Strata Corporations Urged to File Annual Returns

first_img Speaking at a recent JIS Think Tank, the CSC’s Inspectorate Manager, Ainsworth Norton, said that there has been a worrying trend of non-compliance in the filing of the documents. Proprietors of strata corporations are being urged to file their annual returns with the Commission of Strata Corporations (CSC) in order to avoid delinquency. The filing of annual returns is necessary to ensure that strata corporations meet their statutory obligations in accordance with the Act; that the strata keep proper books of accounts; and that certain policies and procedures are in place and adhered to. Story Highlights Proprietors of strata corporations are being urged to file their annual returns with the Commission of Strata Corporations (CSC) in order to avoid delinquency.Speaking at a recent JIS Think Tank, the CSC’s Inspectorate Manager, Ainsworth Norton, said that there has been a worrying trend of non-compliance in the filing of the documents.He said that only 23 per cent of strata corporations have filed annual returns over the last four financial years from 2013/14 to 2016/17.He said the low compliance rate “is a big problem, because it does not afford us the ability to deal with the issues that are prevalent within strata corporations”.The Registration (Strata Titles) (Amendment) Act, Section 4 (7) obligates strata corporations to file annual returns with the CSC.Mr. Norton said that while the Act has been in place since 1969, the public remains generally unware of its provisions, more so the amendments of 2009.He said the CSC is taking steps to educate individuals on how best they can fulfil their obligations under the Act.“We have produced several booklets and brochures for the public. They are at the office of the CSC, financial institutions and the National Housing Trust (NHT),” he indicated, noting that training and seminars are also offered on how to file annual returns.The filing of annual returns is necessary to ensure that strata corporations meet their statutory obligations in accordance with the Act; that the strata keep proper books of accounts; and that certain policies and procedures are in place and adhered to.It also guarantees the CSC’s assistance to the corporations, in terms of strata operations, and to provide third-party updates to investors on the status of strata corporations.Annual returns are to be filed within 120 days of the end of the financial year, along with a fee of $1,000.They must include audited financial statements or those prepared in accordance with generally accepted accounting principles; proof of insurance or of a unanimous resolution not to insure the property; along with completed forms that are available on the CSC website at csc.gov.jm.The documents must be signed by the chairman and another executive committee member of the respective strata corporation.In 2010, 993 strata corporations were registered with the Commission and 1,761 at the end of 2016. This represents an increase of 77 per cent.last_img read more

Rains deceive Delhi sultry conditions add to peoples woes

first_imgNew Delhi: Sultry weather added to the discomfiture of Delhi residents on Monday morning as the monsoon rains continued to elude the capital. Weather scientists had predicted moderate rains on the weekend. Though the city remained swallowed up in dark clouds, the rains kept the residents waiting. On Sunday, the weather station at Palam recorded 21.6 mm precipitation. The Safdarjung Observatory, which provides official figures for the city, recorded 0.8 mm rains till 8:30 am on Monday. A low pressure area in the Bay of Bengal was expected to enhance rains in the northern region. However, it remained concentrated in eastern parts of the country, Mahesh Palawat of Skymet Weather said. He said the axis of monsoon trough currently lies along Rajasthan, north MP, Jharkhand and Gangetic West Bengal. Its western end will shift towards the Delhi-NCR region Tuesday onwards.last_img read more

Riverdale Producers Tease Upcoming Musical Episode

first_img“Riverdale” is about to get a little more musical.The hit series is set to air a big musical episode April 18, and at PaleyFest on Sunday the cast and crew gave fans a preview.Series showrunner Roberto Aguirre-Sacada revealed that the team has wanted to do a musical episode from the very beginning. Twitter Advertisement Login/Register With: LEAVE A REPLY Cancel replyLog in to leave a comment center_img Advertisement Facebook Advertisementlast_img