Strata Management Group

FAQ Status Reports

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What is a Status Report?

The circulation of a monthly Status Report is a agreed service that Strata Management Group provides to all Bodies Corporate under management.

The report is emailed to all members of the Body Corporate Committee, and is available for access via the online portal and is saved for historical reference on the Body Corporate books and records. The informative report includes all activity for the building for the month immediately prior.

The report provides a status of the below topics for the month prior in relation to the Body Corporates accounts and records:

  • All cheques and EFT’s drawn
  • All receipts and payments, including bank charges.
  • Bank account details such as the balance of the account, un-presented cheques and credits and total funds available.
  • Details of roll changes such as updated address details and changes of ownership.
  • Balance Sheet and Income & Expenditure for both the Administration and Sinking Fund.
  • A Lot Balance report.
  • A copy of the monthly Bank Statement.

Why doesn’t the Lot Balance Report show all lots?

Lot Balances are only reported for lots that are in arrears or in credit at the end of the month that the Status Report refers to.  For example, if there are levies due the 1st of the following month they are not due yet so any lots that have already made payment of this levy will be reported as a credit (as the levy is not yet due) and any lots that are yet to make payment will not be reported.  Please note that a negative balance refers to a credit and a positive balance is for arrears.

What are Management, Fixed Disbursement and Additional Service Fees?

Management Fees: are the set monthly fees that the Body Corporate has approved to pay Strata Management Group to complete the agreed administration, secretarial and financial services. A full break down of these agreed services can be found within the Administration Agreement held with Strata Management Group, which can be accessed by all Owners via the Online Portal.

Fixed Disbursement Fees: are the set fixed monthly fees that the Body Corporate has approved to pay Strata Management Group for any printing, postage, stationery and emails incurred in order to complete the agreed services outlined within the approved Administration Agreement. A full break down of the agreed services can be found within the Administration Agreement held with Strata Management Group, which can be accessed by all Owners via the Online Portal.

Additional Service Fees: are the adhoc fees incurred by the Body Corporate when Strata Management Group are requested to complete administration that are outside of the listed Agreed Services within the approved Administration Agreement. A list of example additional service tasks that the Body Corporate couple request Strata Management Group to complete are outlined within the Administration Agreement held with Strata Management Group, which can be accessed by all Owners via the Online Portal.

Why don’t I see our utility invoices on the Body Corporate Invoice Hub?

If you have a utility account and have not seen your invoices appear on the online Invoice Hub for approval, this is because they are setup to be paid via a direct debit.  The system does not facilitate attaching these bills to the direct debit charge; however Strata Management Group ensure that a copy of the invoice is uploaded to the Body Corporate books and records and can supply a copy upon request.

What are the arrears fee charges listed for?

As per the Administration Agreement held with the Body Corporate, Strata Management Group is made responsible to follow up any Lot Owners that have not made payment of levies on or before the due date. These follow ups can incur a Arrears Fee. All Arrears Fees are initially paid by the Body Corporate to Strata Management Group however they are on-charged back to the Lot Ledger. This ensures that when the lot makes payment of the debt the Body Corporate is reimbursed for any arrear’s fees incurred.