Differences

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--- spa [2024/10/21 02:25] – [Milestones] 103.252.203.110
+++ spa [2024/12/25 10:21] (current) – [Goal/ Objective/ Status] 103.252.202.197
@@ Line 5: / Line 5: @@
 ===== Goal/ Objective/ Status =====
-To bring down the amount of contributions SPs owe to Jun 2023 level.
+Three objectives:
+  * To reduce the amount of contributions SPs owe to June 2023 level (i.e. $26,429).
+  * To rationalise and streamline the payment process (per Koh Thong Joo's feedback at 39 AGM).
+  * To ensure Council Members are not in arrears at AGM
-Current SP Arrears: $55,843.65 (as at end-Aug 2024)
+Current SP Arrears:
+  * $66,735.93 (as at end-Oct 2024)
+  * $44,763.42 (as at end-Sep 2024)
+  * $55,843.65 (as at end-Aug 2024)
+  * $76,480.38 (as at end-Jul 2024)
 ===== Background/ History =====
+==== What is our objective? ====
+**Bottom Line:** To minimise the amount MF/SF contributions that SPs owe the MCST. This amount is tracked in the Accounts presented each AGM as: "Amount owing by subsidiary proprietors" in the "Finance: Receivables" section
+Note also feedback from SP Koh Thong Joo, who was frustrated by the lack of response/acknowledgement when he followed the instructions by emailing Newman Finance.
+==== Finance: Receivables ====
+^ Year  ^  2024  ^  2023  ^  2022  ^  2021  ^
+^ Amount owing by subsidiary proprietors  |  46,021 |  26,429 |  33,397 |  24,585 |
+^ Deposits  |  11,325 |  13,595 |  7,075 |  9,085 |
+^ Other receivables  |  54,736 |  39,857 |  6,746 |  771 |
+^ Interest receivables  |  12,614 |  10,535 |  6,818 |  7,954 |
+^ Prepayments  |  12,614 |  10,535 |  11,496 |  7,507 |
+^ Recoverable  |  - |  4,724 |  11,825 |  11,850 |
+^ Total  ^  124,696 ^  95,140 ^  77,357 ^  61,752 ^
+^ ^ ^ ^ ^ ^ ^  2022  ^^  2023  ^^  2024  ^^
+^ Year^  2021  ^  2022  ^  2023  ^  2024  ^ ^  %  ^  Diff  ^  %  ^  Diff  ^  %  ^  Diff  ^
+^ 0 to 30 days  |  $477 |  $445 |  $356 |  $1,883 ^ |  -6.71% |  -$32 |  -20.00% |  -$89 |  428.93% |  $1,527 |
+^ 31 to 60 days  |  $0 |  $137 |  $98 |  $261 ^ |  #DIV/0! |  $137 |  -28.47% |  -$39 |  166.33% |  $163 |
+^ 61 to 90 days  |  $12,573 |  $25,617 |  $13,038 |  $26,341 ^ |  103.75% |  $13,044 |  -49.10% |  -$12,579 |  102.03% |  $13,303 |
+^ Over 90 days  |  $11,535 |  $7,198 |  $12,937 |  $17,536 ^ |  -37.60% |  -$4,337 |  79.73% |  $5,739 |  35.55% |  $4,599 |
+^ Total  ^  $24,585 ^  $33,397 ^  $26,429 ^  $46,021 ^ ^  35.84% ^  $8,812 ^  -20.86% ^  -$6,968 ^  74.13% ^  $19,592 ^
@@ Line 23: / Line 54: @@
   * not higher than $26,429 (as at end-Jun 2023)
   * not higher than $23,010 (50% of end-Jun 2024)
+Total arrears (Amount owing by SPs) was $46,021 as at end June 2024, a jump of 74% over the previous year: $26,429 as at end June 2023. The latest number we have as of end-August 2024 is even higher at: $55,843.65. We can manage the process better to reduce this number.
+We should also take heed of feedback by fellow SP Thong Joo, who was frustrated by the lack of response/acknowledgement when he followed the instructions by emailing Newman Finance.
+Monthly monitoring:
+Nov, Feb, May, Jul:
+  * Bucket 1: Phone/WhatsApp
+  * Bucket 2: Demand Letter
+  * Bucket 3: Legal letter, Lodgement of Charge, Writ of Summons
@@ Line 30: / Line 76: @@
-===== Progress/ Event log =====
+===== Notes =====
+What is the SOP ?
+  * < 2 quarters: Reminder letter
+  * 2 quarters: Demand letter
+  * 4 quarters: Legal letter
+  * Lodgement of Charge:
+  * Writ of Summons: One month later
+When is each month's SP arrears list available ?  Is it available only in PDF or can we get it in a text file ?
+Questions:
+  * I assume we have everybody's official snail mail address
+  * What about mobile numbers or WhatsApp? Who maintains list ?
+  * See sample of Reminder/Demand Letters to standardise format
+  * When can the new month's list of arrears be ready? 15th of next month? Specifically the list as of 31 Oct 2024.
+  * What is the SOP?  Can we amend it?