STATEMENTS AND REPORTS FOR THE TRUSTEES
Monthly presentation to the trustees of a disbursement statement and a levy roll. Quarterly Financial statements together with a budget comparison report can be provided on request.
THE DISBURSEMENT STATEMENT (example)
- Copy of vouchers supporting each payment are attached and forwarded to a nominated trustee to enable monitoring of expenditure. This can either be given by hand or e-mailed.
- This report gives full details of arrears, current charges, receipts and adjustments.
- Each receipt is listed separately and all debits and credits are clearly explained.
- The status of the occupant of a unit (owner or tenant) is noted.
THE FINANCIAL STATEMENTS AND BUDGET COMPARISON REPORT
- These reports are an essential tool for trustees, in that they advise the trustees on a quarterly basis as to whether they have an operating surplus or deficit.
- The schedule reflects the number of months under review and provides the year-to-date situation after making the necessary adjustments for annual expenditure, such as audit fees and insurance, as well as, relevant accruals or pre-payments.
- The individual balances are then compared with the comparative budgeted figures set at the last annual general meeting. Variances will highlight any areas of excessive expenditure and enable the trustees to take timeous action to ward off large year-end deficits.
