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  • #10030
    DChippy
    Flatchatter

      Long-time reader – first time poster

      I recently purchased an investment unit and we are due for the AGM – the first for me at this property.

      I’ve noticed that the financial statements received for the investment unit are quite different from that which is provided to me for my own strata unit where I reside.  

      For example, the ‘Income & Expenditure Statement’ for the previous financial year is not itemised, that is, there are categories given only and these have quite vague titles such as:  ‘Miscellaneous Income – Admin’ of approx. $4,000.00

      Another example, ‘Miscellaneous expense – Sinking’ of approximately $2,500.00.  These two amounts are quite substantial to not be more appropriately identified.

      Another difference is that only the current period is provided whereas I’m used to the previous period also being specified so that each owner can compare the performance of income and expenses between the two periods.

      The financial statements that I’ve always received for my own strata residence (from a different Strata Manager) has always had the ‘Income & Expenditure Statement’ itemised per receipt & also per unit (where applicable) so that everything is transparent.

      Is there a standard template that financial statements have to comply with?  What do other Forum members receive from their own Strata Managers re: financial statements? 

       

      Thanks muchly

       

      DChippy

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