Among other tasks, the administrator is responsible for the financial management of the condominium. The owners have the important role of overseeing the “bills” of the condominium.
It is important that the owners maintain a position of proximity, support and supervision to the financial management of the condominium, because only in this way, together with the administrator, can promptly intervene to ensure compliance with the financial plan and the transparency of procedures.
Difficulty or unavailability of the administrator to provide access to condominium documentation – including invoices, budgets or bank statements, when requested;
Absence of balance sheets in the periods agreed for their presentation;
Refusal by the director to present accounts at the ordinary shareholders’ meeting or to provide explanations thereon, when challenged for this purpose;
Refusal to call condominium assemblies, namely the ordinary assembly where the budget for the past year is presented for approval and the budget for the following year is put to the vote;
Unjustified bank movements;
Expenses without invoices or justified by mere papers without accounting value;
Use of personal bank accounts to manage the condominium budget, making it impossible for owners to control bank movements. At this point it is important to remember that the condominium must have a current bank account in its name and another to deposit the funds allocated to the reserve fund.
In this sense, the owners should be aware of a set of situations that may indicate that something is less well in the financial management of their condominium:
In any of these situations, it is important to ask the administrator for clarification in the shortest possible time. In the absence of valid clarifications, an audit may be used to ascertain any accounting deviations, to verify the existence of documentation regarding all expenses and to verify that the movements are in accordance with the inflow and outflow of funds from the condominium account.
As can be seen, it is essential that the tenants have an active and intervening role in the management of their condominium, ensuring the proper execution of the agreement and the proper control of the financial management performed by the administrator, monitoring the budget execution, comparing what was approved by the Assembly. with its actual execution.