Hello, my name is Aaron Jeffery and I'm a Community Manager at SSKB and I'm here today to talk about a guide of being a great treasurer. In a body corporate and owners corporation, a new committee is elected at each annual general meeting by the lot owners. This committee is responsible for the administrative and day-to-day running of the community, including making decisions on behalf of lot owners and enforcing lawful decisions of the body corporate.
or Owners Corporation. Committees are comprised of three executive members, the Chairperson, the Treasurer and the Secretary. There is also ordinary members. Here we take a closer look at some of the duties of the Treasurer.
What is the role of the Treasurer? The Treasurer has various duties in their role as a member of the Committee. While it might be thought that the Secretary and Chairperson's roles are more visible in preparation for meetings, The role of the Treasurer is important.
Among the number of vital roles and responsibilities in the day-to-day running of a body corporate or owners'corporation, the Treasurer authorises payment of invoices to creditors and remuneration, allowances or expenses to committee members. A positive relationship with the building manager, if there is one, enables the Treasurer to perform this role effectively. The Treasurer also reviews a draft of the budget.
as prepared by the community manager and reviews the financials for a scheme. Another duty is making decisions in relation to the investment of body corporate funds. What happens if my body corporate do not want to take on the responsibility of a treasurer?
The treasurer's duties and responsibilities can be discharged in part by the appointment of a body corporate manager such as a community manager from SSKB. If you have a body corporate manager, Many of your duties may be undertaken by them and the specific duties will be outlined in your agreement with the manager. It is important to note that the strata manager is not in charge.
They are engaged by the body corporate or owners corporation and work in corporation and under instruction from the committee. The strata manager can only do what the body corporate or owners corporation asks them to, which means they may either be engaged to assist the committee or, as is often the case, perform many of the duties of the treasurer. However, the manager does not have voting rights over any matter. Small Australia communities without a committee may engage and authorise a body corporate manager to undertake all the functions of a committee.
This can also be done for larger body corporates, however this is not common. If you need assistance with any of the roles of your committee, please contact your SSKB community manager. They can advise you on the specific roles of committee members and the unique challenges which may be associated within your scheme.