The general session, comprised of A100 content, will help you to understand basic financial reports and activities of a strata community, as well as a strata manager’s role in the processes. This session is aimed at new strata managers, assistant strata managers, and support staff.

The session will explain fundamentals of finance, including the purpose and types of financial statements, types of accounting methods, income tax requirements, and the differences between and audit, review, and compilation. It will also detail the roles and responsibilities in the budget process for the Strata Committee, the Treasurer, the Owners, and the Manager. Lastly, it will provide an overview of owner levies and special levies, the authority to collect levies, how to establish annual levies, and collection policies and procedures.

You will walk away with a practical understanding of your role and responsibilities around finance as a Strata Manager.

Please note that the content presented in this morning session is from the A100. 

Thanks to our event supporters, BCB and Perrott Painting, for supporting the morning session. 

Navigating the complex area of Strata Financial Management is one of the most difficult tasks of a Strata Manager. Strata Fundamentals – Budgeting and Financials (Advanced) will provide you with updates, advancements, and trending issues for this important part of strata management.

Subject matter experts in the areas of account management, additional income streams, apportioning income and expenses for utilities embedded networks, strata loans, GST, and auditing will share their knowledge and experience to keep you informed and at peak performance.

Paul Keet, Managing Director of Strata Asset Services, will begin the advanced session by reviewing standard statements of strata company accounts and exploring areas for cost improvement in budgets. Paul will then provide information on managing over-expenditure, and suggestions on debt recovery and interest payable. Lastly, Paul will detail where to find the information required to complete a s110 Buyer’s Disclosure.

Damien Moran, Managing Director of Energy-Tec, will then discuss the ways to set up and manage additional income streams for strata companies, and how to apportion income and expense appropriately for utilities embedded networks.

After a short afternoon tea break, Debbie Barker, National Manager of StrataLoans will present remotely on the pros and cons of strata loans, addressing some common questions around what they are and how they work.

Alastair Abbott, Director of Australian Audit, will conclude the session by explaining the GST requirements for Strata Companies, and discuss the process of preparing for an audit and the audit process.