Assessor Resource

CPPDSM4085
Handle strata community funds held on trust

Assessment tool

Version 1.0
Issue Date: March 2024


This unit of competency specifies the outcomes required to handle strata community funds received from clients that are held on trust. It includes identifying procedures for handling strata community funds held on trust, processing funds held on trust received from clients, and reporting discrepancies.

The unit supports the work of those involved in handling moneys held on trust. 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.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)



Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the range of conditions.

1.

Identify procedures for handling strata community funds.

1.1.

Situations in which funds are held on trust are identified.

1.2.

Key legislative controls relating to handling funds are identified to ensure compliance with legislative and organisational requirements.

1.3.

Organisational policies and procedures for handling funds are sourced.

1.4.

Organisational personnel responsible for monitoring and communicating changes to legislation, industry codes, and organisational policies and procedures relating to handling funds are identified.

2.

Process funds.

2.1.

Funds received from clients are promptly and accurately processed in line with organisational policies and procedures.

2.2.

Questions from strata communities and lot owners relating to funds are responded to promptly and honestly, within scope of own responsibilities, and according to organisational policies and procedures.

2.3.

Limitations in knowledge of legislation and organisational policies and procedures relating to processing funds are identified and specialist advice is sought as required.

2.4.

Compliance with relevant legislation, standards, codes, and organisational policies and procedures relating to processing funds is monitored.

3.

Report fund discrepancies.

3.1.

Discrepancies in funds are reported in line with organisational policies and procedures.

3.2.

Non-compliance with organisational procedures for handling funds is reported in line with organisational policies and procedures.

3.3

Records relating to fund discrepancies are completed according to organisational requirements.

A person demonstrating competency in this unit must satisfy all of the elements, performance criteria, foundation skills and range of conditions of this unit.

The person must also correctly handle four of the following situations relating to the strata community funds held for four different clients:

contractor payments

discrepancy in client account

insurance claims or refunds

lot owner’s contribution

processing non-mutual income.

In doing the above, the person must:

identify and follow procedures for handling strata community funds held on trust

process the funds held on trust received from the above clients.

A person demonstrating competency in this unit must demonstrate knowledge of:

common discrepancies and non-compliances associated with handling strata community funds held on trust

ethical requirements relating to handling strata community funds held on trust

organisational administrative routines and practices for handling strata community funds held on trust

organisational information technology and management systems used when handling strata community funds held on trust

key requirements of federal, state or territory legislation and local government regulations relating to strata community funds held on trust

risks and risk management strategies relating to strata community funds held on trust

security requirements for strata community funds held on trust

situations in which funds are held on trust by strata manager companies

sources of information on requirements for handling strata community funds on trust.

The following must be present and available to learners during assessment activities:

equipment:

computer system with internet, email and printing facilities

specifications:

organisational policies and procedures for handling strata community funds

relevant codes, standards, legislation and regulations relating to handling strata community funds on trust

relationship with team members and supervisor:

member of a work team in a property industry context.

Assessor requirements

As a minimum, assessors must satisfy the assessor requirements in the Standards for Registered Training Organisations (RTOs) current at the time of assessment.


Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)


Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the range of conditions.

1.

Identify procedures for handling strata community funds.

1.1.

Situations in which funds are held on trust are identified.

1.2.

Key legislative controls relating to handling funds are identified to ensure compliance with legislative and organisational requirements.

1.3.

Organisational policies and procedures for handling funds are sourced.

1.4.

Organisational personnel responsible for monitoring and communicating changes to legislation, industry codes, and organisational policies and procedures relating to handling funds are identified.

2.

Process funds.

2.1.

Funds received from clients are promptly and accurately processed in line with organisational policies and procedures.

2.2.

Questions from strata communities and lot owners relating to funds are responded to promptly and honestly, within scope of own responsibilities, and according to organisational policies and procedures.

2.3.

Limitations in knowledge of legislation and organisational policies and procedures relating to processing funds are identified and specialist advice is sought as required.

2.4.

Compliance with relevant legislation, standards, codes, and organisational policies and procedures relating to processing funds is monitored.

3.

Report fund discrepancies.

3.1.

Discrepancies in funds are reported in line with organisational policies and procedures.

3.2.

Non-compliance with organisational procedures for handling funds is reported in line with organisational policies and procedures.

3.3

Records relating to fund discrepancies are completed according to organisational requirements.

This section specifies work environments and conditions that may affect performance. Essential operating conditions that may be present (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) are included. Bold italicised wording, if used in the performance criteria, is detailed below.

Funds must include:

contractor payments

insurance claims and refunds

lot owner contributions

non-mutual income.

A person demonstrating competency in this unit must satisfy all of the elements, performance criteria, foundation skills and range of conditions of this unit.

The person must also correctly handle four of the following situations relating to the strata community funds held for four different clients:

contractor payments

discrepancy in client account

insurance claims or refunds

lot owner’s contribution

processing non-mutual income.

In doing the above, the person must:

identify and follow procedures for handling strata community funds held on trust

process the funds held on trust received from the above clients.

A person demonstrating competency in this unit must demonstrate knowledge of:

common discrepancies and non-compliances associated with handling strata community funds held on trust

ethical requirements relating to handling strata community funds held on trust

organisational administrative routines and practices for handling strata community funds held on trust

organisational information technology and management systems used when handling strata community funds held on trust

key requirements of federal, state or territory legislation and local government regulations relating to strata community funds held on trust

risks and risk management strategies relating to strata community funds held on trust

security requirements for strata community funds held on trust

situations in which funds are held on trust by strata manager companies

sources of information on requirements for handling strata community funds on trust.

The following must be present and available to learners during assessment activities:

equipment:

computer system with internet, email and printing facilities

specifications:

organisational policies and procedures for handling strata community funds

relevant codes, standards, legislation and regulations relating to handling strata community funds on trust

relationship with team members and supervisor:

member of a work team in a property industry context.

Assessor requirements

As a minimum, assessors must satisfy the assessor requirements in the Standards for Registered Training Organisations (RTOs) current at the time of assessment.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Situations in which funds are held on trust are identified. 
Key legislative controls relating to handling funds are identified to ensure compliance with legislative and organisational requirements. 
Organisational policies and procedures for handling funds are sourced. 
Organisational personnel responsible for monitoring and communicating changes to legislation, industry codes, and organisational policies and procedures relating to handling funds are identified. 
Funds received from clients are promptly and accurately processed in line with organisational policies and procedures. 
Questions from strata communities and lot owners relating to funds are responded to promptly and honestly, within scope of own responsibilities, and according to organisational policies and procedures. 
Limitations in knowledge of legislation and organisational policies and procedures relating to processing funds are identified and specialist advice is sought as required. 
Compliance with relevant legislation, standards, codes, and organisational policies and procedures relating to processing funds is monitored. 
Discrepancies in funds are reported in line with organisational policies and procedures. 
Non-compliance with organisational procedures for handling funds is reported in line with organisational policies and procedures. 
Records relating to fund discrepancies are completed according to organisational requirements. 

Forms

Assessment Cover Sheet

CPPDSM4085 - Handle strata community funds held on trust
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:


Assessment Record Sheet

CPPDSM4085 - Handle strata community funds held on trust

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: