Interim financial reports
40 Interim financial reports
An operator must, on the request of a resident or residents' committee, provide an interim financial report that incorporates 1 or more of the following, as requested by the resident or residents' committee:
a statement of income received from residents, and expenditure of that income, for the relevant accounting period;
a statement of estimates of income from residents, and expenditure of that income, for the balance of the financial year;
a statement of income (from any source), and expenditure, for the relevant accounting period in respect of a capital fund;
a statement of estimates of income (from any source), and expenditure, for the balance of the financial year in respect of a fund or account referred to in paragraph (c);
other information as required by the regulations.
The operator must, if requested to do so by the resident or residents' committee, include as part of an interim financial report provided under subsection (1) copies of invoices substantiating expenditure for the relevant accounting period.
The
relevant accounting period that applies with respect to a request under subsection (1) is the period from the beginning of the financial year in which the request is made to the end of the last completed quarter for that financial year (as determined at the time of the making of the request).
The operator must ensure that information provided under subsection (1) complies with any standard or principle prescribed by the regulations.
An interim financial report must be provided within 15 business days after the request is made.
If a contravention of subsection (1),
or (5) occurs, the operator is guilty of an offence.
Maximum penalty: $5 000.
If—
a request is made under subsection (1) or (2); and
the operator, on receiving the request, indicates that a fee of, or not exceeding, a specified amount will be payable to cover the cost of preparing and providing the relevant report; and
the specified amount is reasonable in the circumstances, then the operator may, in connection with providing the report under subsection (1) or (2), require the payment of an amount not exceeding the amount so specified.
For the purposes of this section, a quarter of a financial year is any of the periods of 3 calendar months that together make up the financial year that applies in relation to the relevant retirement village.
This Act’s bill:Second reading speech
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