Banking
Each Condominium Corporation's funds are deposited into "their" own account. Only the Board has the signing authority to access the funds.
Pre-Authorized Payment
Electronic Funds Transfer service (EFT) is available to those Owners who wish automatic withdrawal of funds from their bank account to pay their monthly condominium contributions.
Financial Reporting
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
Operating Budget
Our manager assists the Board in preparing a proposed operating budget each year. Our statements also show the variances between budgeted and actual expenses allowing for easy interpretation of where monies are being spent. Once finalized the budget is provided to the Owners with a letter advising of Condominium fees required for the new fiscal year.