Guidelines on the control of management accounts -
an imprest cash system should be adopted for minor purchases;
official receipts should be issued upon collection of
management fees or other payments;
an interest-bearing bank account shall be opened in
the name of the corporation for uses related to management
of the building;
no cheque or withdrawal slip is valid unless it is signed
jointly by the treasurer and at least one other member
authorized for that purpose;
all bank statements, cheque books and passbooks should
be properly kept by the treasurer;
all income and expenditure items should be recorded
promptly and cleared every month;
all receipts should be categorized, filed in order and
kept for not less than 6 years;
a copy of summary of income and expenditure of the corporation
should be displayed in a prominent place in the building
at least once every 3 months for at least 7 consecutive
days; and
a management committee shall prepare, not later than
15 months after the date of the registration of the corporation
and thereafter every 12 months, financial statements (shall
be audited by an accountant if a building contains more
than 50 flats) which, together with the accountant's report
(if any), shall be laid before the corporation at the
annual general meeting of the corporation.
