keeping your complex financially healthy. We draft the annual budget with the ultimate approval by the trustees and the owners at the AGM. Our budget has proved to be successful and accurate. The ten-year maintenance plan as prescribed ensures that there is more to replace/repair with a few special levies. We see financial bookkeeping and accounting as the key activities that must be 100% reported on. That we do!
- Accurate and timely financial reporting
- Comprehensive Budgeting, forecasting and management.
- Reserve fund management.
- Strategic reserve planning for long-term maintenance
- Effective levy collection and management
- Compliance with financial regulations
Financial Administration
Owners’ Accounts:
- Levy billing – monthly as per approved budget
- Billing of water and electricity according to readings
- Calculate interest on overdue accounts
- Collection of moneys due as per debtors’ statement
- Calculate the cost of consumption based on meter readings
- Credit control and liaise with appointed attorneys for legal debt collection
- Calculation for the purposes of issuing levy clearance certificates
Payroll Administration:
- Calculate, pay salaries & wages and issue pay slips
- Keep records of leave, normal, sick leave and other
- Pay statutory deductions and other related to payroll: UIF, PAYE, Workmen compensation
- Draft and manage personnel contracts
- Attend CCMA hearings on behalf of the body corporate
Expense Accounts and Payments:
- Receive and verify expense invoices
- Control validity with trustee in charge and/or caretaker
- Prepare list of payments and seek approval from trustees
- Conduct payments and send payment advice to supplier
- Enter invoice detail in creditors leger to keep a reconciliation and statistical record per supplier
- Compare expenses with annual budget and report serious deviations
General Ledger
- Balance with bank statements
- Issue monthly reports: Comprehensive Income Statement, Statement of Financial Position, Statement of Reserves and Investments, Statement of Maintenance expenses
- Keep record of maintenance expenses as per budget and Maintenance Plan
- At yearend make provision for unpaid expenses/liabilities
- Calculate and provide depreciation on fixed assets as per financial policy
Fixed asset register
- Compile and maintain register of fixed assets
- Verify fixed assets with insurance policy and financial policy
- Verify existence of fixed assets
Reporting
- Prepare financial reports at month end for submitting to trustees with comparison to budget
- Prepare financial reports at year-end
- Drafting of annual budget and present to trustees
- Drafting of 10-Year Maintenance and Replacement
Prepare on request, for approval by trustees
- Drafting of Chairperson’s report for AGM
- Drafting of slide show presentation for AGM