Financial statements

When requested, you must provide quarterly financial statements and audited annual financial statements.

Quarterly financial statements

If a resident requests quarterly financial statements, you must provide them within 28 days.

The statements list income and expenditure for the capital replacement fund and maintenance reserve fund, and each general service expenditure. You need to provide separate statements for each of these.

The statements do not need to be audited, but should be in a format capable of being audited.

The residents´ committee can request a document outlining and explaining each general service expenditure and any increase that varies from the amount originally budgeted.

Annual financial statements

If a resident requests an annual financial statement, you must provide one within five months of the financial year´s end.

The annual statement contains information for the financial year, including:

• the capital replacement fund´s income and expenditure
• the maintenance reserve fund´s income and expenditure
• each general service´s expenditure
• insurance claim amounts received
• the retirement village´s assets and liabilities
• any interests, mortgages and other charges that affect the village´s property.

An auditor must audit this statement and issue a report under the Australian Auditing Standards.

Send the department a copy of the audited annual financial statement within five months of the financial year´s end. Penalties can apply for failing to do this. You must present the audited financial statements to the residents´ annual general meeting.