Funding the Society

Design Control: Every member is required to place a $5000 bond with the Society when a section is purchased from the developer. These bonds may be later assigned to new owners. The Design Control Committee incurs external costs in appraising the suitability of consent applications submitted to it. Upon completion of the design approval process and after the approved work has been completed to the satisfaction of the Design Control Committee, the costs of that consenting process are deducted from the bond held and the balance returned to the section owner.
Should the balance of the initial $5000 bond have been returned to the section owner and further work or development is proposed requiring Design Control Committee approval a deposit fee is to be paid at the time the consent application is submitted to the Design Control Committee. The deposit fee varies depending on the nature and complexity of the work proposed. Once the approved work has been completed to the satisfaction of the Design Control Committee, the costs of that consenting process are deducted from the deposit held and balance returned to the section owner.
General Funding: General funding for the running costs of the Society (excluding the Design Control Process) is met from levies charged to members. Levies are charged annually. The levy amount is approved by members at each Annual General meeting. Late payment of levies will incur interest penalties.