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Managing the financial aspects of a Body Corporate (BC) or Homeowners Association (HOA) can often feel overwhelming.
From collecting levies to ensuring accurate reporting and compliance, the responsibilities are significant. At Mafadi Property Services, we understand these challenges and offer an end-to-end financial management solution tailored to your needs. Here’s how we make your financial management seamless, transparent, and efficient.
Think of Us as Your Off-Site Finance Team
Mafadi Property Services provides fully automated, real-time financial management solutions, acting as an off-site finance team for BCs and HOAs. We handle the collection, accounting, and expenditure of funds, ensuring complete transparency and diligent reporting every step of the way.
Our goal is to give trustees, directors, and homeowners peace of mind, knowing that their financial management is in capable hands.
Our Financial Services at a Glance
1. Accurate Monthly Reporting
We compile and submit detailed monthly management reports to trustees or directors. These reports include:
- Income and expenditure statements
- Balance sheets
- Levy rolls
- Debtor age analysis
- Trust account statements
This ensures that everyone involved stays informed and in control.
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2. Budget Preparation and Management
Planning for the future is critical for any scheme’s success. Mafadi prepares comprehensive budgets that factor in upcoming repair and maintenance work, which are then submitted to the body corporate for approval.
3. Levy Management
We ensure levies are paid on time and manage arrears efficiently. If necessary, we take legal action to recover outstanding funds, safeguarding the scheme’s financial health.
4. Insurance Oversight
Mafadi ensures your scheme has adequate, well-priced insurance policies in place, including Fidelity Fund cover. We handle annual renewals and oversee any insurance claims.
5. Trust and Investment Accounts
We maintain separate trust accounts for each scheme, ensuring compliance and transparency. Additionally, we manage investment accounts to optimize returns for your scheme.
6. In-House Debt Management Services
Our team handles debt recovery internally, offering a streamlined process to manage and recover outstanding payments.
7. Council Account Management
We manage council accounts by:
- Paying rates, taxes, and other charges on time
- Reporting any discrepancies with council accounts to trustees or directors
- Passing accruals when invoices are not received
8. Procedural Assistance
Mafadi advises trustees and directors on procedural matters such as resolutions, quorums, proxies, and voting rights, ensuring compliance with governance requirements.
9. Comprehensive Financial Administration
From preparing annual financial statements to processing insurance claims and updating auditor changes, we handle the administrative load so you can focus on managing your property effectively.
Why Choose Mafadi Property Services?
By choosing Mafadi, you’re opting for a financial management partner who:
- Operates with complete transparency
- Provides real-time updates via a state-of-the-art online system
- Supports your BC/HOA with expert advice and diligent oversight
Our commitment to excellence ensures that your scheme’s finances are in safe hands, enabling trustees and directors to make informed decisions confidently.
Contact Us Today
Let Mafadi Property Services take the financial stress off your shoulders. Whether you’re looking to streamline levy collections, prepare accurate reports, or manage insurance claims, we’re here to help.
Reach out today to discover how our tailored financial solutions can make a difference for your Body Corporate or Homeowners Association.
