Strata Corporation Finances (22:VIII): Difference between revisions
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Strata Corporation Finances (22:VIII) (view source)
Revision as of 18:02, 1 August 2023
, 1 August 2023→F. Allocating Expenses
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=== 2. Unit Entitlement === | === 2. Unit Entitlement === | ||
==== a) Relating to Owners | ==== a) Relating to Owners ==== | ||
“Unit Entitlement” is the number used in calculations to determine the strata lot’s share of common property, common assets, common expenses, and common liabilities of the strata corporation (s 1(1)). The SPA and the SPR require the calculation of contributions to the operating fund, the contingency reserve fund, and a special levy to be based on unit entitlement. Otherwise, if a strata corporation has failed to calculate contributions to the operating fund in accordance with unit entitlement, the owner may be able to obtain an order from the CRT requiring the corporation to determine the correct strata fee calculations. | “Unit Entitlement” is the number used in calculations to determine the strata lot’s share of common property, common assets, common expenses, and common liabilities of the strata corporation (s 1(1)). The SPA and the SPR require the calculation of contributions to the operating fund, the contingency reserve fund, and a special levy to be based on unit entitlement. Otherwise, if a strata corporation has failed to calculate contributions to the operating fund in accordance with unit entitlement, the owner may be able to obtain an order from the CRT requiring the corporation to determine the correct strata fee calculations. | ||
==== b) Relating to Limited Common Property ==== | ==== b) Relating to Limited Common Property ==== | ||