Queensland Body Corporate and Community Management Act 1997
Financial management (Act ch 3 pt 3 div 1; Standard Module ch 7) – Queensland Body Corporate and Community Management Act 1997

Queensland Body Corporate and Community Management Act 1997 SM-s167-169: Standard Module ss 167 to 169 Administrative and sinking funds kept separately

The body corporate must keep an administrative fund and a sinking fund. Amounts raised for capital or non-recurrent spending, insurance proceeds for destroyed major capital items and sinking fund interest go to the sinking fund, and everything else to the administrative fund. All money is banked in accounts in the body corporate's name, funds must not be transferred between the two funds, and each payment needs a written request or written evidence of payment. The sinking fund pays for capital items and the administrative fund pays all other spending.

Maintained by Gerard Blokdyk

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