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Body Corporate Financial Management Master Class - 25 February 2016

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Here are Andrew's slides, covering Body Corporate Financial Management as presented on the 25 February 2016 to Strata Community Australia members on the Sunshine Coast.

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Body Corporate Financial Management Master Class - 25 February 2016

  1. 1. Financial ManagementFinancial Management MasterclassMasterclass Presented by Andrew Suttie
  2. 2. QuizQuiz 1.1. When is a body corporate’s financial year?When is a body corporate’s financial year? 2.2. What are the budget requirements of the first AGM?What are the budget requirements of the first AGM? 3.3. What needs to be included in the Admin Fund budget?What needs to be included in the Admin Fund budget? 4.4. What needs to be included in the Sinking Fund budget?What needs to be included in the Sinking Fund budget? 5.5. How can proposed budgets be adjusted at an AGM?How can proposed budgets be adjusted at an AGM? 6.6. How are contributions raised from owners?How are contributions raised from owners? 7.7. What happens if a liability arises that wasn’t in the budget?What happens if a liability arises that wasn’t in the budget? 8.8. Does the committee have any power to fix contributions?Does the committee have any power to fix contributions?
  3. 3. QuizQuiz 1.1. What are the requirements for a contribution notice?What are the requirements for a contribution notice? 2.2. Can the body corporate give discounts to owners?Can the body corporate give discounts to owners? 3.3. Can the body corporate impose penalties for late payment?Can the body corporate impose penalties for late payment? 4.4. What can the BC do if a contribution is not paid?What can the BC do if a contribution is not paid? 5.5. Can a committee allow a discount or waive a penalty orCan a committee allow a discount or waive a penalty or costs?costs? 6.6. In what order of priority are recovered amounts applied toIn what order of priority are recovered amounts applied to BC liabilities?BC liabilities?
  4. 4. QuizQuiz 1.1. Must every BC have a sinking fund and an admin fund?Must every BC have a sinking fund and an admin fund? 2.2. What amounts are paid into the sinking fund?What amounts are paid into the sinking fund? 3.3. Can admin or sinking funds be invested?Can admin or sinking funds be invested? 4.4. Where does a BC keep money it receives for the admin orWhere does a BC keep money it receives for the admin or sinking funds?sinking funds? 5.5. If your monthly fee is outstanding and there are insufficientIf your monthly fee is outstanding and there are insufficient funds in the admin fund, can the committee approvefunds in the admin fund, can the committee approve payment from the sinking fund?payment from the sinking fund?
  5. 5. QuizQuiz 1.1. Who administers the body corporate’s funds?Who administers the body corporate’s funds? 2.2. If a BCM administers the funds, what rules apply and areIf a BCM administers the funds, what rules apply and are there any penalties for non-compliance?there any penalties for non-compliance?
  6. 6. QuizQuiz 1.1. What are the requirements for auditing the accounts?What are the requirements for auditing the accounts? 2.2. Who can audit the accounts?Who can audit the accounts? 3.3. Can a body corporate invest its funds? How?Can a body corporate invest its funds? How? 4.4. Can a body corporate borrow funds? How?Can a body corporate borrow funds? How? 5.5. What is the relevant limit for committee spending?What is the relevant limit for committee spending? 6.6. What is the relevant limit for major spending?What is the relevant limit for major spending? 7.7. What spending approvals are required for improvements?What spending approvals are required for improvements?
  7. 7. Committee spendingCommittee spending
  8. 8. general meeting spendinggeneral meeting spending
  9. 9. Questions?Questions? Andrew SuttieAndrew Suttie PartnerPartner NICHOLSONS |NICHOLSONS | SolicitorsSolicitors Level 12, 379 Queen Street, Brisbane QLD 4000Level 12, 379 Queen Street, Brisbane QLD 4000 GPO Box 454, Brisbane, Queensland, 4001GPO Box 454, Brisbane, Queensland, 4001 PP (07) 3226 3955(07) 3226 3955 FF (07) 3221 3756(07) 3221 3756 EE ajs@nicholsons.com.auajs@nicholsons.com.au WW www.nicholsons.com.auwww.nicholsons.com.au
  10. 10. Questions?Questions? Andrew SuttieAndrew Suttie PartnerPartner NICHOLSONS |NICHOLSONS | SolicitorsSolicitors Level 12, 379 Queen Street, Brisbane QLD 4000Level 12, 379 Queen Street, Brisbane QLD 4000 GPO Box 454, Brisbane, Queensland, 4001GPO Box 454, Brisbane, Queensland, 4001 PP (07) 3226 3955(07) 3226 3955 FF (07) 3221 3756(07) 3221 3756 EE ajs@nicholsons.com.auajs@nicholsons.com.au WW www.nicholsons.com.auwww.nicholsons.com.au

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