We are pleased to introduce our ongoing initiative aimed at enhancing and supporting our committees in the understanding the basics of financial procedures and principles within your owners corporation. As part of our ongoing commitment to ensuring transparency and proficiency in managing our resources, we have developed a comprehensive Committee Financial Workshop video.
This educational resource has been put together to provide invaluable insights into our financial processes. We want to empower each member with the knowledge necessary to better understand the detailed and comprehensive financial reporting Quantum provides that helps you make more informed decisions and contribute meaningfully to your community’s fiscal health. The video aims to provide an introduction to the legislative changes to the Owners Corporation Act with the introduction of the new five-tier structure – what are the different tiers, how do the tiers differ and what are the different financial reporting obligations required of the different tiers?
The session will walk members through owners corporation financial reports such as:
- Balance sheet
- Income and Expenditure statement
- Detailed Expenses Report
At Quantum, an owners corporation’s financial reports are prepared by the Manager and presented at scheduled committee meetings as well as the owners corporation’s Annual General Meeting.
In the training video, we also look to provide members with guidance on understanding:
- The purpose of financial reports
- The components of financial reports
- How to use financial reports as a gauge of the OC’s financial pulses
- Comparing different financial years’ proposed and budgeted income and expenditure
- Understanding the purpose of a Maintenance Plan and how it influences the budget
The financial reports are prepared to help members understand the owners corporation’s financial position and performance, and they are powerful methods of tracking the financial health of the OC.
Important reports such as the Balance Sheet offers a bird’s eye view of the OC’s financial position at a specific point in time. It includes assets, liabilities and equity accounts. The Income and Expenditure Statement provides members with a comprehensive picture of how much money is coming into the owners corporation, where it’s going, and whether or not there are enough funds available for future expenditure.
Members who wish to access the slides used in the workshop can do so HERE.
We hope you’ll found this workshop useful and look forward to the next committee training session with you.