Financial Management Services
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- 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.
