Can we use owners corporation funds to purchase a gift for our building manager or fund our end of year get-together?
Yes, but for transparency, it is important to document these expenses correctly.
In short, yes. However, expenses like this must be properly documented to create transparency. The owners corporation should allocate an appropriate amount of funds in your proposed budget, which is then submitted to the Annual General Meeting for review and voting by owners. This affords owners the opportunity to consider where their fees will go and make an informed decision.
The Committee must then be diligent in spending the funds to ensure they fit within the agreed budget. This creates a transparent environment for all owners.
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Joel is the Director of Strata Operations at Horizon Strata, based in Melbourne. His focus on building strong client relationships and transparent business operation has provided success over a number of years. Operating as an Owners Corporation Manager for the last 7 years, he has managed a vast range of properties, from small townhouse subdivisions to large high-rise buildings in the CBD and surrounding areas. More recently, Joel completed 2 years management of a 12,000-lot business for one of Australia’s largest Strata Management companies. His experience includes management of large land estates in Melbourne, including a pool and gym facility that services over 1000 apartments. Joel has also assisted on a number of new buildings for developers through to completion and recently completed a term as an Administrator appointed by VCAT. Joel is a regular contributor to LookUpStrata.
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