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Many smaller condominium associations (under 35 units) may not be able to afford or wish full service management but do find it necessary to engage someone to keep the accounts of the association.
We provide the following services:
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Processing Association Fees
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Handle and deposit items received from owners. |
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cheques or cash. |
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post-dated cheques. |
 | pre-authorised debits from the owner's bank accounts. |
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arrears letters sent monthly |
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levy appropriate fine as approved in by-laws - 15% of fines to CondoCare as compensation. |
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after the third month of arrears would seek the Boards' direction as to whether or not they wish the account to be sent to lawyer. |
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Processing Payments
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bills approved by the Board or their representatives would be processed for payment (bills would be sent to the building by supplier and brought to CondoCare office when approved). To be done promptly as suppliers and utilities should be kept current. |
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accounting only clients do not receive the benefit of CondoCare's discounts with trades and suppliers. |
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Processing Contingency Reserve Funds
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payments in accordance with the Boards directions and annual budget (invested in term deposits with our bank). |
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payments out according to special resolution. |
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Prepare Monthly Operating Statement |
- Monthly operating statement including cash balance at end of month provided to treasurer of the Board.
- Disbursement statement showing all payments for the month, with payee, amount and short description.
- Contingency Reserve Statement showing balance at end of month.
- Details of where investments are deposited, maturity dates, rate of interest and amount for the contingency reserve.
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Preparation of Form and Certificate
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For title transfer and remortgaging prepare the required Form and or Certificate. A charge to the party requesting the documents will be made. |
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Charges
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Fees and charges are set based on the individual condominium associations needs. |
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Additional services for accounting only clients are available based on the following schedule:
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For more information, please contact Geoff
Darwent
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