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Role of the Strata Treasurer

Role of the Strata Treasurer | functions of the strata treasurer

Role of the Strata Treasurer

In most schemes, the general functions of the strata treasurer are delegated to the strata managing agent.

These functions might include:

  • Sending levy notices – notifying owners of any contribution levied in accordance with the Act.
  • Receive, acknowledge, bank and account for any money paid to the owners corporation;
  • Keeping accounting records and preparing financial statements
  • Prepare any strata information certificate under section 184 (relating to the sale of a lot)

A delegation of functions to the strata managing agent might be a full authority or a limited authority. Consult your strata management agency agreement to see what roles or functions, if any, still remain the responsibility of the strata treasurer.

Section 44 of the Strata Schemes Management Act 2015 states the functions of the strata treasurer.

Do we require a strata audit of accounts? (Section 95)

  • All large schemes require an audit
  • All schemes with an annual budget exceeding $250,000 require an audit
  • Audited accounts and financial statements are to be audited before presentation to the annual general meeting
  • Any scheme’s owners corporation may determine that the accounts and financial records are to be audited

Does the role of the strata treasurer prepare the budget?

Generally, the treasurer works with the strata manager to produce a budget to present to the owners corporation for approval at the annual general meeting. This may involve the building manager and other members of the strata committee.

Restricting the power of the strata treasurer

Under the Act (Section 44 4), the strata committee can restrict the powers of the strata treasurer.

The strata committee may require the treasurer to exercise functions jointly. This safeguard is built into the Strata Schemes Management Act to protect owners corporations.

By way of a written notice, given to the strata treasurer, the strata committee can order the treasurer not to exercise any of the treasurer’s functions that are specified in the notice unless the treasurer does so jointly with another specified person.

Delegating the functions and the role of the strata treasurer

The treasurer may delegate the exercise of any of the treasurer’s functions to another strata committee member with the approval of the strata committee.

Portions of this article may be subject to copyright.

© State of New South Wales (NSW Fair Trading). For current information go to fairtrading.nsw.gov.au 

 

This website does not give legal advice or any other professional advice. You should obtain legal advice before you take any action or otherwise rely upon the contents of this article.

This website does not give legal advice or any other professional advice. You should obtain legal advice before you take any action or otherwise rely upon the contents of this article.

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Strataville Editorial

Strataville Editorial

Strataville | the home of strata living. It's a hub of information, strata news and reviews to help improve your strata living lifestyle. Like to submit an article? Have a question? Please drop us an email here.

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