Strata Properties Encouraged To File Annual Reports

Chief Executive Officer (CEO) of the Commission of Strata Corporations (CSC), Sandra Garrick, is imploring the Executive team of strata properties to file their annual reports on time, in keeping with the law.

“The compliance of annual reports has always been low, and the CSC has been trying to change this. Less than one per cent of strata properties are now complying with filing their annual reports.

This low figure means that there is lack of accountability,” Mrs. Garrick told JIS News.

She pointed out that for the report, the CSC needs to see that the strata had an annual general meeting, where members of the Executive Committee were elected. This data is captured using a one-page form found on the CSC website.

Mrs. Garrick said the report should reflect the accounts details for the period being reported using the CSC forms showing the age of receivables, income and expenditure, and the assets of the strata.

“This information helps the Commission to see that the strata is financially viable and operating well. Also, as stated in the law, each proprietor should receive a copy of these accounts statements,” she explained.

Mrs. Garrick urged buyers to beware and request a status letter from the CSC to ensure that they are buying into a strata that is compliant.

“The CSC has been undertaking public education activities, so we have improved compliance with clearing the backlog of previous years, so it’s the recent years which are problematic. For 2013-14 the compliance rate was 34 per cent as opposed to 2018-19 where the compliance rate was 10 per cent,” she noted.

Mrs. Garrick informed that the Commission, under the pending amendments to the Registration Strata Titles Act, will be moving to impose harsher fines for persons who are non-compliant.

“It’s unfortunate that some persons can’t appreciate the importance of filing their reports, despite our efforts, and we will have to resort to penalties,” Mrs. Garrick said.