Strata warning over renovations and upgrades in Aussie towers

first_imgThe burnt out upper floors at remains of the Grenfell Tower block in north Kensington, west London on June 22, 2017. Picture: AFP/Niklas HallenTHE terror of London’s Grenfell Tower fire should be a wakeup call for Australian unit owners, experts warn, with some buildings already known to be non-compliant.Archers the Strata Professionals director Colin Archer said owners should be investigating fire safety compliance of their buildings.Among those who should re-evaluate were people who had renovated or upgraded their apartment or building, he said.“Many people will put in a security door, install or remove internal partitions, or have a deadlock or peephole installed, without realising this could interfere with the doors fire-safety, rendering it non-compliant with regulations.”“We recommend before any planned changes to a building are set in stone, particularly amendments to stairwells and lifts, a private certifier should be engaged to ensure the changes will not impinge on fire safety.”Mr Archer said it was cladding that caused the Lacrosse fire in Melbourne’s Docklands just three years ago, where the cost was estimated at $15million or $50,000 per apartment.More from newsMould, age, not enough to stop 17 bidders fighting for this home4 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor4 hours agoA general view of the Lacrosse building in the Docklands on June 16, 2017 in Melbourne, Australia. Picture: Scott Barbour/Getty ImagesThe Insulated Panel Council Australasia said Queensland’s laws involving high rise building safety were beefed up as recently as May by the State Parliament.The new laws were designed to prevent the use of non-conforming construction products in Queensland and lower the risk of building fires, according to IPCA chief executive Ron Lawson.“That’s not to say fires can’t happen, but we as an industry are doing everything we can to minimise the risk. Building regulations should improve safety, health and amenity. Getting legislators to put rules in place and then industry following them with the rules or legislation being enforced, is crucial to building safety and that’s what is happening.”He said “audits have already been done on cladding materials used in high-rise buildings in Australia”, and acknowledged there were some non-compliant buildings that were not built to code.“We don’t need new audits of those buildings as has been suggested, but we could have better qualified people take another look at them and make recommendations on prioritising the replacement of non-compliant material,” he said.Mr Archer warned that bodies corporate needed to know what their situation was, regardless of whether the remedy came at a substantial cost or valuation downgrade to the building.“We will closely monitor the dilemma facing legislators in coming to a workable solution to provide tighter regulation, knowing that in instances where the building products are found to be faulty after the expiry of the defects period there is unlikely to be any building insurance remedy, with the repair cost to be at the owners’ expense.”last_img read more

Jim Boeheim remains SU’s highest paid employee in 2011 fiscal year

first_imgUPDATED: May 22, 2013 at 3:05 p.m.Once again, Syracuse men’s head basketball coach Jim Boeheim made themost of any Syracuse University employee in 2011, with $1,143,801 in base salaryand more than $1.8 million in total compensation.The salaries and compensation of SU’s top-paid employees can be found in its Internal Revenue Service Form 990. Nonprofit organizations file the form with the IRS each year. The 2011 fiscal year ran from July 1, 2011 to June 30, 2012.Like in 2010, SU didn’t pay for Boeheim’s entire salary.Out of the $1,143,801 in base compensation, the university only paid $296,259. IMG Worldwide Inc., a global sports, fashion and media business, paid $600,000 and he earned $247,542 from holding the Big Orange Basketball Camp.AdvertisementThis is placeholder textIMG Worldwide Inc. partnered with SU to help provide financial support for the athletic department outside of the university, said SU’s Chief Financial Officer Lou Marcoccia. Part of the agreement was that the media company would be responsible for determining and paying for a certain portion of the coaches’ salaries.Kevin Quinn, senior vice president of public affairs, added that this was a common practice among Division I sports teams.With $60,000 in bonuses and incentives; $490,905 in other reportable compensation; $106,485 in retirement and deferred compensation; and $17,470 in nontaxable benefits, Boeheim’s total compensation adds up to $1,818,661.These bonuses are usually determined by the coach’s contracts, Marcoccia said.“The success of their team is an important component,” he said. “Often times the success of the team’s graduation rates is in there too.”In some coaches’ contracts, more graduating athletes could lead to an increase in bonuses, Marcoccia saidThough Boeheim’s total compensation in 2011 was about 4.6 percent less than 2010, he still earned about $800,000 more in total compensation than SU’s second highest-paid employee, former head football coach Doug Marrone.Marrone had a total compensation of $1,031,653 — about 18.1 percent less than 2010 — with a base salary of $917,272.SU paid $298,332 of Marrone’s base salary, and IMG Worldwide Inc. paid $618,940. He lost $92 for holding a summer football camp, according to the form, but that wasn’t included in this salary estimate.He also received $50,000 in bonus and incentives; $15,913 in other reportable compensation; $24,500 in retirement and other deferred compensation; and $23,968 in nontaxable benefits.After Marrone, Chancellor Nancy Cantor was paid $648,146 in base salary — about 5 percent more than the $615,327 she was paid in 2010.Cantor’s salary saw an increase after her voluntary pay cut expired, Quinn said. The chancellor took the pay cut when the recession hit, but her pay is now at its original level, he added.Besides compensation, the form also shows the university’s endowment increased by about 3 percent. It went from $890,579,165 in 2010 to $916,521,664 in 2011, according to the form.Marcoccia, SU’s CFO, credited the endowment’s increase to the global market’s success during the 2011-2012 fiscal year. He predicts another endowment increase during the 2012-2013 fiscal year.—Asst. News Editor Alfred Ng contributed reporting to this story. Comments Published on May 21, 2013 at 7:55 pm Contact Dylan: | @dylan_segelbaum Facebook Twitter Google+last_img read more