We have collated a number of short Youtube videos below, covering a range of very important sectional title and HOA management topics. With a focus on governance best practice, legal and statutory reporting compliance, the videos give a topic specific, practical summary, targeted at Trustees and Directors, aiming to clearly and simply explain how and when important governance milestones can be achieved. On the right you may raise any questions or give suggestions for further training videos and a response from a Trafalgar legal specialist will be provided within one business day. We hope you will find the videos helpful.
The Importance Of Receiving And Reviewing Detailed Monthly Management Reports
Andrew Schaefer from the Trafalgar Property Group emphasises the critical importance of receiving and reviewing and especially making time to review detailed monthly management reports. Certainly, the chairman and finance director or trustee should take at least an hour a month to review in detail the monthly management reports, if these are not provided in full and consistently on time that would be a red flag in terms of effective property management.
At least 80% of the success of managing and running a complex is effective financial management, considering cash flow, mitigating variances to budget and making sure that levy arrears are well controlled. The monthly management report should be circulated to all the trustees and directors certainly by mid-month for the prior month, providing the accounting teams time to check and reconcile and process accruals from the prior month results.
The Importance Of Convening A First Trustee Or Director Meeting After The Annual General Meeting
It is important to convene a first Trustee or Director meeting as soon as possible, after an AGM, ideally within a week. The important items to cover in that meeting are firstly, to elect a chairman, which is elected by nominations and then a majority vote, assigning portfolios to individual Trustees or Directors and the important ones would be a finance Director or Trustee, maintenance, security, communications, gardens and grounds, and these may be combined or shared depending on capacity and time constraints.
The Role Scope And Authorisation For An Executive Managing Agent
The function was first introduced in October 2016 with the new Sectional Title Schemes Management Act (STSM). It is a role which takes the full function and responsibility of the board of Trustees and it is particularly suited to buildings where there are no owners or residents willing and availability to serve on the board of Trustees, in that case this role would suit perfectly to cover the full responsibilities of the board of Trustees and to make sure that the body corporate functions correctly and in compliance with all the necessary legislation and governance requirements.
Trustee Roles, Responsibilities, Governance Objectives And Effective Decision Making Recommendations
The guidelines in this video, as presented by Andrew Schaefer, MD at Trafalgar Property Management, provides an executive summary aimed at enhancing the effectiveness and decision-making time efficiency of the board of trustees, together with creating expectations in terms of governance milestones and decision-making turnaround times.
Click here to read the video transcript
Achieving punctual AGM’s for Sectional Title Buildings
Punctual AGM’s are an important governance milestone for Trustees to closely project manage and deliver. The deadline is within 4 months of the new financial year and close attention to completing the necessary dependencies starting from the 10th month of each financial year, should achieve a successful result. Increasingly auditors are qualifying audited financials due to delayed AGM’s and bondholders and the CSOS Ombud are also important stakeholders which scrutinise governance compliance and timing thereof. This short 4 minute video gives a practical summary of how to go about project managing a time efficient and convenient AGM to meet the expectations of owners, bondholders and the CSOS regulator.
The Legal Process Of Arrear Levy Collections
Elwin Els, the National Collections Manager for Trafalgar Property Management talks about the legal collection process of arrear levies. There are a couple of items discussed, one being the rationale “Why do we need attorneys?”, “Why do we need them to collect money for us?” Unfortunately, in many instances’ owners will ignore collection agents and there’s a necessity to refer something to a court of law or there’s a dispute that needs to be ventilated in the court.
Read the full blog posts here