Running a flat owners' association's accounts

An apartment owners' association usually collects a monthly service charge from each flat to pay guards, the lift operator, cleaners, generator fuel and common electricity, and keeps a fund for big repairs. Owners pay more readily when they can see where the money goes.

Set the service charge

Add up the monthly costs, add a reserve of 5 to 15%, and divide by flat or by square foot. The service charge calculator does the arithmetic.

Bill the right person

When an owner lives in the flat, bill the owner. When it is rented, decide in the rules whether the owner or the tenant pays, and stick to it.

Record every taka

Give a numbered receipt for every service charge payment. Record every expense with the bill or voucher. Pay staff on a fixed day and record it as an expense.

Report every month

A one-page statement each month: collected, spent by category, the fund balance, and who is behind. Print it for the notice board and share it before the AGM.

Ovelit Rent's Committee plan does this: service charge bills to every owner, generator and water bills split by floor area, salaries in one click, notices by SMS and a monthly statement. ৳15 per flat a month.