FAMIA.org
Associations in Sandton

FAMIA - Separating the vulnerable from the secure by means of visual accreditation of Complexes across South Africa; minimizing most critical risk related to Sectional-, fractional-or cluster type property ownership. FINANCIAL, ADMINISTRATION & MANAGEMENT INSPECTION ASSOCIATION Body Corporate-, or Homeowners Association compliance plaque & membership.

As a property investor with a sectional title portfolio, it is often difficult to keep your fingers on critical changes that influences the overall status of a legal entity; more especially when appointed administrators change with little or no input lawfully required by the majority of the general owners. Due to the sensitivity of operating from a collective fund and the implications of mismanagement; there are specific responsibilities and obligations strictly governed by law that are applicable to each distinctive role player. For the establishment of a sectional titles regulation board; and to provide for incidental matters. Within the duties of one’s personal life and profession, it is somewhat impossible to become acquainted with every aspect required in protection of the individuals’-and, or entity’s interest. Wouldn’t you like confirmation of the most critical compliance of your investment vehicle? appointment of various task-assigned role-players is evident in complex management. Compliancy is important since such promulgated legislation aims to protect the individuals’ interest against the wide spread risk associated to the type of investment. Latest statistics reveal shocking growth in the investment tendency of sectional title ownership. Unforeseen cost levied, increase in service provider fees, cultural diversity, dissimilar personal likes/dislikes, cleanliness or hygienic expectation in good-neighborness, difference pet-preference/tolerance etc. The Sectional Titles Act requires each Body Corporate to have audited financials of the complex presented to its members within 4-month after every consecutive financial year end. Statistics prove that the thousands of buildings in South Africa do not comply with this critically important stipulation necessary for sound representation of any Body Corporate. As a fiduciary appointee of the Body Corporate, it is imperative to familiarize yourself with the stipulations and boundaries of the legislation applicable. As a Trustee appointed by the members, it is your duty to see to the collective-best interest of the complex; acting as the back-bone of the Body Corporate by providing satisfaction, stability and profitability of all stakeholders. As a trustee with personal-and often professional duties outside the Body Corporate, we understand how difficult it is to keep your fingers on critical changes that influence the overall status of a legal entity, while also seeing to the day-to-day needs of the complex. Continual change accompanied by general ineptitude with reference to this young industry has resulted in many property owners being left helpless, with nowhere to turn, and most often not having recourse to compensate for calculatable losses blamed on Trustees. Do have easy access to documents applicable to your investment? With so many legal requirements and operating stipulations to consider, it is easy to loose track of your obligation as Trustees. In your personal capacity you could be held accountable if negligence could be proven. Auditors specialize in financial calculation and are required to become acquainted with law applicable to accurate portrayment of finance. Public speakers are to be confidant in the thoroughness of their presentation skills, while travel consultants at the other hand requires people-skills to perform their duties\. Staying abreast of the latest developments relating to property ownership and occupation\. FAMIA will continue to strive for social upliftment and will assist in the securing of appropriate and efficient service providers where need be\. The service providers, such as managing agents, auditors, and insurers will properly be scrutinized and verified to be compliant within their various industries and their governing bodies\. The FAMIA plaque will only be awarded once all aspects of the managing, audit and insurance aspects are fully complied with and therefore this will protect the trustees, and members of a scheme in that they will have fully complied with the obligations imposed on them to ensure that such aspects are properly taken care of.