Statements and Reports for the Owners
Monthly presentation to the owners of a disbursement statement, a rent roll. Financial statements and budget comparison report quarterly by arrangement.
THE DISBURSEMENT STATEMENT (example)
- Copy vouchers supporting each payment are attached and forwarded to a nominated trustee to enable monitoring of expenditure.
- This report gives full details of arrears, current charges, receipts and adjustments.
- Each receipt is listed separately and all debits and credits are clearly explained.
- The status of the occupant of a unit is noted.
THE FINANCIAL STATEMENTS AND BUDGET COMPARISON REPORT
- These reports are an essential tool for owners, in that they advise the owners on a quarterly basis as to whether they have an operating surplus or deficit.
- The schedule reflects the number of months under review and provides the year-to-date situation after making the necessary adjustments for annual expenditure such as audit fees and insurance.
- The individual balances are then compared with the comparative budget figures set at the past general meeting. Variances will highlight any areas or excessive expenditure and enable the owners to make timely action to ward off large year-end deficits.
