Our experienced accounting team maintains all financial records and ensures that a reconciled financial report is sent monthly to each director in a timely fashion. 

We believe the annual budget is the road map to the successful management of any corporation. Well in advance of the fiscal year end, a budget is prepared for the Board of Directors' approval. Included in the budget are income and cash-flow projections, detailed annual expenses, a capital reserve provision and a section explaining the purpose of expenditures. The Condominium Manager also offers input on, planned maintenance projects, with quotes for the following year, calculations of historical monthly consumption of utilities against projected costs, negotiated contracts costs and calculation of historical expenses of other account items. 

The Reserve Fund schedule provides the board members with accurate details of expenditures paid directly from the reserve account. The schedule also contains details of the balances of the reserves at the start of the fiscal year, the contribution during the current year, interest earned on the reserves and the present net balance of the reserve account. 

A Bank Reconciliation is prepared each month. This involves reconciling the account records to the bank statement, showing full details of outstanding cheques, dates and vendors' names. 

A separate bank account is opened in the name of the condominium corporation, and interest is earned on the daily balance maintained in the account. Higher rates of interest are payable on higher cash balances which insures a good return to the corporation, while at the same time keeping funds accessible. Funds can also be invested in treasury bills or term deposits. Since the accounts are in the name of the corporation, signing authority is flexible, but we do recommend two signing officers for each cheque.