Our body corporate administration fund contributions for a year exceed actual outgoings. Is the excess refunded to the owners or carried forward?
The money is carried forward.
The money is carried forward, then if you have surplus funds you can take that into account in your next budgeting period. The funds could be saved for future expenditure or they could be used for payments in that period allowing the budget to be lowered. This effectively returns the funds to the owners in the form of lower levies.
William Marquand Tower Body Corporate E: willmarquand@towerbodycorporate.com.au P: 07 5609 4924
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Will Marquand joined the Tower team as a General Manager and Senior Strata manager in 2020. He has widespread experience across all forms of commercial, industrial and residential schemes. He believes in proactive, ethical strata management and hopes to provide Tower’s customers with the knowledge and support required to take their schemes forward into the next generation of body corporate management. Will has experience working across residential, commercial and industrial schemes. A former journalist and teacher, Will's excellent communication skills help Tower grow its expanding business. William is a regular contributor to LookUpStrata.
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