Before I start , the JMC wish to take this opportunity to wish all the residents of Platinum a happy and a prosperous new year. May we live in peace and harmony in the year of 2009.
We maintain two types of funds in two different accounts. One is the BMF ( Building Management Fund ) account and the other is the Sinking Fund account. The maintenance fees that you pay will go into the BMF account and 10% of the maintenance fee that you pay will go into the Sinking fund. We shall also open a fixed deposit account for the sinking fund and any surplus fund from the BMF in the near future.
Building Management Fund is utilized to pay for day to day expenditures incurred to maintain our condo. The money is used :
1 to pay for electricity to run the lifts and to lighten up the common area.
2. to pay for security services.
3. to pay for routine maintenance on the lifts.
3. to pay for management fee for appointing PVDPMSB.
4. to pay administration staff engaged by PVDPMSB
5. to pay for routine maintenance on the gen-set, water pumps , swimming pool and others.
5. to pay for cleaning services.
6. to pay for repair jobs and minor upgrading jobs.
7. to pay for water at the common areas.
The sinking fund is utilized for major upgrading job like a repainting job, replacement of the lifts and other major repair jobs that incur a high cost.
The JMC shall be prudent in the utilization of the funds. We are well aware that these funds belong to all the owners of PV10 and we are only trustee to the fund. The JMC's main objective is build up a strong reserve for the future. The JMC is also well aware that in 5 to 10 years time, there shall be wear and tear to the lifts and other equipments. The paint job may have deteriorated to the extent that it may look like a run down flat. We may need to carry out a repainting job which incur a high cost. That is the time when we need to use the sinking fund. We shall not use any of the fund for things that do not benefit the residents.
The sinking fund will only be utilized after obtaining the consent of majority of the owners in an E.G.M. or in an A.G.M.
We maintain two types of funds in two different accounts. One is the BMF ( Building Management Fund ) account and the other is the Sinking Fund account. The maintenance fees that you pay will go into the BMF account and 10% of the maintenance fee that you pay will go into the Sinking fund. We shall also open a fixed deposit account for the sinking fund and any surplus fund from the BMF in the near future.
Building Management Fund is utilized to pay for day to day expenditures incurred to maintain our condo. The money is used :
1 to pay for electricity to run the lifts and to lighten up the common area.
2. to pay for security services.
3. to pay for routine maintenance on the lifts.
3. to pay for management fee for appointing PVDPMSB.
4. to pay administration staff engaged by PVDPMSB
5. to pay for routine maintenance on the gen-set, water pumps , swimming pool and others.
5. to pay for cleaning services.
6. to pay for repair jobs and minor upgrading jobs.
7. to pay for water at the common areas.
The sinking fund is utilized for major upgrading job like a repainting job, replacement of the lifts and other major repair jobs that incur a high cost.
The JMC shall be prudent in the utilization of the funds. We are well aware that these funds belong to all the owners of PV10 and we are only trustee to the fund. The JMC's main objective is build up a strong reserve for the future. The JMC is also well aware that in 5 to 10 years time, there shall be wear and tear to the lifts and other equipments. The paint job may have deteriorated to the extent that it may look like a run down flat. We may need to carry out a repainting job which incur a high cost. That is the time when we need to use the sinking fund. We shall not use any of the fund for things that do not benefit the residents.
The sinking fund will only be utilized after obtaining the consent of majority of the owners in an E.G.M. or in an A.G.M.
I shall give you the breakdown of our expenditures when we have finalized the takeover from the developer. At least, you know what you are paying for. The maintenance fee shall remain at 0.12 sen per sq ft.
Goodnight and have a nice day.
Goodnight and have a nice day.
Hai Mr See,
ReplyDeleteJust an idea,
Would it be more appropriate if the blog display the photo of all JMC members?
It's been a while since the last meeting and some of us may forget those we had voted.
Hi Mr See,
ReplyDeleteHappy new year to you and our fellow JMB Committee. Regarding the takeover of the accounts from the developer, may I offer one suggestion.
I believe that a due diligence must take place to verify the true and fair view of the balance sheet at the handover date. By appointing and independent auditor to carry out this assignment, we should be able to rely on their opinion. Thus, the transfer of the Building Maintenance Fund would be very transparent.
As an auditor by profession, my firm has been appointed by many JMB in the Klang Valley area to conduct such due diligence exercise. This shows that the exercise is very important to transfer the books from the developer to the JMB.
Best regards,
Shareyzat
Dear anonymous,
ReplyDeleteThank you for your valuable suggestion. if you were to go through my previous blog, you should notice that I had mentioned that we would only take over the account after the account being audited.
You should also notice that we had appointed an independent auditor, Wong and Company to audit the account. as owners of our own properties, we are extremely concerned over financial situation of our management company. We may hope to work with your company in the future when opportunity arises.
Thank you.
Dear See.
ReplyDeleteYou did a good job.
Happy New Year 2009.
hallo mr see...im just curious is there a truth that water filter at block B were paid using our fund?it cost about rm 50k..is it true the management did not get JMC approval?
ReplyDeleteOne thing about un-fire rated door JMC install what is your action?
Tq
hai kay,
ReplyDeletethe water filter was purchased before the JMB was formed. they have the right to use the fund for upgrading job but now under the JMB the fund will not be utilized without getting the consent of the owners in an EGM or AGM.
Regarding the fire door, it was done for safety reason. We did not make a request for it to be done.without the glass door, when you exit, you do not know who is waiting outside. you could be robbed. many owners complained to the developer. the developer took the initiative to do it at their own cost.the jmc did not object. by the way, I was only a committee member at the time when the job was done. an owner who is not happy with the jmc made a complaint to the fire department. we've not heard from the deparment till now. we shall deal with the issue when we receive any instruction from the fire department.
Thank you.
Mr See,
ReplyDeletei'm rather confused over the maintenance charge in relation to sinking fund. If 10% of the maintenance fee is for sinking fund
as u mentioned above,why we need to pay
sinking fund separately.
Any element of double charges for sinking fund?
Based on RM0.12/sq feet rate, the maintenance
fee for my 1272sq feet unit
should be:
1272xRM0.12 = RM152.64
but i'm now paying RM167.90.
The excess is for sinking fund.
Plis clarify.
Mr See,
ReplyDeleteplis seek clarification from the relevant
parties over the RM50k water filter.
We hv the right to know its justification.
Why block B is giving the privilege?
R not all of us paying the maintenance
fee at the same rate?
Plis investigate and enlighten all
over this issue.Otherwise the implication
can be very severe.
Dear See,
ReplyDeletethe corridor light is off at 7am
when the surrounding is still dark.
This poses safety issue to school
going children,esp when they are alone.
Suggest we off the light at 7.30am,
daily.
Plis review and advise.
thks/rgds
may recommend to the management to do so.
ReplyDeleteDear Ng,
ReplyDeletethe water filter filters the water that goes to all the blocks. it was installed along the main pipe that supplies water to all the blocks.
10% extra of the maintenance fee that you pay goes to the sinking fund. this is clearly stipulated in the S and P agrreement. we are only allowed to charge 10% of the maintenance fee for sinking fund.
I just hope my explanations do answer your questions. TQ
dear Mr Ng.
ReplyDeletethe water filter filters the water that goes to all the blocks. It was installed along the main pipe that supplies water to all the blocks. It is not only meant for Block B. It is only located at Block B. You can check with the management for a better picture.
we shall try to get the management to readjust the timer.
Besides paying for the maintenance fee (RM 152.64 ), you have to pay another 10% of this amount which goes to the sinking fund. It is stipulated in the S&P agreement if you care to check it.
I hope my explanation is quite clear. TQ
dear mr ng..the 50k for water filter is stated on their summary of finance few months back..im not sure whether its still on notice board...its a fishy deal because they 'suka-suka' beli tanpa pengetahuan kita...
ReplyDeletesingking fund bukan untuk beli water filter and truthfully we shouldn't pay for the water filter..it is ridiculous..
Kay,
ReplyDeleteu r absolutely right.
We expect Mr See who preaches
transparency to continue
his good effort in enhancing
the transparency guidelines on
expenses as well as revenues.
Lets give him a little bit
more time.
Dear See,
albeit the filter is a done deal,
we hv the right to investigate
the huge amount spent to be
convinced that it's a fair deal
devoid of hanky-panky practices.
Otherwise,take necessary action to
recover the loss from the relevant
parties.
rgds/thks
I hope there will be a clarification on the cost of the water filter.
ReplyDelete1.Where is the money from -the source of fund?
2.Who authorised the the procurement.
3.What is the recurring cost.
4. Maintenance schedule as we don't want the water to poisonous when it is hardly maintain.
Thanks
Dear owners,
ReplyDeletethe market price for a commercial filter is about 60K. Acc to the report ,the sinking fund was utilized for the purchase. this was done long before the JMB was formed meaning the JMB was not involved in the decision.
For a new condo like ours, it is a wise decision to install a filter. it will not dirty the water tanks on the top. without the filter, you may need to wash the water tanks more frequently which may incur a high cost. Bear in mind, the quality of our water is not really good.
No developers in the market will provide free water filters for their condos.
Basically, for water filter is maintenance free. You only need to carry out a backwash daily.
Dear Mr See,
ReplyDeleteThanks for your clarification. Hopefully with the JMC in existence, all the decisions to be made, especially those involving owners' monies are made in a prudent manner.
Dear owners,
ReplyDeleteit is also easier for the developer to do it than the JMC. If the JMC were to do it, it will definitely lead to all kinds of allegation simply because the sum involved is very big.
It is quite easy to find out whether the cost is justified or not. The one installed at Prima Setapak cost about 58K four years ago ( Brand- Waterco) and was done by UOA utilizing the sinking fund. The one at Genting Court cost 68K ( brand- bacfree including washing the water tanks ) 3 years ago. Ours cost 54K ( brand- Delco ) these are all established brands in the market. You make the judgement whether we have been taken for a ride or not. The question is whether it is justified to install the filter or not.
Dear See,
ReplyDeleteif i'm not mistaken, both Prima Setapak
and Genting Court financed the filter cost
with sinking fund whereas we used our BMF
fund. In another words, they installed
their filter as and when there's sufficient
money available in the fund with unanimous consent accorded by their residents. My question is why our developer hastily
abusing the BMF fund which is supposed to be
used for financing our other more urgent
maintenance and developmental needs?
best rgds
dear see,
ReplyDeletecan u do me a favor??
can u tell me what is the time where visitors are not allowed to get into the condo?
there was one time i was being told that the latest time for visitors to register into the condo is 12 am.
that very day, my sister came from ipoh to pay me a visit.
we went out together and came back a little late.
the guard told me that the latest time for visitors to register is 12am.
so, my sister could do nothing but to leave.
alright, i did not blame as the fault was on my side.
then there was another time, my relatives came visit me and i was with them in the car.
the time was about 11.45 pm. we tried to get ourselves a visitor parking.
i did tell them i was informed that the latest time is 12am and im so sure that it ain't midnight that time.
but the guard told me that they were changing shift or something like that and there were no way for us to register.
first, they told me it was 12am.
then, when it was only 11.45, they told me that they were changing shift.
can i really know when is the actual time where visitors cant register park at visitor parking?
it is quite embarrassing when people came for a visit and i couldnt even provide a secure parking for them.
dear anonymous, this is a transition period for the changing of security company. Visitors with vehicles are not allowed to come in after midnight. when the new security com takes over we shall get them to be consistent in their actions. we shall also ask them to use their discretion to accomodate those who are from oustation and the sick.
ReplyDeletetq
mr see..
ReplyDeletecan u kindly give me the type of DELCO they install with maybe the receipt also..i want to check it by myself and report to all our friends..if the think is true as they claim i think we can accept the cost
mr see..
ReplyDeletecan u kindly give me the type of DELCO they install with maybe the receipt also..i want to check it by myself and report to all our friends..if the think is true as they claim i think we can accept the cost
Dear Kay,
ReplyDeleteI shall try to get the purchase order from the management. all their purchases come with supporting documents. please give us some time.
tq
Dear See,
ReplyDeletein view of Kay's nosy nature and her presumably
wide contact, i like to nominate her
as our chief internal auditor as and when
we decide to hv a so-call internal
audit team to assist JMC to uphold
the integrity/tranparency/prudence
policies.
best rgds
This comment has been removed by the author.
ReplyDelete