Unit of competency
Modification History
Release 1.
New unit of competency.
This version first released with CPP Property Services Training Package Version 5.
Application
This unit of competency specifies the outcomes required to handle strata community funds received from clients that are held on trust. It includes identifying procedures for handling strata community funds held on trust, processing funds held on trust received from clients, and reporting discrepancies.
The unit supports the work of those involved in handling moneys held on trust. It applies to strata managers.
Licensing, legislative, regulatory or certification requirements apply to this unit in some States and Territories. Relevant state and territory regulatory authorities should be consulted to confirm those requirements.
Pre-requisite Unit
Nil
Competency Field
Strata community management
Unit Sector
Property services
Elements and Performance Criteria
|
Elements describe the essential outcomes. |
Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the range of conditions. |
||
|
1. |
Identify procedures for handling strata community funds. |
1.1. |
Situations in which funds are held on trust are identified. |
|
1.2. |
Key legislative controls relating to handling funds are identified to ensure compliance with legislative and organisational requirements. |
||
|
1.3. |
Organisational policies and procedures for handling funds are sourced. |
||
|
1.4. |
Organisational personnel responsible for monitoring and communicating changes to legislation, industry codes, and organisational policies and procedures relating to handling funds are identified. |
||
|
2. |
Process funds. |
2.1. |
Funds received from clients are promptly and accurately processed in line with organisational policies and procedures. |
|
2.2. |
Questions from strata communities and lot owners relating to funds are responded to promptly and honestly, within scope of own responsibilities, and according to organisational policies and procedures. |
||
|
2.3. |
Limitations in knowledge of legislation and organisational policies and procedures relating to processing funds are identified and specialist advice is sought as required. |
||
|
2.4. |
Compliance with relevant legislation, standards, codes, and organisational policies and procedures relating to processing funds is monitored. |
||
|
3. |
Report fund discrepancies. |
3.1. |
Discrepancies in funds are reported in line with organisational policies and procedures. |
|
3.2. |
Non-compliance with organisational procedures for handling funds is reported in line with organisational policies and procedures. |
||
|
3.3 |
Records relating to fund discrepancies are completed according to organisational requirements. |
||
Foundation Skills
|
This section describes the language, literacy, numeracy and employment skills essential to performance in this unit but not explicit in the performance criteria. |
|
|
Skill |
Performance feature |
|
Learning skills to: |
|
|
Numeracy skills to: |
|
|
Oral communication skills to: |
|
|
Reading skills to: |
|
Range of Conditions
|
This section specifies work environments and conditions that may affect performance. Essential operating conditions that may be present (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) are included. Bold italicised wording, if used in the performance criteria, is detailed below. |
|
|
Funds must include: |
|
Unit Mapping Information
No equivalent unit.
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=6f3f9672-30e8-4835-b348-205dfcf13d9b
