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 the behalf of lot owners, and enforcing lawful decisions of the Body Corporate/Owners Corporation. Committees are comprised of three executive members – the Chairperson, the Treasurer and the Secretary, and Ordinary Members. Here we take a closer look at some of the duties of the Treasurer.
What is the role of a 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 the preparation for meetings, this does not make the role of the Treasurer any less important. Among the number of vital roles and responsibilities undertaken by the Treasurer in the day-to-day running of a Body Corporate is paying authorised remuneration, contractor expenses, utilities and other essential services invoices for the building.
The Treasurer also approves a draft of the budget as prepared by the Community Manager and reviews the financials for a scheme. Other duties include approving the payment of invoices and 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 the strata manager is not in charge, they are engaged by the Body Corporate and work under instruction from the Committee.
The Strata Manager can only do what the Body Corporate asks them to, which means they may either be engaged to assist the Committee, or to perform many of the duties of Secretary and Treasurer. However, the manager does not have voting rights over any matter, and functions only as an administrator. Smaller strata 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 bodies corporate but is not common place.
If you need assistance with any of the roles of your Committee, contact your SSKB Community Manager. They can advise you on the specific roles of Committee members and the unique challenges which may be associated with your scheme.
If you are not a client of SSKB and would like to see how easy it is to make the switch, click here to request a quote.