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When individuals buy into a jointly owned property such as a condominium complex or co-op, they all become members of what is called a body corporate. As owners of the property, they have certain privileges when it comes to making decisions about changes and upgrades, but they also have responsibilities for keeping the property maintained and safe for everyone on the premises, including guests and visitors. While each member of this body corporate can fulfill these different duties, it can be good to hire a body corporate manager. Note what this person does and why they may be needed for your property.
What a body corporate manager does and does not do
A body corporate manager works as something of a secretary or administrative individual for the body corporate. He or she does not get a vote when it comes to the decisions made by the body corporate but will work to ensure those decisions are carried out properly. For example, they may send out notices to all body corporate members about upcoming votes, send levies after certain meetings have been conducted regarding the need for such levies, and may also oversee the body corporate bank account.
Accounting
While the body corporate manager can perform a wide variety of very important duties, the accounting processes they manage can be one of the most invaluable. The body corporate manager does not act as a treasurer or accountant but can ensure the bank accounts from the body corporate are in good order, flagging any questionable activities, and that invoices are paid and funds are dispersed as necessary. The body corporate manager does this in accord with auditing standards so that an accountant may have an easier time preparing the accounts for such an audit or conducting the audit as needed.
Handling questions and inquiries
While a body corporate manager is not part of the body corporate and doesn't vote or participate in meetings, he or she can handle questions and inquiries from lot owners and other body corporate members. The body corporate manager will review and prepare meeting minutes from the body corporate so that they are familiar with decisions that have been made as well as local regulations regarding the upkeep and maintenance of a building or property. This can alleviate the body corporate from having to answer these questions themselves or hire additional clerical staff to field common questions from owners and others regarding the property, decisions by the body corporate, and the like.
Share19 August 2016
