Financial

At Crespro, we know the value and importance of accurate and timely financial statements, detailed operating budgets and well-funded reserves. That’s why, Crespro provides the Board with the best financial information and advice to help them make informed decisions.

I.

Monthly Financial Reporting

  • Monthly financial statements are on an accrual basis
  • Variance reports
  • Aged accounts payable
  • All bank statements
  • Bank reconciliation
  • Variance report explaining significant budget variances
  • Reserve fund statement of expenditures
  • Monthly aged arrears reports
  • Accounts receivables
  • Schedule of investments
  • Schedule of accrued liabilities

Crespro prepares an Operating Budget that covers the following items:

  • Projection of revenues and expenses for the year end utilizing 9 month results
  • Variance analysis of projected expenses to budget
  • Proposed budget for each expense for the following year
  • Detailed notes on each expense
  • Draft covering letter to the unit owners addressing the budget and any fee increases.
II.

Reserve Fund

Crespro provides a range of services that include collaborating with your Reserve Fund Planner and providing information and support in the preparation of the Reserve Fund Study. Crespro will also review your existing Reserve Fund and offer suggestions and provide recommendations on any improvements that need to be made.

III.

Financial Management

Crespro provides standard bookkeeping, accounting and financial management services including:

  • Paying all invoices within 30 days of receipt
  • Collecting maintenance fees and guaranteeing losses
  • Preparing all working papers for auditors
  • Providing Boards with our standard common charge collection policy
  • Providing procedures and systems for internal controls
  • Assisting the Corporation by opening an Investment Account making recommendations on investment purchases as per the Condominium Act
  • Setting up a pre-authorized payment plan for common element charges
  • Payroll/Benefit Administration
  • Standard performance review program
  • Site specific job descriptions for each employee
  • Corporate support and advice on Payroll and Human Resource issues
  • Internal controls on hours/timesheets/payroll/government remittances
  • Separate payroll registers for each corporation
  • Complete personnel record keeping
  • Recruitment, training, supervision of employees and recommendations on pay rates for all building employees