Owner’s Management Companies, Financial and Legal Services
Owner’s Management Companies are Limited Companies, and are thus subject to all Companies Acts.
In addition, the Multi-Unit Developments Act 2011 imposed many new requirements on developers, directors and members of typical apartment management companies. These new requirements apply to service charges, sinking funds, house rules, a new requirement to transfer over the common areas and many other new procedures that directors must follow to the letter.
ELO Property Management can help with this, as well as the following:
• Preparation of service charge and Sinking Fund budgets (prepared annually for approval by the Board of Directors)
• Setting, issuing and collecting service charge notifications and payments (as per the lease agreement)
• Setting up resident payment schemes for service charges
• Providing a financial accounting service including managing service charge arrears
Supplier and contractor invoice verification and subsequent payment
• Answering resident queries on service charges
• Providing financial information to Directors on a quarterly basis if required
• Liaising with auditors to prepare audited accounts, auditors report and financial statements
• Bookkeeping, accounting, maintaining bank accounts and reconciling statements in compliance with accounting standards
• Liaising with Directors on the content of the prepared annual accounts
• Payment of wages and dealing with PAYE and PRSI for management company employees, if any
• Liaison with the management company’s solicitors and other professional advisors