Jun 11, 2018

Audited Accounts & Sinking Fund

We all have one more cheque due to us and that is the equal sharing of the Sinking Fund.

The last duty of the ex-MCST was to put in for the Accounts to be audited. This will take about 2 to 3 months I believe.

So what do we know about the Accounts and will we be allowed access to the Final Audit? We should - as we paid for it and it is ours by right.

I still have the last Auditor's report for the Accounts Ending 31 Mar 2017.

As of 31 Mar 2017 : Sinking Fund :        $1,944,221     
                                   Management Fund:  $ 48,217

Now, I also have the Minutes of the 4th Council meeting held 29 Jan 2018

As of end Dec 2017:  Sinking Fund:          $2,148,815    
                                   Management Fund:     $102,784

So, we should expect a ballpark figure* of $2,148,815/560 =

           Approx .$3,837 per unit #         

*There should be minimal drawing down of SF - if there is, then that has to be challenged.
# If units are still in arrears even after the MCST handed over supposedly 'clean' accounts' then it should be deducted from their share. Again, transparency in required even at this stage.

It is the MCST (therefor us) which paid for the Final Audit - so you should send an email to Eldan Law asking for  PDF copy. You paid for it, right?

TRANSPARENCY TO THE LAST DROP, I SAY  

8 comments:

  1. Anonymous21 June, 2018

    i think your figure is just a ballpark should not be 'minimum'...between dec 2017 to june 2018, definitely there will be drawdowns together with top ups,...i suspect the drawdown may be more than the contribution. furthermore, not everyone will get the same amount,...understand quite a number laggards who simply refuse to pay their share of MCST funds and owing for a long period some more...so definitely their share will be adjusted for the shortfall over the years PLUS interest!

    ReplyDelete
    Replies
    1. You are right about the laggards, but if the MCST did their job correctly in the last 3 months, then they should have collected the outstanding payment before signing off on a clean bill of health for each unit to Eldan law. Remember we had to pay up our maintenance fee up to 30th May, and I queried why 'outstanding amounts' was not specifically stated? The answer then was the outstanding amount would be reflected on the bill and the owner would have to clear the lot. When our competent condo manager resigned prematurely and no one of his calibre took over, I seriously doubted this would happen .

      The sinking fund should not be 'drawn down' as you say because there are safeguards in how much can be used without SP consent, I believe. If the Sinking Fund is drastically reduced and we do not get to see the Audit, then it is a case for the MAS.

      Delete
    2. Anonymous22 June, 2018

      I am writing to Eldan to demand to see the audited accounts. Also, the balance of the maintenance funds and sinking fee should not be distributed equally to the 560 residents. There are residents who just bought units less than a year. The barely paid less than $1,000 for such fees and yet will receive $3,000 (if equal distribution)???

      Delete
    3. Anonymous22 June, 2018

      when they buy in has no bearing on how much one gets. the latecomers are already penalised with SSD; unless the majority wants to pay for their SSD also.

      the only thing they have to ensure is that everybody pays whatever they have owed with interest. if they have not paid, then they will be apportioned less; the difference being the amount owing with interest. that's all. its really a v simple matter, lets not complicate things.

      Delete
  2. Anonymous22 June, 2018

    It cannot be on equal sharing. Some have a lot outstanding n overdue fees. Others just bought units n hv paid only a bit

    ReplyDelete
    Replies
    1. Your length of stay is not a factor in the division.

      Delete
  3. Anonymous05 July, 2018

    Hi Blogger Choo and Everyone - do you know when the audited accounts and refund from both funds will be sent to us? Its already July. The last time the accounts were audited and sent to us was in March 2017. Is'nt it kind of late?

    ReplyDelete
  4. Anyone heard of the sinking fund refund?

    ReplyDelete