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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 23:29, 3 August 2023
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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: | ||
[[File:LSLAP 22 VIII | [[File:LSLAP 22 VIII image 1.png|alt={Unit Entitlement of Strata Lot divided by Entitlement of all Strata Lots and then multiplied by Total Contributions}]] | ||
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. | ||
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Provided there is no alternate formula adopted by way of a s 100 resolution, the SPR allows for the formula in s 99 to be amended for operating fund expenses that relate to and benefit only limited common property as follows: | Provided there is no alternate formula adopted by way of a s 100 resolution, the SPR allows for the formula in s 99 to be amended for operating fund expenses that relate to and benefit only limited common property as follows: | ||
[[File:LSLAP 22 VIII | [[File:LSLAP 22 VIII image 2.png|alt={Unit Entitlement of Strata Lot divided by Total Unit Entitlement of all Strata Lots whose Owners are Entitled to the use of Limited Common Property to which the Contribution Relates and then multiplied by Contribution to Operating Fund}]] | ||
That formula cannot be used for contributions to the contingency reserve fund and special levies. Instead, the contributions are allocated among all of the owners as follows: | That formula cannot be used for contributions to the contingency reserve fund and special levies. Instead, the contributions are allocated among all of the owners as follows: | ||
[[File:LSLAP 22 VIII | [[File:LSLAP 22 VIII image 3.png|alt={Unit Entitlement of Strata Lot divided by Total Unit Entitlement of all Strata Lots and then multiplied by Total Contribution to CRF or Special Levy}]] | ||
{{LSLAP Manual Navbox|type=chapters15-23}} | {{LSLAP Manual Navbox|type=chapters15-23}} | ||