following:
    • Current member status
    • Fees in advance
    • Fees in arrears
    • Proxies
    • Committee nominations
    • Other relevant information

 

Provide sufficient staff for the following:

  • Greeting members at entry and correctly recording attendance
  • Returning officer (if required)
  • Chairman for the meeting (if required)
  • One staff member to observe and assist the chairman of the meeting in the handling of documents and any other matters
  • Have available at the meeting ballot papers in the event of a call for a poll
  • Have available at the meeting ballot papers in the event of a Special Resolution
  • Record the minutes of the meeting
  • Publish the minutes and send them to all members
  • Carry out any duties arising from the meeting