Finance
Co-ops are independent legal entities, responsible for their own financial management. CEHL provides services and resources to assist co-ops in the Housing Program with their financial administration.
Rents Explained & Treasurers Toolkit
Rents charged in the CEHL Program are designed to be affordable for renters on low incomes. Renters are charged rent according to their household income.
Rents are the primary source of income for the co-operative. Rent income is essential to meet maintenance and administration costs.
To manage rent income for your co-op it is vital co-ops:
- ensure renters are paying their rent on time and, in accordance with the Housing Program policy and procedures
- take prompt action whenever rent arrears occur to assist the renters to get back on track and sustain their tenancy
NOTE: Residential tenancy bonds are not charged under the Housing Program.
Renters are charged rent according to their household income. There are a number of different rent calculations used in the program. The rent calculation will depend on the type of co-op a renter is a member of. The Housing Program Rent Assessment Policy outlines these details.
How rent is paid
Each co-op will use payment systems that best meet the needs of their renters. Common facilities offered by co-ops to their renters are:
- Direct payment at a post office or bank
- Centrepay
- Automatic bank transfers
What happens to my rent if my income changes?
If a household income changes by more than $50 a week (goes up or down) the rent you pay may need to change.
1. Contact the relevant person:
Who to contact if your income changes | |
CERC member | Your Co-op Treasurer or Finance/Rent Officer |
CMC member | CEHL Tenancy Co-ordinator |
2. Submit a new Household Information Form HIF
- Provide income evidence as per the Rent Assessment Policy
Treasurers Toolkit
List of all available resources
How to read CEHL statement
DownloadCEHL Centrelink Consent Form
DownloadChange of Tenancy Details Sheet
Download2023 Audit Checklist + Petty Cash Declaration
DownloadCo-op Treasurers Manual - June 2023
DownloadCash Payment Journal
DownloadCircuit Manual - ISSUE TWO JUNE 2023
DownloadHousehold Rent Program Policy
DownloadHousehold Rent Guide
DownloadMaximum Rent Fact Sheet
DownloadCompany Rent- How to Guide
DownloadHousehold Information Forms (HIF)
DownloadRent Calculator 2023-2024
DownloadACNC Fact Sheet
ViewCAV Fact Sheet
ViewBusiness Activity Statement Guide
ViewCEHL Financial Services
Financial services offered by CEHL to member co-operatives.
A number of financial and administrative services are offered by CEHL to assist member co-operatives to perform their obligations.
The following services are offered to co-ops for a monthly fee.
For more details about these services contact your Co-op Development Co-ordinator or a Finance Officer on 9208 0800.
Bookkeeping (Monthly) Service
- Update circuit with receipts and payments
- Perform bank reconciliation
- Renter changes
- Update rent cards and send directly to renters
- Monthly reporting of rent cards and accounts to co-op
- Assistance to produce documents required for reporting purposes by CEHL & Australian Taxation Office etc
Rent Calculation Service
- Eligibility assessment for new renters
- Rent calculations for new and transferring renters
- Rent calculation when tenant’s income or household composition change
Arrears Management (Weekly) Service
- Allocate bank and Centrepay deposits weekly for a co-op renters
- Provide rent arrears reports to co-ops
- Working directly with the renter to support their tenancy through arrears management
- Attend Victorian Civil and Administrative Tribunal VCAT hearings as required
Co-op Financial Management
Outline of co-op's financial management responsibilities.
CEHL has two primary models of co-operatives in our housing program:
The co-op modelsdiffer in their responsibilities and in the financial management requirements performed by the co-op members. For more details see Governance + Co-op Financial Management
The tables below outline the responsibilities in relation to financial management for CERC and CMC co-op models. For more detail see
Financial management roles and responsibilities
Co-op Model | Treasurer | Rent & Tenancy Management | Maintenance |
CERC |
|
|
|
CMC |
|
|
|
CERC - Common Equity Rental Housing Co-operative
CMC - Community Managed Co-operative
Types of income evidence
Types of income evidence:
- Payslips (at least 4 weeks)
- Centrelink Income Statements
- Centrelink Payment History (past 12months) (can be obtained online via your Centrelink Account)
- Bank Statements
- Declaration from parents
- Letter from Institution providing Scholarship or Grant
- Notice of Assessment for Annual Tax Return
- Dividend Statements
- Interest history (can be obtained via online banking for past 12 months)
- Statement from Superannuation Fund
Or refer to the Program Policy Household Rent for more information.
See the Household Rent Guide for all details about rent is determined, assessed and reviewed.