Question: Our body corporate administration fund contributions for a year exceed actual outgoings. Is the excess refunded to the owners or carried forward?
Answer: 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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