As of 1st July 2022, retirement village operators in New South Wales need to have an asset management plan in place. The legislative requirements are quite complex and transparency with residents of your village is key.
As a retirement village operator, we understand the steps required to be compliant and keep village residents happy. Asset Journey is an Asset Management Plan software created by Retirement Village Operators, for Retirement Village Operators to achieve compliance.
Here are 5 steps to achieve Asset Management Plan (AMP) compliance.
Step 1: Complete an Asset Inventory
The Retirement Village Act requires village operators to capture data on any assets that have a purchase cost of $1,000 or more for which the operator is responsible and that residents pay to maintain/repair from their recurrent charges.
Operators tend to have their asset information in varying forms whether it be in Microsoft Excel or within their financial systems. The key with the asset data capture is to understand the level of detail required to be collected for each asset.
With Asset Journey, there is a dedicated template that allows you to capture the details for each asset as required by legislation and allows you to consider the formatting of your AMP early, for example, which assets to group.
Step 2: Customise Your Asset Management Plan Software
With Asset Journey, you have the ability to customise the software to be tailored to your Village and your processes. If you need to track certain information or build specific workflows, this is all possible with Asset Journey.
A key belief when creating Asset Journey was not only to be compliant but provide a value-add to villages beyond compliance.
Step 3: Upload Your Asset Information
Once all your asset information has been collected in the Asset Journey template, it is ready to be uploaded, which is a significant step in your journey to compliance.
The benefit here is that the import of your assets is done for you by our team, making sure the overwhelming task of entering all the assets into a system is eliminated
Step 4: Produce Reports
Now that all your asset information has been uploaded, it is time to produce the reports as required by the Retirement Village Regulations.
Asset Journey has a dedicated reporting section that produces the following reports whenever you need them, which is key since residents can request to see any of these reports at any time:
- Asset Register
- 10 Year Maintenance Schedule
- 3 Year Report
- Maintenance Schedule Actual
Step 5 Release Reports to Residents
As per the Retirement Village Regulations, the asset register and the 10 Year Maintenance Schedule must be made available to the residents of a village. Before you release these reports, you must get an Independent Assessment and attach this assessment to your reports
From the date of release, there must be a 60-day feedback period where any comments from residents must be recorded on the register. The feedback is easily recorded in Asset Journey and a report detailing how the feedback was handled can be produced upon request.
Further to this, the Three Year Report must be released each year as part of an operator’s budget and the Maintenance Schedule Actual Report can be requested at any time for viewing by a resident
Ongoing maintenance
Now that you are compliant and your Asset Management Plans are available to residents, you must keep them up to date. Simply be diligent about recording the following and Asset Journey handles the rest:
- Add asset purchases
- Remove inactive assets
- Record maintenance of assets
- Record repairs of assets
Asset Journey allows you to complete all these items to always ensure compliance. Further, the workflows and notifications that can be set up make it easy to build these processes into your current operations
Next Steps
If your village needs assistance with Asset Management Plans and would like to digitalise these requirements in an all-in-one software, please contact us at aidan@assetjourney.com.
