After attending an Annual General Meeting or what I will call AGM, you would receive a copy of the minutes, but before that, you would receive a copy of the notice when you're getting invited to the meeting.
Have you ever wondered, as a member of the Strata community, what are the further details or items that will be discussed at the AGM that's scheduled so that all Strata community members receive clear decisions that will be made at the AGM?
It is crucial to highlight the five documents that should be attached to the AGM notice and here they are.
1. A copy of the last AGM minutes. I'm referring to the decisions made at the last Annual General Meeting and what's going to occur at the current Annual General Meeting or AGM, is to confirm the contents of the minutes of the AGM that was last held. It's important that this part of the meeting is determined to make sure that the Strata Communities documents are accurate when reflecting decisions made by the Strata community.
2. A copy of the Strata Insurance Policy It's common practice that at an AGM, renewal of the Strata insurance policy is determined by all members, so a copy of the Start insurance policy is definitely important to be included in the AGM notice.
3. Contracts due for renewal at the AGM. There are a number of contracts and usually their annual contracts are a bit more or longer than that. That would need to be decided whether the Strata community is willing to renew those contracts, whether it's by contractors or by service providers. Of course, it's important to make that decision if they are informed and a copy of the contracts due for renewal should be included in the AGM notice.
4. Financial Statement of the Strata Community money. It's important the Strata community is aware of what's happened to their contributions, the member’s contributions, how they were spent, if there's any money left, and whether the bank or the piggy bank, if you like to call it is healthy or whether it needs to be improved. And that would guide the Strata community members in making the decision as to whether they should maintain the budget based on the last financial year or whether there should be an increase in budget. This would also help managers guide the Strata community members in making decisions as to whether there should be even contingency that should be added to the upcoming financial year's budget
5. Contractor service provider Quotes. These are quotes that should be read fairly by the Strata community members before making a decision as to whether particular contractors’ or service providers’ quotes should be accepted. Of course, we don't encourage that all quotes are presented in Annual General meetings, but we do encourage that where there are significant funding required, it would be prudent that they are addressed at an AGM so that all the members are informed of the decision that would be made in respect of accepting significant quotes.
These are the five documents that should be attached to the AGM. Notice do you think there should be items that must be included in this list? We want to hear from you so please share this blog with those who could learn more about Strata Living or share your comments in the comments section.