The Role Of A BC/OC Treasurer - SSKB - Strata Managers | Community Experts

The Role Of A BC/OC 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 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 committee treasurer.

The treasurer has various duties in their role as a member of the executive committee.  While it might be thought that the secretary and chairperson’s roles are more visible in meetings and in 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, allowances or expenses to committee members.

The treasurer also approves a draft of the budget as prepared by the community manager, and reviews the monthly financials for a scheme.  Other duties include approving the payment of invoices to be forwarded to the community manager.  The role of the treasurer, depending on the authorisation granted by the body corporate, can also extend to the borrowing of funds on the behalf of the Body Corporate/Owners Corporation.

The treasurer’s duties and responsibilities can be discharged 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 him or her.  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 work for and with 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 as is often the case, to perform the duties of secretary and treasurer.  The  manager also cannot actually approve payment of invoices.  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 authorize a body corporate manager to undertake all the functions of a committee.  This can also be done for larger body corporate but is not common.

If you have questions on the role of the secretary in 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.

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June On November 19, 2016 | Reply

Thank you for this message. It was helpful in that it clarified what I felt was the way to handle proceedures.

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