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Condominium Reserve Fund Planning

We provide comprehensive financial solutions to the Canadian Residential Property, Commercial Property and Professional Association markets. 

 

We have been the strategic partner of choice in managing Reserve Fund Savings & Investments for more than 15 years, based on our extensive expertise in cash management. We serve Condominium Corporations, Condo/Property/Strata Managers, Residential and Home Owners’ Associations along with numerous Professional Associations and Endowments. 

 

We provide a vast selection of secure and insured Savings options along with Equity and Fixed-Income Investments for long-term capital growth. Our process involves comprehensive financial planning, specifically tailored to this market, to assist Corporate Boards in developing prudent investment plans, while mitigating liquidity and capital risks. 

1 Reserve Fund Investment Plan
 

a)  Gather current Balance Sheet, Cash-flow Statement and 25-year Reserve Plan Study.

b)  Complete a comprehensive Cash Management Analysis according to the Board IPS (if applicable).

c)  Propose the Reserve Fund Investment Plan.

 

2 Cash Management

a)  Open all required accounts.

b)  Implement the approved Reserve Fund Investment Plan.

 

3  Account Management

a)  Monitor account maturities and produce month-end audit reporting statements.

b)  Manage term renewals, assess ongoing investments and regularly update the Reserve Fund Investment Plan.

 

We adhere to the legal requirements for Boards, Condo/Property/Strata Managers and Investment Advisors:

 

  1. Ensure all transactions comply with the Trustees’ Act and Prudent Investor Rule.

  2. Maintain all holdings according to the appropriate provincial Property Regulation.

  3. Maintain all eligible capital deposits under CDIC or CUDIC.

 

       Know your Duties - Standard of Conduct

 

Deposit Insurance

 

Investment Savings Accounts, Short-Term Deposits, GICs and Index-Linked GICs are insured under the Canada Deposit Insurance Corporation for up to $100,000 per issuer, with the exception of FirstOntario Credit Union, which is insured under FSRA for $250,000, and Vancity Credit Union, which is insured under CUDIC for the full balance.

 

      CDIC Information https://www.cdic.ca/

      FSRA Information https://www.fsrao.ca/

      CUDIC Information https://www.cudicbc.ca/

 

Condominium Account Management Overview 

 

The following information is for the purpose to assist with the opening of a new account or for updating signing authorities on an existing account, where approved Board Members or designated Condo/Property/Strata Management Agents have changed. 


New Account Checklist:

 

  1. Copy of CAD Sheet for the Condominium

  2. Copy of the Management Agreement where the Board authorizes the PM to sign

  3. Copy of Board Minutes where Board Members are signing

  4. Completed Condominium Information Template

  5. Completed Signing Authority Template for each authorized Agent

  6. Copy of Government Issued Photo ID for each authorized Agent (verified in-person at initial signing)

  7. Copy of Void Cheque to attach reserve bank account to enable incoming/outgoing funds transfers

 

Account Update/Change Checklist:

 

  1. Letter revoking prior Agents/PMs 

  2. Copy of the new Management Agreement where the Board authorizes the PM to sign

  3. Copy of Board Minutes where new Board Members are signing

  4. Completed Condominium Information Template to indicate any changes (Address, Tel, E-mail, etc…)

  5. Completed Signing Authority Template for each new authorized Agent

  6. Copy of Photo ID or Credit Verification for each new authorized Agent 

  7. Copy of Void Cheque to update any banking changes


Important information (please read prior to change of signing)

 

Where there is a complete revocation of prior signing authorities, all of the Checklist information must be submitted and the subsequent paperwork from our office must be fully completed before any transactions, information or statements can be requested. If the Account is to be closed and/or funds transferred to your bank, please ensure this is done prior to revoking signing agents as we must then complete a full update in order to close the account.

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