Sitting on Strata Council is no easy task! As a Strata Council member, you are essentially a part of the governing body that runs your strata corporation. Think of it as a mini business or government. Your individual role will really depend on the position that you are elected for, or more often volunteer for!
What is required for the Strata Council Treasurer
The role of the Strata Council Treasurer is to supervise financial performance, budgeting, and the long term financial well being of the Strata Corporation. This will include things such as:
- Reviewing monthly financial statements
- Reporting to Council
- Getting involved in the budgeting process. Working with the strata manager to help set the budget for the AGM
- Monitoring invoices and expenditures from the Operating Account and CRF
- Reviewing long term financial objectives
- Deciding where money will be spent
The Strata Council Treasurer has the difficult task of being responsible for the funds of the Strata Corporation. In many cases, this can reach into the millions of dollars! The good news is that you will have the help of your fellow Council members, and of course the Strata Management Company that will generally be handling all of your day to day accounting and finance functions.
Looking for some help with condo and strata management? Reach out to our Vancouver Property Management Company here!