Financial Management

FirstService Residential is a provider of a full-range of financial management and accounting services for our managed communities. We see through every intricate detail and deliver with extreme responsiveness that has made us Alberta’s top property management leader. The long-term standards of financial stability and viability in each of our condominium communities has led us to trustworthy and timely services you can trust. There financial management services includes:

Banking

The funds of each condominium corporation are deposited under their name in a separate trust account, and only their funds are processed via that account.

Payment Methods 

Every owner is offered multiple ways to pay their contributions and other fees.  Our payment processing partner, ClickPay, allows owners to set up monthly recurring payments, one time payments, and the use of a credit card for payment (with a fee).  We also offer payment services through online banking where owners can set up one time payments or recurring payments.  

Financial Report

Each month the Board receives:

• Balance Sheets
• Income and expense details
• Budget Analysis Detail forecasting total years expenditures based on actuals and budgets
• Arrears list with collection activity
• Payables detail – both outstanding and all disbursements made
• Security Deposit listing
• General Ledger

Fidelity Bonding

A fidelity bond provides safety of your funds placed under our care, and is under complete control of the Board. FirstService Residential also places a fidelity bonds on all of our employees and we carry insurance covering business interruption, liability, and non-owned liability.

Reserve Fund Investments

Our vast experience in investing replacement reserve funds has allowed us to find investment vehicles that provide the highest rate of return consistent with 100% safety for the corporation funds we manage. The Canada Deposit Insurance Corporation (CDIC) cover all investments or are government guaranteed. 

Budgets

We plan and propose an operating budget every year for the Board’s consideration. The proposed items on the budget are explained through the support of the previous year’s expenditures, and what future expenditures will be needed in the upcoming year. The FirstService Residential Community Managers collaborates with the Board to review these numbers and finalize the budget which is then sent to the owners on behalf of the Board. 

Corporate Reporting

As part of FirstService Corporation, a publicly held company (NASDAQ: FSRV; TSX: FSV) we are held to the highest standards of transparency, security and accountability, and comply with Sarbanes-Oxley (SOX) requirements.

Learn more about how FirstService Residential’s value-added financial and accounting services can benefit your condominium corporation.