5. DISBURSEMENT OF FUNDS
BHRSO’s responsibilities for the building, its operations and some miscellaneous expenses as defined in the Lease Agreement are co-ordinated by the BHCC Office Staff, the Board and BHRSO. Appropriate processes are set up to identify needs, manage contracts and arrange payment by BHRSO.
Improvement/enhancement costs are defined each year through the BHCC Project Identification and Budget Process. These projects are administered and processed by the BHCC Office Staff and the BHCC Board and are supported by an agreed process using the BHRSO Accounting Process.
Note: If the Levy Fund monies collected are not spent within the financial year as per the agreed Budget, excess funds will be returned to the Phases through the agreed accounting process with BHRSO unless a carryover is approved. The Board will advise the residents on an annual basis of the usage of the monies from the Levy Fund.