Q. Are our funds held in trust?
A. Body Corporate funds are by their nature, trust funds, so the accounts are conducted in accordance with best practice for trust accounts. The account is held in the name of the Body Corporate and can be “unbundled” and moved should you decide to change service providers. If we have authority to action payments (this is optional, at the choice of the Body Corporate) then we do so using appropriate banking mandates and delegated authorities.
Q. Are our funds safe?
A. They are as safe as any funds held by any trading bank (we use and recommend Westpac), we work to guide the Body Corporate to the most appropriate authorisation and payment procedure to suit its unique circumstances. We carry a minimum of $2 million in public liability and professional indemnity insurance coverage.
Q. Why is a Body Corporate administrator necessary?
A. There are many reasons why this is the best option, to remove the personal risk and legal liability that may attach to individual members, to provide peace of mind in the knowledge that someone unbiased and independent is managing the Body Corporate, to take advantage of expertise in relation to asset management, insurance, maintenance, building compliance, health & safety, and statutory obligations, we have access to the latest in technology required for accounting, billing and record keeping and last but not least we will take care of the admin so you don’t waste your valuable time!
Q. What is a Long Term Maintenance Plan and do we need one?
A. This is money set aside for the long term maintenance requirements of your complex, so it is likely that you may already have this in place. It is a requirement, but the Body Corporate is able to opt out of having a fund, this needs to be passed by Special Resolution at a General Meeting. It is unusual not to have a fund for this, as prospective purchasers take into account whether bodies corporate are appropriately funded.
Q. How often do I have to pay Levies?
A. Some administrators will dictate that levies must be paid quarterly or annually. Our procedures are tailored to suit the needs of each Body Corporate.
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