Financial Management

SOCM 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