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Financial Management: One of the manager’s duties is to manage the funds raised from the tenants and manage the building’s operating budgets. In this sense, it is the administrator’s obligation to seek the mechanisms that allow him to reduce costs and increase returns, bearing in mind the negotiating capacity that he is authorized. On a monthly basis, they must report to the community of co-owners about the result of their financial management, explaining each one of the different expenses and income and carry-overs from previous months, thus generating a monthly balance of the accounting progress.
Each of the different accounting entries must be duly filed and in order that allows an expedited review of the members of the Oversight Board.
Orderly administration of documents: Expanding on what is indicated above, the administrator must ensure the correct distribution of documents in files that he has for this purpose, both in his central office and in each of the condominiums he manages. Among the documents that you should worry about are always current, the following can be mentioned:
- Co-ownership Regulation
- Complete list of owners and tenants
- Internal Regulations, if any
- Archive of letters, circulars, memoranda, summons to assemblies, etc.
- Archive of Minutes of ordinary and extraordinary Assemblies
- Personnel file containing updated contracts, personal files, taxes, etc.
- Receipts of Collection of common expenses.
- General Accounting File
- Archive of Income and Expenses and Monthly Statements.
- Concierge News Book
- Tenant Suggestion Book
- Archive of Safety and Evacuation Plans
- Archive of general and specific plans of the building
- Proration table of common expenses for each unit.
- File of correspondence received and sent.
- Insurance Policies of each unit and the common spaces of the building
- Staff Attendance Control Book
- Legal and technical books on the administration of Condominiums. Co-ownership Law, etc.
- Depending on the complexity of the administration, some of these documents may be omitted and in other cases they may be increased to other needs depending on the characteristics of the managed unit.
File with accounting legal documents such as:
- Initiation of Community Activities
- Appointment of the Administrator
- Current Account and Cartolas
- Community RUT
- Common Expense Budgets
- Annual Balance Sheets
- Cash-book
- Community Furniture, Tools and Implement Inventory Book
- Technical sheets of each and every one of the building’s equipment. Emergencies
- Maintenance contracts for equipment such as boilers, elevators, etc.
- Certificate of Final Building Acceptance
- Technical specifications of the building
- Budget file for each major work
- Certificates of reviews and tests of the authority to the equipment of the building
- Certificate of cleaning of water tanks and garbage room operation.