South Australian Consolidated Acts South Australian Consolidated Acts (1) An
administering authority must, on the request of a resident or residents'
committee, provide an interim financial report that incorporates 1 or more of
the following, as requested by the resident or residents' committee:
(a) a
statement of income received from residents, and expenditure of that income,
for the relevant accounting period;
(b) a
statement of estimates of income from residents, and expenditure of that
income, for the balance of the financial year;
(c) a
statement of income (from any source), and expenditure, for the
relevant accounting period in respect of any contingency, sinking or other
reserve fund or account established for the purpose of capital replacement or
improvements, irregular long-term maintenance, or other similar items;
(d) a
statement of estimates of income (from any source), and expenditure, for the
balance of the financial year in respect of any fund or account referred to in
paragraph (c);
(e) such
other information as the regulations may require.
(2) The
administering authority must, if requested to do so by the resident or
residents' committee, include as part of an interim financial report provided
under subsection (1) copies of invoices substantiating expenditure for
the relevant accounting period.
(3) The "relevant
accounting period" that applies with respect to a request under
subsection (1) is the period from the beginning of the financial year in
which the request is made to the end of the last completed quarter for that
financial year (as determined at the time of the making of the request).
(4) The
administering authority must ensure that information provided under
subsection (1) complies with any standard or principle prescribed by the
regulations.
(5) An interim
financial report must be provided within 21 days after the request is made.
(6) If a contravention
of subsection (1), (2), (4) or (5) occurs, the administering authority is
guilty of an offence.
Maximum penalty: $5 000.
(7) If—
(a) a
request is made under subsection (1) or (2); and
(b) the
administering authority, on receiving the request, indicates that a fee of, or
not exceeding, a specified amount will be payable to cover the cost of
preparing and providing the relevant report; and
(c) the
specified amount is reasonable in the circumstances,
then the administering authority may, in connection with providing the report
under subsection (1) or (2), require the payment of an amount not
exceeding the amount so specified.
(8) For the purposes
of this section, a quarter of a financial year is any of the periods of
3 calendar months that together make up the financial year that applies
in relation to the relevant retirement village.