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Accounting and Financial Services

Scope of Duties, Obligations & Services of Managing Agent

Note: Unless any of the following sections are expressly deleted and initialed by both parties, they shall be deemed to be part of the Scope of Duties, Other Obligations and Services agreed to be undertaken by the Managing Agent

Accounting and Financial Services

(a) To charge, receive, manage, demand and recover payment of
(i) the maintenance charges and all other charges payable to the Management Corporation from all the subsidiary proprietors and
(ii) moneys payable to the Management Corporation from other persons, and in both cases to issue receipts for the payments where appropriate or upon request.

The Managing Agent shall also maintain proper records of all such and other payments received.

(b) Where authorised by the Management Corporation, to appoint solicitors at the costs of the Management Corporation to commence or institute legal proceedings for the recovery of the payment due;

(c) To ensure that all charges, expenses, disbursements and such other outgoing whatsoever to be from time to time payable and duly approved by the Management Corporation for or on account of the property or any part thereof are duly paid and discharged out of the monies so collected in paragraph 2(a) above;

(d) To keep proper records and account for all monies collected, income and expenditure in relation to the management and maintenance of the property;

(e) To prepare monthly Statement of Accounts and to submit to the Management Corporation;

(f) To ensure that a petty cash at an imprest system be kept at the limit approved by the Management Corporation (where the limit is not specified, it shall be S$1,000/-) and not used any other expenditure, unless with the approval of the Management Corporation;

(g) To maintain and manage the funds of the Management Corporation. Any investment of the funds shall be subject to the Management Corporation’s approval and subject to the relevant legislation;

(h) To liaise with the appointed auditors for the audits of accounts as required by law and / or as directed by the Management Corporation;

(i) To certify or provide a letter of representation to the Management Corporation that to the best of their knowledge and belief:
(i) the accounts are true and fair view of the fund and that all financial records and related information have been made available to the Auditors of the Management Corporation;
(ii) not aware of any irregularities, including fraud or dishonesty, involving management or employee which have a material effect on the fund; and
(iii) all income to which the fund is entitled has been included in the profit and loss account and all expenditure included was properly incurred in connection with carrying on the Management Corporation’s business.

(j) To assist the Management Corporation’s authorised tax agents to prepare and submit tax returns, if any, and liaise with the relevant authorities on all tax matters;

(k) To prepare a projection of all foreseeable capital expenditure in the future for the purpose of assessing the adequacy of the sinking fund; and

(l) To maintain a complete and accurate General Ledger including a fixed asset register and ensuring that the associated records and books of accounts are made available at all reasonable times for inspection internally by the Treasurer and/or his appointed member of council or by external auditors.