By C S Ng
The function and responsibility of any auditor is to ensure transparency and accountability in the usage of money. The Paradesa Rustica Audit Committee is no different. We have to ensure that our money (maintenance fees) is properly used and accounted for as per our S&P Agreement, Deed of Mutual Covenants and the Strata Titles Act 1985.
Currently, residents are paying a monthly service charge fee of RM150.00 and a sinking fund fee of RM20.00. The service charge fee, as per our S&P Agreement, is for the maintenance and management of common property and services provided by the vendor (Sri Damansara.) The sinking fund fee is for the purpose of replacing capital items in the buildings, for the common property, and for painting and repainting the buildings.
Paradesa Rustica Condominium has 432 units in total. If all unit owners pay their monthly maintenance fees of RM170.00, then the total monthly collection would be RM73, 440.00.
Out of the RM73, 440.00, the Management collects a monthly fixed sum of RM6, 000.00 as their maintenance (professional) fee. The rest goes to the administration of the common property.
At the last meeting with the Management on 14/7/01, we were informed that there is a surplus RM205, 078.75 in service fee fund and RM101, 774.50 in sinking fund as of 3/6/01.
However we shouldn't rejoice so soon. A closer examination shows that the 'surplus' is made up of the one month advance maintenance fees residents paid on the handing over of vacant possession, the "free of charge" lift maintenance and landscaping for one year, and also the unpaid accrued liabilities incurred by the Management.
The monthly budget put forward by the Management indicates no surplus.
Currently the entire monthly collection is used for the management and administration of the condominium.
The Audit Committee will be able to get a much clearer picture of the state of our accounts once the Management provides up-to-date monthly statements of accounts. (The last statement provided was dated November 200.) The Management has agreed to provide the first year balance sheet by August 2001.
The Audit Committee urges unit owners to pay their monthly maintenance fees promptly. Only when this is done can we demand for good and efficient services from the Management.
Residents are reminded that the Management is only responsible for maintaining the common property, and not the interiors of units. This was covered by the defects liability warranty which expired on 15/7/01.
The Audit Committee would also like to emphasise that all Residents Committee members of Paradesa Rustica are not paid for their services.
Why then are they, and some other residents, so willing to contribute their valuable time, effort and money? (Many spend their own money to produce this newsletter, purchase stationery, make telephone calls, and to buy food and drinks for meetings.)
The answer lies in the strong spirit of volunteerism, and the commitment to serve the community. We want to make every Paradesa Rustica resident proud of his/ her home environment and we want all of us to have the best facilities, services and security.
If you have an accounting background, a flair for auditing and if you are willing to speak up without fear or favour, please volunteer for the Audit Committee, as well as other Committees in the Residents Association.
ONE FOR ALL, ALL FOR ONE!
(Posted 15/8/01)
Security Report
Audit Report
Defects Report
Recreation Report