Please be informed that our Annual General Meeting will be held as follow:
Date : Sunday, 12 October 2008
Time : 8.00 pm sharp
Venue : Canal Gardens Basketball Court
Among the agenda for updates:
- Canal
- Security
- Landscaping and Street Lighting
- Monthly Recycling
- Social/Sports Activities 2008/2009
- Financial position of the accounts of the Canal Gardens Residents Committee
- Registration of the Canal Gardens Residents Association
- Others
Your presence is much appreciated.
5 comments:
It is a best practice in strata gated communities (as provided in their strata act) to have the audited accounts circulated to the residents (who paid maintenance fees) a month prior to the AGM for review and later for inquiry/ approval during the AGM.
This was brought up last year and with much effort, the a/c was finally circulated 1 week before the AGM by CGRC. It is not sufficient time given the busy schedule of everyone to review the a/cs in such a short time.
As at the date of your AGM announcement in this blog, i.e. less than 2 weeks away, no a/cs have been circulated to the residents (especially the non-CGRC committe members) yet. Remember, the non-commitee members also pay equal amount of maintenance fees as the committee members. So they are entitle to know how the funds has been utilised, the sinking fund movements including explanation.
Of course, CGRC is not subjected to any regulatory act requiring it to do so because we are in a non-strata gated comm. However, it all depends on whether CGRC wants to demostrate its best leadership skills and adopt best practices in the industry (which is also beneficial to the community as a whole). Otherwise, I rest my case.
Thanks for the feedback John.
CGRC is not a registered association (yet). The only collection we have in our bank are basically the money from collected from our Monthly Recycling Program and our Family Day & Golf Tournament which are channeled back into our CG community events.
CGRC also, like you, don't have privy and access to the details on "the funds" which are managed by HGD Property Services. We too, like you, would like to know what is happening to "the funds" - the details right down to every Ringgit and Sen collected and spent.
All the CGRC members come on board to help on voluntary basis. No pay, no special preferences, no discount on the maintenance fees.
Please read our previous posting: http://canalgardens.blogspot.com/2008/06/volunteers-needed-road-reps.html and do join us as we are running short of hands and legs.
Obviously, we are not on the same wavelength and you're reply is off the scale.
I am not interested in your recycling collection. This to me is not as critical as the maintenance fees utlisation and sinking fund movements managed by HGD properties Sdn Bhd.
Prior year’s financial account (i.e. Financial statements of Canal Garden managed by HGD properties for the year ended 31 March 2006 audited by Monteiro and Heng) was distributed by CGRC (by hand) along with the AGM agenda.
Financial accounts of private limited companies have to be filed with the ROC (SSM) and are accessible by the public. Hence, CGRC has a right to the accounts including the paying residents. It is critical for ALL paying residents of CGRC to review the accounts to see any irregularities of fund utilization of the maintenance fees and sinking fund. This is a common and best practice of the better managed non-strata gated & guarded communities and it is a requirement for strata communities.
All residents have been given a copy by CGRC last year. Only problem: There was too short a time given to review. A month is better practice and was suggested for this year's financial accounts. Trust this clarifies my earlier comments.
Dear John,
I think we are equally concerned on the Maintainance Fees collected & managed.
I think the Accounts comes from HGD Services, and we need legal representation to get the accounts from the Management. if given, it is a Bonmus for us.
Anyone can share more on this ? Do we have the right to get the Accounts from HGD Services now ? If we can distributed in the last AGM, can we do the same this time ?
And, John. The CGRC is a volunteer and not official registration yet. The wavelenght issue, do exist.
However, probably you need to go direct to the Office to get it from the management. CGRC just assisting at this moment.
p/s: I am not a committee.
Get our facts and info right. TQ
Dear Anonymous,
Please read my comments / clarification again.
A/Cs for private and public LTD companies are available for public viewing. In the case of a/cs relating to gated & guarded communities, it is distributed by the resident committee of the better manage non-strata gated community while it is a requirement to do that for strata base community.
Have approach HGD last year but they will only give the a/cs to CGRC and had instructed residents like myself to obtain from CGRC. That is why CGRC distributed the a/cs to all residents with the AGM agenda. It is the correct thing to do.
Please re-read my commments carefully and get your facts and info correct before you tembak me for not getting my facts and info correct.
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