FINANCIAL

STRATAWEST MANAGEMENT LTD ensures that our client’s financial affairs are maintained in an accurate manner and are kept current at all times. Accounting functions include the following:

• Maintenance of separate trust account(s) in the name of each client;

• Collection of monthly Strata Fees and Special Levies, penalties, parking, storage, laundry and miscellaneous charges, where appropriate.
  
  This includes:
  • Electronic bank transfers,
  • Notification to Owners of Strata Fees, Special Levies and other charges;
  • Reminder letters in advance of post-dated cheque payments expiring;
  • Posting of payments to each Owner’s account and maintaining accurate accounts receivable.
  • Initiating collection of overdue accounts, including correspondence, advice to the Strata Council and, if necessary, arranging for the filing of liens and court-ordered sale proceedings.

• Payment of approved trade and supplier invoices, employee, payroll and contractual obligations. This includes:
  • Coding of invoices for processing and financial statement preparation;
  • Preparation, signing and issuing of cheques on behalf of the Strata Corporation.

• Preparation of monthly operating statements to include:
  • Balance sheet;
  • Statements of receipts and disbursements for both the Operating and Contingency Reserve Funds;
  • General ledger listing;
  • Accounts receivable listing by owner;
  • Copy of bank statement and reconciliation;
  • Copies of paid invoices.
  • Preparation of annual Operating and Contingency Reserve Fund budgets itemizing projected revenues and expenditures for approval by the Strata Council and Strata Corporation.