In an 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 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.
The Treasurer’s duties and responsibilities can be discharged in part by the appointment of an Owners Corporation Manager as outlined in the administration agreement. If you have an Owners Corporation Manager, many of your duties may be undertaken by them and the specific duties will be outlined in your agreement with the Manager. The Owners Corporation Manager may either be engaged to assist the Committee, or, as is often the case, to perform many of the duties of Secretary and Treasurer. However, the Owners Corporation 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 an Owners Corporation Manager to undertake all the functions of a Committee. This can also be done for larger Owners Corporations but is not commonplace.
The Treasurer has various duties in their role as a member of the Committee.
Below is a summary of the functions required of a Treasurer of Owners Corporation:
- Notify owners of any contributions levied in accordance with the Strata Schemes Management Act 2015
- Receive, acknowledge, bank and account for any money paid to the Owners Corporation
- Prepare any strata information certificate
- Keep the accounting records
- Prepare the financial statements
In addition, a positive relationship with the Building Manager (if there is one), enables the Treasurer to perform this role effectively.
While some Treasurers decide to take on the full responsibility of the role, it is important to note that it is commonplace for most Treasurers to discharge the responsibilities to their Owners Corporation Manager as outlined in the administration agreement.