plumbing maintenance
Strata Insurance Strata (formerly body corporate) Insurance is an evolving industry. In this blog we look at the link between strata insurance and maintenance. Specifically, we will focus on the insurance implications when strata communities may defer small maintenance tasks that ultimately become deferred long-term maintenance issues. What is Strata Insurance? Strata insurance refers to the specialist insurance that owners of strata communities must have. As with all things related to insurance, it pays to read the policy and notContinue Reading
Strata Management
Accounts Receivable
Accounts Receivable and Accounts Payable are often referred to as Timing Differences in Financial Statements and have the potential to cause confusion in the reader’s minds. 1. Accounts Receivable: Levy income that is due to be received by Balance Date has not been received. 2. Accounts Payable: Payments that are due to be made to suppliers before Balance Date that have not been made. There are generally two different ways to show a Profit and Loss Statement and it isContinue Reading
Strata Financial Statements
Owner Corporation Managers
What is a Strata Strategic Plan? A Strata Strategic plan is the long-tern plan that enables a strata community to make decisions that are consistent with the long-term benefit of the community. Why have a Strategic Plan? Every successful business will have a strategic plan that ensures the day to day decisions and actions contribute towards achievement of the long-term goal. A strata community should be no different. A strategic plan enables the community to ensure that spending activities areContinue Reading
Strata Strategy
The Annual Budget
Despite their best intentions, most people don’t operate with a budget and in fact, avoid even having one. In your strata community, a budget is something to be prized and appreciated. A budget is a plan of the expenditure your committee believes is most appropriate for the year ahead. Being part of the budget review team gives you the opportunity to have input into the spending decisions before they are made. If queries are made after reports on expenditure areContinue Reading
Strata Financial Statements
What are the trends in Strata Communities? Strata (previously known as Body Corporate) levies are the regular payments that owners of a strata community make in order to maintain their investment and lifestyle. Unfortunately, problems can arise when the amount of levies payable Parking One topic that can be sure to generate conversations in a strata community is parking. From no parking to visitor spaces to large vehicles, to car stackers the number of issues that arise in relation toContinue Reading
Trends in Strata Living