Course Title: Oversee preparation of strata community budgets

Part B: Course Detail

Teaching Period: VE 2020

Class Number: All

Class Section: All

For flexible terms and optional semesters, a Part B course guide may have been published for the entire teaching period, or for the specific class number in which you are enrolled. If there is no Part B course guide published for your specific class number, please refer to the guide for the teaching period in which you are enrolled. Enrolment Online is the definitive source for details regarding your class enrolment.

Course Code: ACCT5411C

Course Title: Oversee preparation of strata community budgets

School: 174T School of VE Engineering, Health & Science

Campus: City Campus

Program: C4394 - Certificate IV in Strata Community Management

Course Contact: Thierry Demathieu

Course Contact Phone: +61 3 9925 8359

Course Contact Email: thierry.demathieu@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

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.

Pre-requisites and Co-requisites

NIL

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.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

CPPDSM4086 Oversee preparation of strata community budgets

Element:

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

Performance Criteria:

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.

Element:

2. Identify and document projected income and expenditure.

Performance Criteria:

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.

Element:

3. Oversee budget preparation

Performance Criteria:

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.

Element:

4. Present strata community budget

Performance Criteria:

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.

4.3.

Budget is regularly reviewed and variances are reported to owners committee.


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.


Details of Learning Activities

Students will be accessing online materials and resources.

The program area is designed with interactivity utilizing drop down information through online presentations. This information is packaged within videos and text.

 

The learning material is accessed via Canvas (RMIT Learning Management System or LMS).

 

Interaction with other students is encouraged through Google Communities to engage with other students and facilitate their learning.

Online support and feedback is provided by educators via both Canvas and Google communities to assist in learning activities.


Teaching Schedule

Students are expected to engage in online learning at their own pace within the 12 month delivery period of the program.

The program area is structured to provide sequential learning. Please see the assessment matrix below.

 


Learning Resources

Prescribed Texts


References


Other Resources


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.


Assessment Tasks

This unit of competency is part of an integrated program. You must demonstrate Performance and Knowledge evidence of the unit in order to be deemed competent.

Assessment methods have been designed to measure achievement of each competency over a range of assessment tasks.

The assessment methods may include:

  • multiple choice
  • online quizzes
  • short answer questions
  • written tasks
  • assignments
  • case studies
  • workplace evidence

 

Feedback will be provided to you throughout the program through Canvas and/or Google communities.

All assessment tasks must be submitted within the given time frame to avoid timing out.

You are expected to prepare all assignments and other written work in a professional manner. More information on general academic study and writing skills can be found on the “Learning Lab” http://emedia.rmit.edu.au/learninglab/ (http://emedia.rmit.edu.au/learninglab/). All work submitted for assessment must be submitted electronically.


Assessment Matrix

The assessment mapping demonstrates alignment of assessment tasks with the elements and performance criteria as stipulated in the unit of competency. The assessment matrix is available on Canvas with links to the Assessment task sheet(ATS).

 

Assessment Code

Assessment Name

Elements

Performance Criteria

2OP86SA1

Strata Scheme Budget Fundamentals

1

1.1, 1.2, 1.3, 1.4, 1.5

2OP86CS1

Analyse income and expenditure

2

3

2.1, 2.2, 2.3, 2.4

3.3, 3.5

2OP86MC1

Oversee and present budget

3

4

3.1, 3.2, 3.4, 3.6

4.1, 4.2, 4.3

Course Overview: Access Course Overview