Financial Management Services

  • Maintenance of separate trust account(s) in the name of each client
  • Collection of monthly strata fees and special levies, penalties, parking, storage, laundry and miscellaneous charges, where appropriate. This includes:
    • executing electronic bank transfers
    • sending reminder letters in advance of post-dated cheque payments expiring
    • posting payments to each owner’s account and maintaining accurate accounts receivable
    • initiating collection of overdue accounts, including correspondence, providing advice to the strata council and, if necessary, arranging for the filing of liens and court-ordered sale proceedings
  • Payment of approved trade and supplier invoices, employee, payroll and contractual obligations. This includes:
    • coding invoices for processing and preparing financial statements
    • preparing, signing and issuing cheques on behalf of the strata corporation
  • Preparation of monthly operating statements to include:
    • balance sheet
    • statements of receipts and disbursements for both the Operating and Contingency Reserve Funds
    • general ledger listing
    • accounts receivable listing by owner
    • copy of bank statement and reconciliation
    • copies of paid invoices
  • Preparation of annual Operating and Contingency Reserve Fund budgets itemizing projected revenues and expenditures for approval by the strata council and strata corporation.