====== SP Arrears ======



===== Goal/ Objective/ Status =====

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:
  * $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 ^


===== Milestones =====

Arrears as at end-June 2025 objectives:

  * not higher than $55,843.65 (as at end-Aug 2024)
  * not higher than $46,021 (as at end-Jun 2024)
  * 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




===== Game plan =====
 



===== 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?