Naming the Different Collections

The accounts to which we pay our money is a matter of confusion in strata communities. Like a Catholic church, in strata management there are two collections.

The Catholics cannily worked out long ago two collections are better than one. Giving in smaller more frequent parcels apparently doesn’t hurt as much and as a result we are inclined to give more in overall terms. The first collection for the Catholics is for the administration of the parish and the second is for the priests of the diocese (or is it the other way around?). Apart from being good at collecting money, Catholics are also good at property. Look at the top of the best hill in any town or city and you will be sure to see a Catholic school, church or hospital. Those in strata could learn a thing or two from the Catholics about money and property; pay up, pay often and be clear about what the money is for and how it’s going to be spent. Even if you then spend it as you like.

The administration fund we pay our strata levies too is aptly named but the sinking fund or maintenance account should just be called for what it is, the building fund. This is our savings account and we only spend from this account when we are repairing and maintaining the building. Everything else comes from the administration fund. Keep it simple and people might understand where there money is going and might just be a little bit more ready to part with it on time for the collective good.

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