FirstService Residential provides professional, full-service financial management and accounting services for our managed communities, delivered with the responsiveness and attention to detail that have helped us become Alberta’s property management leader. For four decades, we have successfully managed our condominium communities’ financial and budget requirements, with the goal of maintaining their long-term financial stability and viability. Our trusted financial management services include:
Each condominium corporation's funds are deposited in a separate trust account under their name and only their funds are processed through that account.
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
To ensure complete safety of your funds, a fidelity bond covering the funds in our care is purchased. This bond is under complete control of the Board. Our company places a fidelity bond on all of our own employees and we carry insurance covering business interruption, liability, and non-owned liability.
Reserve Fund Investments
Our experience over the years in investing replacement reserve funds has made it possible for us to seek out investment vehicles that provide the highest rate of return consistent with 100% safety for the funds of the corporations we manage. All investments are covered by the Canada Deposit Insurance Corporation (CDIC) or are government guaranteed.
We prepare a proposed operating budget each year for consideration by the Board. All budget items proposed are supported by explanations of last year's expenditures and anticipated expenditures for the upcoming year. Our community manager works with the Board to review these numbers and finalize the budget. We then send the budget package to the owners on behalf of the Board.
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.
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