1. Purpose
This policy sets out the timing and method of owner disbursements from the RWC CSR trust account, to ensure payments are:
- Regular and predictable for owners;
- Compliance with trust account and legislative requirements; and
- Administered consistently across the portfolio
2. Disbursement Frequency and Available Dates
1. Standard Disbursement Frequency
- Owners are disbursed once per month as standard
2. Available Disbursement Date
RWC CSR conducts three scheduled owner payment runs each month on the
Where a scheduled date falls on a weekend or public holiday, the disbursement will occur on the next business day.
3. Owner Election of Disbursement Date
Each owner may elect on of the following standard disbursement dates for their monthly payment:
- 7th of the month
- 14th of the month
- 21st of the month
The nominated date will apply until changed in writing by the owner (subject to reasonable processing time).
3. Inclusion of Funds in a Disbursement Run
(a) Funds Cleared in Trust Account
- Only funds that have cleared into the RWC CSR trust account on or before the relevant cut-off time will be included in that payment run
- Disbursement cut-off is close of business on the business day immediately prior to the scheduled run, unless otherwise advised.
(b) Tenant Payments Received Before Owner’s Nominated Date
Where rent and other monies are received and cleared before the owner’s nominated monthly disbursement date, those funds will be:
- Allocated to the owner’s ledger; and
- Disbursed to the owner in the next schedule run on their elected date
(c) Tenant Payments Received After Owner’s Nominated Date
- Where a tenant pays after the owner’s nominated monthly disbursement date, RWC CSR will not defer the owner’s payment to the following month.
- Instead, the late-received funds will be included in the next office payment run (being the 7h, 14th, 21st or EOM, as applicable), even if this results in the owner receiving more than one disbursement in that month.
Example
- Owner’s nominated date: 7th
- Tenant pays on the 9th
- Funds are included in the 14th disbursement run for that owner
4. Statements and Reporting
1. Owner Statements
(i) An itemised owner statement will accompany each disbursement, detailing:
- Rent and other income received;
- Fees, charges and authorised expenses deducted; and
- Net amount disbursed
(ii) Zero or Low Activity Periods
Where no funds are held or disbursed for an owner during a given month, RWC CSR may still provide a statement showing a nil balance, if required under legislation or by agreement with the owner.
5. Bank Processing Times
- Disbursement dates refer to the date on which payments are processed from the trust account
- The time taken for funds to reach an owner’s bank account may vary depending on the owner’s financial institution
- RWC CSR is not responsible for delays attributable to the banking system once payments have been correctly processed
6. Changes to Disbursement Instructions
1. Owner Requests
- Requests to change an owner’s:
- Nominated payment date; or
- Bank account details;
must be provided in writing (email is acceptable) by the owner or authorised signatory
Once written confirmation is received, a phone call for verification purposes will occur for bank account details.
2. Processing Time
Changes will be implemented as soon as reasonably practicable and may take effect from the next scheduled disbursement run.
7. Exceptions and Manual Payments
In exceptional circumstances (e.g. settlement of sale, urgent cash flow requirements approved by the Principal / Head of Commercial Property Management), RWC CSR may, at its discretion and subject to trust accounting rules:
- Process an ad hoc disbursement outside the standard 7 / 14 / 21 / EOM cycle.
Any such exceptions but be:
- Approved by the appropriate manage; and
- Properly documented on the owner’s file
8. Compliance
All disbursements will be conducted in accordance with:
- Applicable trust account legislation and regulations; and
- Any relevant guidelines issued by the regulatory authority in the State or Territory of operation