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Difference between revisions of "Strata Corporation Finances (22:VIII)"
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Strata Corporation Finances (22:VIII) (view source)
Revision as of 20:08, 3 August 2023
, 20:08, 3 August 2023→1. Purpose of Operating Fund
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To create the operating fund, each owner contributes fees that are determined by reference to the budget approved at the annual general meeting. These fees are generally a strata corporation’s primary source of income. The default formula to calculate strata fees is set out in s 99: | To create the operating fund, each owner contributes fees that are determined by reference to the budget approved at the annual general meeting. These fees are generally a strata corporation’s primary source of income. The default formula to calculate strata fees is set out in s 99: | ||
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|𝑈𝑛𝑖𝑡 𝐸𝑛𝑡𝑖𝑡𝑙𝑒𝑚𝑒𝑛𝑡 𝑜𝑓 𝑆𝑡𝑟𝑎𝑡𝑎 𝐿𝑜𝑡 | |𝑈𝑛𝑖𝑡 𝐸𝑛𝑡𝑖𝑡𝑙𝑒𝑚𝑒𝑛𝑡 𝑜𝑓 𝑆𝑡𝑟𝑎𝑡𝑎 𝐿𝑜𝑡 | ||
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|𝐸𝑛𝑡𝑖𝑡𝑙𝑒𝑚𝑒𝑛𝑡 𝑜𝑓 𝑎𝑙𝑙 𝑆𝑡𝑟𝑎𝑡𝑎 𝐿𝑜𝑡𝑠 | |𝐸𝑛𝑡𝑖𝑡𝑙𝑒𝑚𝑒𝑛𝑡 𝑜𝑓 𝑎𝑙𝑙 𝑆𝑡𝑟𝑎𝑡𝑎 𝐿𝑜𝑡𝑠 | ||
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Per s 107(1), interest can be charged by bylaw on late payments so long as the rate of interest does not exceed what is set out by the SPR, which is currently 10% per annum, compounded annually. | Per s 107(1), interest can be charged by bylaw on late payments so long as the rate of interest does not exceed what is set out by the SPR, which is currently 10% per annum, compounded annually. | ||
