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Financial control in owners' communities |
| 26 / 11 / 2009 |
Published by UHY Fay & Co, the leading accounting and consulting firm established on the Costa del Sol since its inception in 1983. The purpose of the book is to provide guidance to property owners on the financial and control aspects of owner’s communities. The book is written for the owner who wants to be assured that community moneys are properly managed and accounted for. It is also an essential tool for the owner who may be elected president or asked to serve on a management committee, positions involving responsibility for other people’s money.
This book is a second edition published in response to the interest and demand for an update of the 1997 edition. This second edition covers a wider range of topics; it is written in both English and Spanish and includes the Horizontal Property Act. The Horizontal Property Act constitutes the specific legislation that governs owner’s communities in Spain.
A community with a sound financial situation is of the essence in order to keep the value of the properties within the complex, so owners should be very conscious of the need to have adequate controls in place.
The book has been written in a friendly manner, easy to understand even when technical issues like the presentation of financial statements are addressed. The book is divided into 9 chapters that cover the presentation of accounts, the annual budget, cost control, debt collection, control procedures, employment of staff, the annual general meeting, the administration and the annual audit.
The adequate presentation of the annual budget and the community accounts together with an annual audit are emphasised as the best way to keep owners properly informed of the financial aspects of their community.
Annexe B includes some questions that owners should ask about their own communities, and the answers should show up the areas where improvements can be made.
UHY Fay & Co, with offices in Málaga, Marbella, Madrid and Barcelona is one of the top 20 firms of professional services in Spain. The firm has over 25 years of experience providing audit, consultancy, tax advisory and labour advisory services.
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