Course Title: Oversee preparation of strata community budgets

Part A: Course Overview

Program: C4394 Certificate IV in Strata Community Management

Course Title: Oversee preparation of strata community budgets

Portfolio: SEH Portfolio Office

Nominal Hours: 20

Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

Flexible Terms

Course Code

Campus

Career

School

Learning Mode

Teaching Period(s)

ACCT5411C

City Campus

TAFE

174T School of VE Engineering, Health & Science

Internet

VE 2017 (SCM1)

Course Contact: Mimma Luppino

Course Contact Phone: +61 3 9925 4979

Course Contact Email: mimma.luppino@rmit.edu.au



Course Description

This unit of competency specifies the outcomes required to oversee the preparation of the annual budget for a strata community. It includes gathering budget information, identifying projected income and expenditure, overseeing the preparation of a budget, and presenting the budget to the strata community.

The unit supports the work of those involved in preparing budgets for strata communities. It applies to strata managers.

Licensing, legislative, regulatory or certification requirements apply to this unit in some States and Territories. Relevant state and territory regulatory authorities should be consulted to confirm those requirements.

Pre-requisite Courses and Assumed Knowledge and Capabilities

NIL



National Competency Codes and Titles

National Element Code & Title:

CPPDSM4086 Oversee preparation of strata community budgets

Elements:

1. Gather and analyse relevant budget information for strata community.

2. Identify and document projected income and expenditure.

3. Oversee budget preparation

4. Present strata community budget


Learning Outcomes

On completion of this, course you should be able to:
1. Gather and analyse relevant budget information for strata community
   1.1 Legislative provisions relating to strata community administrative funds, fee and contribution levies, as well as sinking funds and fees, are identified.
   1.2 Budgeting method is selected.
   1.3 Previous year’s budget performance is reviewed.
   1.4 Budget planning information is collated.
   1.5 Strata community’s expenditure priorities are identified.
2. Identify and document projected income and expenditure.
   2.1 Sources of income and expenditure are identified.
   2.2 Estimates of expenditure relating to administrative activities, including repairs and maintenance, are prepared.
   2.3 Potential variations to income and expenditure estimates are identified and their impact on overall budget is assessed.
   2.4 Identified items are documented and stored for easy retrieval.
3. Oversee budget preparation.
   3.1 Budget preparation is coordinated in consultation with owners committee and professional financial advisors.
   3.2 Budget documentation is reviewed and where necessary clarification is sought from owners committee or professional financial advisors.
   3.3 Expenditure commitments are checked against final income estimates.
   3.4 Cash flow forecasts are prepared.
   3.5 Contingencies are identified and included in draft budget.
   3.6 Draft budget is reviewed and modifications are proposed as required.
4. Present strata community budget.
   4.1 Owner’s committee is engaged in finalising and approving draft budget.
   4.2 Draft budget and schedule of contribution levies and fees are presented to strata community for approval.
Budget is regularly reviewed and variances are reported to owners committee.


Overview of Assessment

Assessment may include but not limited to a variety of methods including written short answers, assignments, online quizzes, interactive tasks and multiple choice questions. You will be asked to demonstrate to your teacher/assessor the skills gained during this course to the relevant industry standards. Assessment activities will occur throughout this course and feedback will be provided at regular intervals.