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Maintenance of Financial Records

Once the fees have been confirmed by and collected by our Block Management agents, it is important to maintain accurate financial records for all Owners’ Management Companies and residents associations. This will involve managing the incoming and outgoing funds, and to meet the required running costs associated with the management and maintenance of the properties.

It is outlined in schedule 3 of the Multi-Unit Developments Act 2011 that documentation relating to the owners’ management company should include such documents and records. The company is required by law to maintain together with financial and management accounts and records relating to service charges as respects the development.

Casey Kennedy will provide a range of statements for the annual general meetings.

  • Statement of income and expenditure
  • Statement of assets and liabilities
  • Statement of the sinking fund (Including the amount of annual contribution)
  • Statement of the annual service charge
  • Statement of any projected expenditure on refurbishment, improvements or maintenance of a non-recurring nature
  • Statement setting out the fire safety equipment installed in the development and the maintenance arrangements
  • Statement of any contracts entered between the OMC, a Director or shadow Director or person connected with a Director or shadow Director.

If you would like to discuss how Casey Kennedy Block Management could manage your residential multi-unit development Contact Us Today.

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