Strata Financial Control & Administration
Financial Empowerment of Council
The finances of a strata corporation are one of the most important aspects in the strata corporation. Having a Chartered Accountant or a CFO of a company as one of your council members would be a huge bonus, but is in fact a rarity. The reality is, most strata council members do not have a lot of financial knowledge, but are often called upon to make major financial decisions.
One of our mandates at All Property Consulting is to take time to educate council so they can make informed financial decisions. We have found this process helps everyone. When council is informed, everybody wins.
We have often heard many councils feel their management company maintains too much financial control and gives council information only on a 'need to know' basis. We disagree with this style of management. When it comes to finances, Council should be in control of their budget and finances of their strata corporation.
Our philosphy at All Property Consulting Inc., is to empower your strata council by helping them learn the basics of running your strata corporation.
WHY WE'RE DIFFERENT
We have always believed that signing authority should be in the hands of council, not management. The council should be able to review bills before paying them. Our job as your strata management company is to prepare cheques for the authorized council members to sign. (Minimum of 2 signatories)
This procedure makes council aware of how much they are spending and on what.
All Property Consulting will provide council with customized monthly financial reports to meet the specific needs of council.
Simply put, we feel education & transparency are key in running a successful strata corporation.
To learn more about a different strata management experience, click here to Schedule Your in Person Presentation.
What You Need to Know
- Strata Governance
- Strata Communication
- Strata Financial Control & Administration
- Maintenance of Strata Physical Assets
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