Body corporate management: levies, trust accounting, budgets and AGMs
Body corporate and HOA management on the KZN South Coast: levy collection, trust accounting, budgets, AGM packs and annual financial statements.
South Coast Advisory manages sectional title body corporates and home owners associations on the KZN South Coast: levy collection, trust accounting, administrative and reserve fund budgets, AGM packs and the scheme's annual financial statements. The accounting is done by the same practice that prepares the financial statements, so nothing falls between two service providers. We do not do property sales or rental management.
What is included
- Levy collection with monthly statements to owners
- Trust account administration and reconciliation
- Scheme budgets and levy calculations
- AGM notices, packs and minutes
- Annual financial statements for the scheme
- Arrears management and reporting to trustees
How it works
- 01
Take over
We take on the scheme's records, bank account and arrears position.
- 02
Run it
Levies are collected, the scheme's creditors are paid and trustees receive monthly reporting.
- 03
Account
Annual financial statements and the AGM pack are prepared in good time.
Questions about body corporate management
What accounting must a body corporate do?
A body corporate must prepare annual financial statements, keep proper levy and expense records, budget for both administrative and reserve funds, and present these to owners at the annual general meeting.
We prepare the statements and the AGM pack, and give trustees monthly reporting on arrears in between.
Are a scheme's levies kept separate from your own money?
Yes. Levies collected on behalf of a body corporate or HOA are held in the scheme's own account, separate from the practice's funds, and reconciled monthly.
Trustees and owners receive statements showing exactly what was collected, what was paid and what remains.
In plain English: Sectional title · Body corporate · Trust account · Levy
Often needed with this: Accounting & bookkeeping
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