REVOLUTIONARY ADMINISTRATION
By harnessing the intelligent use of technology, Intersect has launched a revolutionary administration model for community schemes, regardless of size, nature and even location.
ESSENTIAL SERVICES PACKAGE
Our online system provides for clients to log in, obtain information, review management reports, including budgets, cash books, debtors and creditors analyses and bank account balances and statements.
It further provides for the scheme executives to approve payments online.
As a result, we are offering to those schemes in remote areas, areas not currently serviced or schemes where the scheme executives manage all aspects of the scheme and simply require a partner to handle the issuing of levy statements, payment of creditors, bookkeeping, record keeping and access to the resulting reports, a cost-effective online solution.
This offering does not include attendance at meetings, dealings with complaints, disputes and or queries (other than queries around levies and or accounts), or any involvement in insurance claims, maintenance, compliance and or human resources.
It does provide the scheme executives with a feasible and viable alternative to the conventional managing agent’s service offering. Additional services may be negotiated from time to time.
WHAT DO YOU GET?
1. Levy collection:
We issue levy statements, by email, monthly, based on the levy schedule and budget uploaded by the scheme executives. Furthermore, all members may log in, online, and retrieve levy statements at any time.
2. Creditor payments:
Invoices received are imported by Intersect, captured for payment and presented to the scheme executives in an online portal, for the scheme executives to approve. Thereafter, payment is processed by Intersect to the service provider from the nominated bank account.
3. Bank account reconciliation:
The nominated bank account is reconciled monthly, and the bank statements are uploaded and available for the scheme executives to peruse and or download. Cash books are kept and available to scheme executives, at any time.
4. Access to records and information:
On the instruction of the scheme executives, certain records and information will be made available, online, to all members. Scheme executives, on the other hand, have access to all information regarding their scheme, including all management reports.
5. Compliance dashboard:
A compliance dashboard is available to assist the scheme executives to track the schemes performance against predetermined compliance benchmarks.
6. Integrated communications:
Scheme executives may correspond with registered stakeholders, such as members and or Intersect staff, directly from the online system, with no need to change between applications.
7. Audits:
The appointed auditor may access the system, online, to perform the annual audit.
HOW DOES IT WORK?
Each community scheme is created on our system with a unique identifier. Each member therein is then required to register, online, and receive unique log-in details.
Scheme executives must also register online, and are provided with different permissions to that of members (though they may be both), and can access more information and or documents, however, all members will have access to levy statements and any other information that the scheme executives have uploaded, such as minutes, budgets, financial statements and insurance policies etc.
The scheme executives will upload the budget and the levy schedules, after which daily and monthly accounting processes commence.
As and when Intersect receives invoices for payment, same is uploaded, captured and posted to a release batch, which the scheme executives will have permission to release.
Thereafter payment is made to the service provider, provided Intersect administers the trust account, otherwise it is batched for the scheme executives to effect payments. The scheme executives can track these transactions, at any time.
All the financial information required for the annual general meeting may be downloaded by the scheme executives and sent on to the members.
The scheme executives are welcome to produce a pack for their meetings and upload same for the members to download at their leisure.
HOW MUCH DOES IT COST?
The fee for this service offering is paid on a monthly basis, in advance, and regardless of size, location and or nature of the scheme is R5,000.00, per month, excluding VAT, for the 2022/2023 financial year.
Additional fees may apply, from time to time, should the scheme executives elect additional services, such as the management of a trust account (recommended) and payroll administration.
A standard management agreement is entered into, is automatically renewed annually, and is subject to annual CPI based escalations.
WHO SHOULD CONSIDER THIS OFFERING?
This offering is ideal for those schemes in areas that do not have local managing agents. Due to its online functionality, this offering is available to any scheme, anywhere within the borders of South Africa.
Other schemes that this offering may appeal to, are those where the scheme executives manage every aspect of the scheme’s day to day requirements, and simply require the services of an experienced company to collect the levies, pay the creditors and ensure that the records are kept in accordance with the prevailing acts.