Financial Duties
- Operation of a Trust account with First National Bank Ltd on behalf of the Body Corporate / H.O.A . (or BC / H.O.A own account).
- Investment of surplus funds in an interest bearing bank account in a manner and with an Institution approved by the Trustees / Directors.
- Receipting and recording of levies & electricity (including any other charges or income due to the Body Corporate / H.O.A ).
- Payment of all accounts payable by the Body Corporate / H.O.A via internet banking, or cheque (on request by prior arrangement). Payment of accounts is subject to sufficient funds being available. Payment of salaries, wages, PAYE, UIF & Workman’s Compensation.
- Ensuring that the Body Corporate / H.O.A complies with the applicable Taxation and Labor laws pertaining to staff.
- Should the Managing Agent deem it necessary to employ a Labor Consultant, the Trustees / Directors will be advised and on approval from the Trustees / Directors, the costs will be for the account of the Body Corporate / H.O.A .
- Assisting Trustees / Directors with the annual estimated Budget prior to the Annual General Meeting in order to determine the monthly levies payable to ensure sufficient income for the Body Corporate / H.O.A .
- Keeping full records of the administration including proper books of account in line with normal accounting principles.
- Arranging the annual audit of the Body Corporate / H.O.A timeously.
- Preparation of monthly income & expenditure.