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Table of Contents
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).
- To ensure Council Members are not in arrears at AGM
Current SP Arrears:
- $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?