SHARE’s Factoring MOT
Factoring is a crucial part of the business of many associations – and councils – and is critical to helping ensure tenements and other flatted properties are well maintained.
There have been a lot of changes in factoring legislation and guidance over last few years, such as the Property Factors Act 2011, and you need to ensure your policies and practices align and are up to date. In addition, the SHR expects organisations to be clear and transparent; to provide quality information, meaningful consultation and opportunities for owners to participate in decision-making – and to be able to demonstrate value for money
SHARE’s Factoring MOT service can help you get your factoring service right.
There are two main options on which your MOT can be built – these can be addressed separately according to your requirements or packed into a full ‘Service’
Option 1 – Compliance (Policies, Procedures, Processes and Systems)
- Review of all existing policies and procedures including Factoring Policy
- Audit against legislative requirements
- Audit against requirements for factoring operations within a housing association structure
- Review of Written Statement of Services
- Review of Property Inspections
- Review of Systems and Record Keeping
Option 2 – Finance and Operations
- Review of P&L/Management Accounts for year to date and last 3 years
- Review of current and aged debt
- Drill down of income and expenditure and identification of any leakage sources
- Review of current operating model including current and potential income streams
- Both options are followed by a report with recommendations.
For more details email firstname.lastname@example.org 0141 550 7595