Friday, October 2, 2020

Strata Records

Strata Records

Strata Record keeping

The owners corporation must keep the following information for at least 7 years:

  • details of motions passed,
  • copies of all correspondence received and sent, and
  • notices of owners corporation and strata committee meetings.

 

Also, proxies given to the owners corporation must be kept for at least seven years after the proxy expires.

Financial records and statements

Accounting records and financial statements also need to be kept for at least 7 years. These include:

  • receipts consecutively numbered
  • a statement of deposits and withdrawals for the account of the owners corporation
  • a cash book
  • a levy register
  • The owners corporation must prepare financial statements:

 

for the period beginning on the date the strata plan was registered and ending no earlier than two months before the first Annual General Meeting (AGM)
for each period beginning on the date the last statement was prepared and ending no earlier than two months before the next AGM.

Inspection of records

An owner or mortgagee, or their authorised person, can make a written request to the owners corporation to inspect the records. The request must be accompanied by the prescribed fee which is currently $31 for the first hour of work.

The inspection time and place has to be agreed by both parties. If no agreement is reached within three days, the owners corporation can stipulate the time and date by written notice. The inspection date can be no later than 10 days from the date the owners corporation receives the notification.

Documents can be inspected in person, electronic access or any other ways agreed. You can make copies of the documents but must not, without the consent of the owners corporation, remove the originals from the custody of the owners corporation.

Retention of records

The owners corporation must keep the following information for at least seven years:

  • strata roll
  • information about the common property and strata scheme including insurance, the original owner of the scheme, any strata manager appointed and by-laws
  • notice and minutes of meetings of the owners corporation and strata committee
  • financial statements and accounting records
  • proxies delivered to the owners corporation
  • voting papers related to motions for resolution and election of officers of a strata renewal committee
  • signed managing agent or building manager agreements and records provided to them
  • details of motions passed

 

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

Strataville Editorial
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