Administration Functions:
Seperate Bank Account for Individual Body Corporate ⏬
RIBPROP opens a separate bank account for each individual Body Corporate. All the finances of the specific Body Corporate are managed on this account. In consultation with the Board of Trustees other accounts could be opened where any surplus funds could be deposited. A "thirty-day" notice account is usually preferred in order to obtain maximum interest, but also to be able to gain access to the funds relatively easily if special / urgent maintenance is required.
The Sectional Titles Act and the Rules of the Body Corporate ⏬
The services rendered by us are in accordance to the Sectional Titles Act, 95 of 1986. It is RIBPROP's duty to, at any time, advise any of the members of the Body Corporate, to ensure that all requirements are met and to inform the Board of Trustees should the requirements not be adhered to.
Should the Board of Trustees not have a copy of the Sectional Titles Act, a copy will be purchased at the expense of the Body Corporate and handed over to the Board of Trustees. The Board of Trustees will be notified of any amendments to the Sectional Titles Act.
We assist the Board of Trustees to draw up the "House Rules", set up the necessary meeting to have the rules approved and then registered at the Deeds Office. We also deal with all complaints tactfully but firmly and inspect the property periodically in order to ensure that all the decisions of the Body Corporate and the Board of Trustees are adhered to.
Should the Board of Trustees not have a copy of the Sectional Titles Act, a copy will be purchased at the expense of the Body Corporate and handed over to the Board of Trustees. The Board of Trustees will be notified of any amendments to the Sectional Titles Act.
We assist the Board of Trustees to draw up the "House Rules", set up the necessary meeting to have the rules approved and then registered at the Deeds Office. We also deal with all complaints tactfully but firmly and inspect the property periodically in order to ensure that all the decisions of the Body Corporate and the Board of Trustees are adhered to.
Secretarial ⏬
All correspondence which leads from meetings, as well as correspondence requested by the Board of Trustees will be presented to the Board of Trustees for approval within 24 hours. As soon as the correspondence is approved it will be delivered / posted without delay.
All agendas, notices, forms of proxy, nomination forms, schedules as well as minutes of the Annual General Meeting or Special General Meetings of the Body Corporate is drawn up by us. Minutes will be posted to all owners within 7 days of the meeting.
All agendas, notices, as well as minutes of the Trustee Meetings attended by our representative will be drawn up by us. Minutes will be posted to all Trustees within 7 days of the meeting. RIBPROP ensures the safe keeping of all minutes, attendance registers, insurance policies and all other permanent documentation of the Body Corporate. Copies of all minutes are kept in a minute book. Should our representative not attend a meeting, the Board of Trustees would have to ensure that a copy of the minutes be sent to us in order to include them into the minute book.
All agendas, notices, forms of proxy, nomination forms, schedules as well as minutes of the Annual General Meeting or Special General Meetings of the Body Corporate is drawn up by us. Minutes will be posted to all owners within 7 days of the meeting.
All agendas, notices, as well as minutes of the Trustee Meetings attended by our representative will be drawn up by us. Minutes will be posted to all Trustees within 7 days of the meeting. RIBPROP ensures the safe keeping of all minutes, attendance registers, insurance policies and all other permanent documentation of the Body Corporate. Copies of all minutes are kept in a minute book. Should our representative not attend a meeting, the Board of Trustees would have to ensure that a copy of the minutes be sent to us in order to include them into the minute book.
Insurance ⏬
In consultation with the Board of Trustees, Insurers and financial institutions, the replacement value of all the units, as well as the common property, is calculated. Periodic re-evaluations of the replacement values are done in order to ensure that the Body Corporate is not over or under insured. Quotations are requested from various insurers in order to ensure that the best possible premiums, excesses and policy are in place. We also handle and co-ordinate all insurance claims on behalf of the Body Corporate.
Repairs and maintenance ⏬
RIBPROP handles and co-ordinates all repairs and any ad hoc projects which may occur on behalf of the Body Corporate. We advise the Board of Trustees regarding maintenance of the common property and obtain quotations and/or specifications to table before the Board of Trustees. No account rendered for maintenance or repairs will be paid without the approval from the Board of Trustees.
Meetings ⏬
A representative of RIBPROP will attend all General Meetings. Trustee meetings will be attended if so requested by the Board of Trustees.
General ⏬
A welcoming letter will be sent to each new owner. This letter will consist of the following information:
- The "House Rules" of the Body Corporate.
- A guide regarding life in a Sectional Title Complex.
- A questionnaire, which should be completed by the new owner and sent back to us to ensure that all the relevant information, be placed on our files.
- Names, unit numbers and telephone numbers of the members on the Board of Trustees, and if applicable, the caretaker and other employees of the Body Corporate.
Financial:
Budget and Levy Schedule ⏬
In consultation with the Board of Trustees, RIBPROP draws up the yearly budget and also calculates the monthly levy (by using the participation quota) which will be payable by the owners.
Should the expenses of the Body Corporate exceed the income, we immediately notify the Board of Trustees in order to take the necessary action
Should the expenses of the Body Corporate exceed the income, we immediately notify the Board of Trustees in order to take the necessary action
Payment of expenses ⏬
All accounts received monthly (example municipal accounts, insurance premiums, garden services, etc.) will be paid on behalf of the Body Corporate. All other accounts will only be paid on behalf of the Body Corporate after receiving the approval from the Board of Trustees.
Book keeping ⏬
RIBPROP handles all book keeping of the Body Corporate and pays all accounts on behalf of the Body Corporate. At the end of each financial year the books will be handed over to the appointed auditors.
Before circulating the audited financial statements, together with the notice of the Annual General Meeting, they are sent to the Board of Trustees for their approval.
Before circulating the audited financial statements, together with the notice of the Annual General Meeting, they are sent to the Board of Trustees for their approval.
Collection of levies ⏬
RIBPROP collects the monthly levies on behalf of the Body Corporate. Should any owner fall in arrears, the necessary action will be taken after consultation with the Board of Trustees.
RIBPROP ensures that all outstanding levies / special levies are paid in full before issuing a Levy Clearance Certificate.
RIBPROP sends out monthly statements to all owners.
RIBPROP ensures that all outstanding levies / special levies are paid in full before issuing a Levy Clearance Certificate.
RIBPROP sends out monthly statements to all owners.
Monthly Trustee statements ⏬
RIBPROP draws up monthly un-audited statements (which compares the income and expenses with the budget, as well as a list of all outstanding levies). This statement will be sent to all the members on the Board of Trustees before the 15th of each month.
Together with the above-mentioned statements, copies of all expenses, as well as a copy of the most resent bank statement, is sent to the Chairman of the Board of Trustees.
Together with the above-mentioned statements, copies of all expenses, as well as a copy of the most resent bank statement, is sent to the Chairman of the Board of Trustees.
QUOTATION
As mentioned above, RIBPROP administrates each Body Corporate as a separate entity. Each Body Corporate administered by us has their own bank account and set of books. The members on the Board of Trustees receive monthly statements, which includes the balances of the different accounts as well as a report comparing the expenses and income against the budget.
Electronic facilities like the internet, e-mail, as well as our debit order system, are used to reduce bank charges, to make payments, to receive monthly levies and to improve communication between us and the members of the Body Corporate.
RIBPROP does not charge an additional amount for:
Electronic facilities like the internet, e-mail, as well as our debit order system, are used to reduce bank charges, to make payments, to receive monthly levies and to improve communication between us and the members of the Body Corporate.
RIBPROP does not charge an additional amount for:
- handling of moneys received,
- inspecting the property,
- attending Trustee Meetings or General Meetings,
- to draw up and circulate the notices or minutes of meetings,
- copies, postage, telephone calls, faxes
- secretarial duties,
- or any other hidden costs.