Financial
Operate an exclusive bank account for the body corporate and pay all monthly expenses.
- If required we can assist with establishing an investment bank account.
- If needed deposit accounts are opened to invest surplus funds for the body corporate or HOA for management of
future projects for example paint projects.
- We are one of very few property management companies who do not utilise a centralised trust account system.
The financial affairs of each and every client are processed through their own bank account.
- Distribution of monthly levy statements with a strong focus on collection of monthly levies.
- Feedback to the trustees on the monthly arrear levies with comments regarding the communication and status of
each arrears account.
- Preparation of agendas, budgets and insurance schedules.
- Implementation of a dedicated Debit Order System (ACB) for the collection of levies.
- Monthly Financial Accounting are done on an accrual basis and monthly management accounts are generated from
our Accounting Software. This consists of: Balance Sheet, Income Statement, Trial Balance and Bank
Reconciliation. Budget comparisons on Income Statement are also available on request.
- The fact that every levy deposit and every payment to creditors are done through your own account enables us
to report to you up to balance sheet level every month.
- Our Systems facilitate the audit process with the required information to Complete Audits quick and effective.
- Arranging the annual audit of the body corporate with reputable experienced auditors.
Management
Determining of the replacement value of the buildings with the assistance of our approved insurance brokers.
- Arranging insurance on your building in conjunction with a team of approved insurance brokers.
- Renewal of insurance policies and attending to claims relating to the common property.
- Advice to trustees on matters relating to the Sectional Title Act and enforcement of the management and
conduct rules.
- Assistance with obtaining and execution of quotes for the repair and upkeep of common property as per trustee
request.
- Attending to all administrative aspects relating to meetings, notices, preparation of resolutions, proxies,
and minute taking.
- Storing of all documentation pertaining to the body corporate (e.g. levy rolls, plans, conduct rules,
financials and minutes).
- Corresponding with owners/tenants who are creating problems.
- Compulsory 3 year valuations of the Body Corporate.
We have a team of experts that can assist our clients with everything from consultation on your property
administration requirements to financial advice. Our portfolio managers knowledge and experience in Section
Title management have made us one of the leading experts in the field. Together with our qualified accounting
team, our team aims to cater for all your property management needs.
For more information on services offered, or to arrange a presentation for your complex, please do not
hesitate to contact us, info@colprop.co.za
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