sinking fund management presentation independent strata
DESCRIPTION
Sinking Fund, Maintenance Plan, Forecasts are an integral part of the strata management, in reducing the risk to the body corporate, Owners Corporation or Executive Committee. The purpose is to prove a forecast of costs projected over 15 years so a budget can be put into place, to reduce the impact of a special levy.TRANSCRIPT
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Sinking / Reserve Fund Management For Strata and Commercial Buildings
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What is a Sinking / Reserve Fund
Definition A detailed and comprehensive estimate of the councils corporate’s sinking fund expenditure for the scheme’s 10 financial years that must include an estimate for the repainting of common property and of buildings that are Councils corporate assets.
ThoughtsThink of it as a servicing schedule for your car, with services in years rather that kilometres.
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HISTORY OF SINKING FUNDS IN AUSTRALIA
QLD – Sinking Fund Forecast Introduced 1987 NSW – Sinking Fund Plan Introduced 2004 to 2006
ACT – Sinking Fund Forecast introduced 2009
VIC – 2009 ,Over $200,000 Turnover or 100 Units in size, Trends with Smaller schemes are increasing. Called a Maintenance Plan, is to be reviewed annually.
WA, SA, NT – Reserve Fund Forecast -No Legal Requirement’s
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Case Study
The Complex 56 UnitsNot Maintained for 20 YearsBuilding Cracking and Needs RepairComplex under insuredComplex needs painting,Pool Needs attentionRetaining walls falling downPipework issues
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Independent Inspections /FWR Group Pty Ltd
Independent Inspections Pty Ltd
Mr. Peter Greenham
Qualifications:- Diploma of Civil Engineering- Associate Diploma of Laboratory
Operations- Diploma of Quality Management- Diploma of Business- Lead Environmental Auditor- Diploma of workplace training
and Assessment- NATA Assessor
Your Auditors and Trainers
P: 1300 857 149F: 1300 857 150
Team
Mr. Sydney LueM: 0423 234 [email protected]
Mr. Peter GreenhamM: [email protected]