I recall many strata management conferences over the past 30 years where delegates have bemoaned the fact that strata management should become more professional or be considered a profession. Well here’s an idea – stop misleading people about your charges.
Strong language I know but just last week I was asked to review a set of accounts for a simple 18-lot scheme and advise how the levies were really being spent. Of 17 line items in the income and expenditure statement, eight were for strata management services. The general ledger confirmed this. And this did not include the insurance commission paid directly by the insurers and not noted on the Certificate of Insurance or in the papers for the AGM.
Like prisoners of war tunneling for an escape and scattering their tailings thinly around the compound so as not to be caught out, strata managers have been disguising their taking by using a variety of nebulous descriptors for decades.
I have sympathy and respect for the POWs but not service providers in a position of trust seeking to be regarded as professionals. It’s inexcusable.
It’s not how societies for doctors, lawyers, accountants, engineers and financial planners would have their members behave and if strata management wants to be regarded as being among this company then the practice has to stop.