Concerns Rise Over Irregular Financial Disclosures – BRS
Residents of Casagrand Supremus have expressed growing concerns over the delay in sharing Bank Reconciliation Statements (BRS), a key document that ensures financial transparency and accountability within the apartment association.
Previously, the BRS was regularly shared by the 10th of every month, allowing residents to stay informed about the community’s income, expenses, and bank balances. However, under the current management, residents have observed frequent delays, with statements being posted after the 12th and sometimes as late as the 18th.
This lack of timely financial reporting has raised doubts about financial discipline and transparency, prompting residents to seek a return to the earlier practice of timely updates.
Why Timely Sharing of BRS Matters
1. Financial Transparency
- BRS and bank statements show how residents’ contributions are being used, from maintenance collections to vendor payments and repair costs.
- Delays create suspicion about whether funds are being mismanaged or transactions are being concealed.
2. Accountability to Residents
- The Treasurer and Management Committee are custodians of residents’ funds.
- Timely disclosure allows residents to cross-check whether expenses align with budgets and decisions taken in meetings.
- Irregular updates weaken financial oversight, reducing residents’ confidence in the system.
3. Early Error Detection & Fraud Prevention
- BRS reconciles bank transactions with internal records, helping identify errors like duplicate payments, missed credits, or unauthorized withdrawals.
- Residents can flag issues early only if statements are shared on time.
4. Trust Between Residents & Management
- Financial transparency builds trust, ensuring residents feel their money is safe and decisions are fair.
- Unexplained delays or selective sharing erodes this trust, causing resentment and suspicion.
5. Legal Compliance & Audit Readiness
- Sharing financial statements aligns with the Tamil Nadu Societies Registration Act, 1975, which requires proper maintenance and sharing of accounts.
- Irregular disclosures can complicate audits, leading to regulatory issues and possible legal complications.
Best Practices That Residents Expect
Residents believe the following steps will restore financial transparency:
- Share BRS and bank statements by the 10th of every month.
- Present a financial summary during general body meetings.
- Allow authorized residents to inspect detailed statements while protecting sensitive bank data.
Residents’ Call to Action
The current delays have triggered discomfort among residents.
- The earlier team followed a schedule, ensuring the BRS was shared by the 10th of every month.
- The current team often posts the BRS after the 12th, sometimes as late as the 18th, creating doubts about the association’s financial management.
Residents are now demanding that the Management Committee restore the practice of timely BRS disclosures to safeguard financial transparency and uphold community trust.
Timely financial updates are not just good practice—they are essential for building a financially secure and confident community. Residents now await the Management Committee’s assurance that such delays will not occur in the future.
