| Financial Management |
|
Banking and Pre-Authorized Payment
Financial Report
Fidelity Bonding
Reserve Fund Investments
Budgets
|
Banking and Pre-Authorized Payment |
|
Banking
Each Condominium Corporation's funds are deposited in a separate trust account under their name and only their funds are processed through that account.
Pre-Authorized Payment
Pre-Authorized Payment (PAP) is available to those owners who wish automatic withdrawal of funds from their bank account to pay their monthly condominium contributions. It is the easy way to make your monthly payments. Simply fill out this on-line application or download a PDF version to continue.
|
Financial Report
|
|
Each month the Board receives:
- Balance Sheet
- Arrears List
- Income and expense details
- General Ledger
- Expense report showing actual expenses compared to budget for the month and year to date
- Monthly bank statements
|
Fidelity Bonding
|
|
To ensure complete safety of your funds, a Fidelity Bond covering the funds in our care is provided. This Bond is under complete control of the Board.
Our company places a Fidelity Bond on all of our own employees and we carry insurance covering business interruption, liability, and non-owned liability.
|
Reserve Fund Investments
|
|
Our experience over the years in investing replacement reserve funds has made it possible for us to seek out investment vehicles that provide the highest rate of return consistent with 100% safety for the funds of the Corporations we manage. All investments are covered by the Canada Deposit Insurance Corporation or are Government guaranteed.
|
Budgets
|
|
We prepare a proposed operating budget each year for consideration by the Board. All budget items proposed are backed up by explanations of last year's expenditures and anticipated expenditures for the upcoming year.
Our Community Manager works with the Board to review these numbers and finalize the budget. We then send the budget package to the Owners on behalf of the Board.
|
|
|
