Good finance is critical to the healthly running of any company. It’s the back-office activity that has to be managed well.
Remit:
- Manage the company’s finances and budgets.
- Liaise with the Managing Agent over accountancy and auditing (if applicable), and banking.
- Prepare and present financial reports to the board and members.
- Oversee the collection of service charges or estate contributions.
- Ensure appropriate insurance coverage is in place.
- Monitor reserves/sinking funds and plan long-term capital/one-off expenditure.
Specifics in respect to handover/transition:
- Financial Forensics: review and audit FirstPort’s financial handover – including service charge accounts, reserve funds, bank balances and unpaid charges.
- Handover Sign-Off: work with new Managing Agent to ensure the financial handover is clear and that residents’ money is protected.
- Service Charge Planning: begin building first year’s budget with new Managing Agent based on real estate needs and accurate costs.
