Finance
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“Finance is the art of passing currency from hand to hand until it finally disappears.”
Robert W. Sarnoff

All figures are approximate and based on word-of-mouth. Actual figures may change from month to month. Any suggestions on how to streamline revenue/expenditure are welcome if backed by proper groundwork and enough volunteering to see it to completion.

Where does money come from ?

From Maintenance

  • The biggest chunk comes from this. Ideally, maintenance should come from 800 flats but some 80-120/800 flats still have individual defaulters who have not paid maintenance.

From Rentals

  • Should come from the Beauty Parlor & Alpine Mart but for now go to the ex-LLs.
  • Should come from cell phone signal towers, ATM, cafe day ie. being worked upon.
  • Small amounts that come from posters on notice boards

From Moving-In/out Charges

This is happening. The association collects Rs 1500 per movein/moveout. This money was introduced after lifts suffered a lot of damage while people were shifting in and out.

From Fines

  • Viz. Non-existent. Hardly any fines collected.

Where is the money spent ?

  • The expected inflows are about 15L /month. Of which the association now manages to collect about 13L. Of which we spend about 12L every month(basic expenditure). To barely make ends meet. So that leaves a very thin buffer of 1L a month.

The rough breakup is as:

  • 3.5L on water
  • 4.5 L on security, plumber and housekeeping vendors
  • The rest is spent on diesel fuel for DG, repairs, replacing fused bulbs, swimming pool cleaning and other miscellaneous stuff.

Balance

AEAOWA Bank Balance and FD details
1.27cr, mostly in fds
24% p.a penalty rate for late payment.

If any resident still find discrepancy in their accounts and the released defaulter's list, Managing Committee suggest them to IMMEDIATELY:

    1) File online complain through ApnaComplex in Account Discrepancy category based on the Mail "dated 22nd February, 2013 and Subject: Commencement of Account Reconciliation Activity".

    2) Visit the association office with original copy of receipts and validate your accounts.

We will start taking action against these defaulters after 25th March, 2013 and hence request all residents to clear out any discrepancy in the accounts before this date.

Regards,
AEOWA
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