• Share
  • Email
  • Embed
  • Like
  • Save
  • Private Content
Financial Governance in Residential Communities
 

Financial Governance in Residential Communities

on

  • 1,179 views

Learnings specific to Financial Governance for Apartment & Villa Complexes, from an Ex-President of Apartment Complex.

Learnings specific to Financial Governance for Apartment & Villa Complexes, from an Ex-President of Apartment Complex.

Statistics

Views

Total Views
1,179
Views on SlideShare
437
Embed Views
742

Actions

Likes
0
Downloads
0
Comments
0

2 Embeds 742

http://apartmentadda.com 741
http://webcache.googleusercontent.com 1

Accessibility

Upload Details

Uploaded via as Microsoft PowerPoint

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

    Financial Governance in Residential Communities Financial Governance in Residential Communities Presentation Transcript

    • Financial Governance in Residential Communities Presented by Arathi Manay in
    • Financial Governance • Irregularities – Prevention – Detection • Probity – To ensure residents get the best value for the money spent – Transparency
    • Irregularities • In inflow and outflow • Examples – “Borrowing” money from the petty cash box – Paying for services not rendered – Paying twice for the same service • Weak points – Cash payments – Measuring services rendered (e.g. diesel purchases, housekeeping headcount) – Inventory (e.g. diesel, materials)
    • Irregularities - Prevention • Prevention is better than cure – Set up ledger heads to capture details – Accountant/ accounts person separate from Auditor – Maximise cheque payments – Set petty cash limits, heads of petty cash / imprest money – Self cheque limits – Annual contracts for services – Purchases through purchase orders – Maximize cheque payments – Systematic filing of invoices to prevent duplicate payments The employees should know that fraud cannot be hidden for long
    • Irregularities - Detection • Detection – Timely so that damage can be contained – Through periodic random audits by committee members – Reconciliation of petty cash, bank books – in the presence of the responsible manager – Check invoices, and check them vs. contracts – Spending trends (tanker water, consumables, diesel) – Biometric attendance records for housekeeping and security vs. actual
    • Ensuring probity • Associations are guardians of public money • Should be and should be seen as above board – Members should sign a No Conflict of Interest (?) • Implement and maintain systems to prevent and detect irregularities • Ensure – Best value is obtained for money spent – Transparency of accounts
    • Best value • Paying dues on time, without penalties • Multiple quotes, benchmarking • Negotiate AMCs • Avoid illegal dealings • Avoid middlemen • Question demands made by govt agencies • Builder-related compliance • Stay informed – internet, networking
    • In Summary • Irregularities occur • Need to be prevented and detected systemically and quickly • Associations are guardians of residents’ money • Residents need to be assured that their money is safe and well spent.