Finance

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: Reviews and audits FirstPort’s financial handover – including service charge accounts, reserve funds, bank balances, and unpaid charges.
• Handover Sign-Off: Works with new Managing Agent to ensure the financial handover is clear and that residents’ money is protected.
• Service Charge Planning: Begins building first year’s budget with new Managing Agent based on real estate needs and accurate costs.