FMS Property Managers sends monthly levy statements to owners, collects levies payable and pays all expenses incurred in the administration of the building as instructed by the trustees.
Separate bank accounts (current, investment, and maintenance reserve) are opened for each building under our management which ensures total transparency for trustees wishing to view their bank account at any time. Bank account statements are sent with each set of management accounts that are prepared every month and access to the bank account is made available to trustees to view online if required.
We understand the vital role that prompt levy collection has in the smooth running of a Body Corporate or Homeowners Association. That’s why we have a team of dedicated credit controllers who proactively manage arrears levies for the schemes under our management.
In cases where owners continue to default on their payments, the account is handed over for collection to attorneys. We have monthly meetings with attorneys at our offices where every owner under legal action is discussed and action agreed on to ensure the legal process is managed and that the trustees can be kept fully informed on the status of any owners in arrears.
Financial management is one of the core functions of the managing agent. A dedicated team of accountants prepare monthly accounts that are signed off by professionally qualified senior management before distribution to the trustees.
This regular monthly reporting on a proper accrual basis ensures trustees are regularly equipped with the necessary financial information to properly monitor the financial performance of the building and review performance against budget. The financial reporting function also includes the arranging of the annual audit and the preparation of the annual budget.
The trustees are provided with comprehensive monthly reporting including:
• Balance sheet
• Income statement including budget variance figures
•Reconciliation/schedule of accounts
• Debtors age analysis
• Copy of the city of Cape Town account