August Governance Review: Prepare Your Building Before Autumn Costs Rise
As autumn approaches, now is the crucial time for resident directors to review their building’s governance and prepare for rising costs in energy, insurance, and contractor fees. This August governance review offers a clear framework to assess service charge budgets, reserve and sinking funds, cashflow forecasts, and statutory compliance including the Building Safety Act, fire risk assessments and water hygiene checks. By tightening contract management, monitoring budget variance, and ensuring audit-ready records, directors can protect funds and secure a well-managed building through the colder months ahead.
Why August Matters for Governance and Budgets
As we edge closer to autumn, governance oversight becomes critical. It's the time to reassess service charge budgets and ensure that reserve funds align with upcoming demands. Directors must focus on contract management and audit readiness to avoid potential financial pitfalls. A proactive approach now can mitigate the pressures of rising costs and maintain building stability.
Begin preparing for the next section, aimed at providing an actionable governance checklist.
10-Point Governance Review for Resident Directors
Review service charge and budget allocation.
Assess reserve and sinking fund adequacy.
Ensure compliance with the Building Safety Act.
Verify fire risk assessment updates.
Conduct water hygiene checks.
Tighten contract management.
Monitor budget variance closely.
Maintain audit-ready records.
Re-tender contracts before price hikes.
Plan major works and Section 20 consultations.
In the upcoming section, we’ll delve into how Temphis can support your efforts this quarter.
How Temphis Can Help This Quarter
At Temphis, we're committed to supporting your governance efforts through expert advice and practical solutions. Our team is ready to assist with compliance checks, budget reviews, and contract management, ensuring your building is prepared for the changing season.
P.S. Don't wait until it's too late—start your governance review today to stay ahead of rising costs.