Edward & Co provides premium secretarial and administrative services by our expert staff to our clients.
The secretariat and administration services that we provide include
Strata Secretariat
Edward & Co will, under the instruction of the owners corporation, serve a notice to an owner or tenant of a lot if it is satisfied the owner or tenant is in breach of a by-law. We will also
- Maintain records and records available for inspection by authorised people
- Prepare minutes of meetings
- Maintain custody of the common seal, to be used as directed by minuted approval
- Attend to all routine communication from the Owners Corporation
- Prepare and issue Owners Corporation Certificates
- Assist the committee on all legislative matters and take steps to expedite any resolutions passed at meetings.
Financial Administration
Edward & Co will open a separate Trust account with Macquarie Bank for each strata client, managing these accounts on a daily basis. Our experienced team will prepare and lodge quarterly BAS's and prepare annual financials statements, coordinating financial audits as required by legislation to be presented at the annual general meeting (AGM). We will manage the day to day expenses, maintaining the budget set by the committee at the AGM.
Levy Administration
All Strata Schemes impose a regular strata levy, usually collected quarterly, on all the lot owners. The money collected is deposited into the strata scheme's trust account and is then used to fund the running and maintaining of the strata scheme.
There are 3 main types of levies:
- Administrative Funds - These cover the day to day expenses such as common area cleaning, gardening, insurance, minor repairs, tax return fees, bank charges, utility costs for common use areas and strata management fees.
- Maintenance Funds - These cover planned and unplanned expenditure on maintenance, replacement and repairs.
- Special Levies - These are raised to cover significant or unexpected works that cannot be covered by the administrative or maintenance funds.
Without levy payments a Strata Scheme wouldn't be able to pay those running costs resulting in a slowly deteriorating complex and a subsequent drop in the market value of every property in the scheme.
Edward & Co will manage the provision of levy notices, collection of payments and the management of any levies in arrears.
At Edward & Co. we understand a Developers needs are important and provide consultation services to developers as to appropriate strata scheme structures for each development. We work with Developers to establish the documentation and procedures required to ensure a successful strata scheme for the life of a building.
The consultation service will include:
- Project planning assistance at conception stage
- Estimated budget and levy contributions for the first year
- Review and advise on By-laws, Management Statements and other important documents
- Insurance valuation report coordination
- Call and convene the first general meetings
- Liaise with external suppliers and consultants
- Establish books and records
- Provision of relevant state-specific certificates required for sale
- Ongoing building management services (if services maintained post initial consultation stage)