From time to time we do a major replacement of body corporate boundary fences. At budget preparation time, the levy for this has always been included on the Sinking Fund Levy.
In preparation for my new role as treasurer on our committee for the next financial year, I am doing some research.
The webinar, 'A deep dive into body corporate financials' was helpful and presented in an easy-to-understand way to construct and manage a budget.
If owners vote to approve capital expenditure materially more than that allowed for in the sinking fund budget for that item and
is there a requirement for either:
Our Owners Corporation Manager said that we had to include mechanical breakdown insurance in our policy to cover garage doors. Each unit has one garage door for personal use. The Air conditioner is also personal use. We have no lifts as we are just a group of townhouses.
If an owners corporation is considering funding much needed repairs using unsecured loans ($300k) from a number of tenants at 5% interest over 7 years, are those same tenants able to vote on approving the loans at a committee meeting (they are all on the committee)? Or, due to a conflict of interest, should they be prohibited from voting?
We live in a group of 5 townhouses. Our strata committee wants to introduce a bylaw stating everyone needs to maintain their own parts of the building including the facade, roof and balcony.
Their intent is to save money by not having to pay for a strata manager.
I own a unit in a block of four. There should be an owners corporation, but all the owners are elderly and have allowed things to lapse for some years. We have no insurance, we don't meet, and we keep no records. I can't find information about the original owners corporation or any historical records. What do we need to do to get the owners corporation functioning again? Can we meet and elect a chairperson, or is there more to it?