Monday, March 26, 2012
Calgary Condominium Management: Condominium Accounting
Hi, this is Warren Phipps with Mountain Park Real Estate, and I'm here to talk to you about the proper accounting processes that should take place in your condo.
The first thing you want to check is the condominium's financial statements. Are they up-to-date? Does the board keep track of everything? Do you have a good accountant coming in monthly to ensure the books are in order and your money is being handled correctly?
Every unit owner has the right to easy access of the condominium's financial statements. These statements might be free or they might require a small fee. Either the property manager or condominium manager should be able to provide these to you. This is especially important when you are looking to sell your property, because the prospective buyer will want to be sure the corporation is being run well.
Lastly, it is very important that the board is staying within its budget. After the Reserve Fund Study, a reserve fund plan is laid out and an annual budget is created by the board. It is the board's responsibility to stay within that budget so there won't be special assessments in the future due to overspending.
Again, I'm Warren Phipps of Mountain Park Real Estate. If you have any questions about Calgary condominium management, feel free to contact us.
Mountain Park Real Estate