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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Identify procedures for handling strata community funds.
   • 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.
2. Process funds.
   • 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.
3. Report fund discrepancies.
   • 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.

Range Statement

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.

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Performance Evidence

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.

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Knowledge Evidence

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.

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