CONDO RESERVE FUND PLANNING
Manulife Securities Incorporated provides 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, Property 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 Investment Policy Statement used by the Board.
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.
Additionally, we adhere to the following:
- Conduct and transactions according to the Trustees’ Act (Prudent Investors’ Rules)
- Maintaining all holdings according to the Property Regulation Act
- Maintaining all eligible capital deposits under CDIC or CUDIC.
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 Vancity Credit Union, which is insured under the Credit Union Deposit Insurance Corporation for the full balance.
CDIC Information https://www.cdic.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 Property Management Agents have changed.
New Account Checklist:
Copy of CAD Sheet for the Condominium
Copy of the Management Agreement where the Board authorizes the PM to sign
Copy of Board Minutes where Board Members are signing
Completed Condominium Information Template
Completed Signing Authority Template for each authorized Agent
Copy of Government Issued Photo ID for each authorized Agent (verified in-person at initial signing)
Copy of Void Cheque to attach reserve bank account to enable incoming/outgoing funds transfers
Account Update/Change Checklist:
Letter revoking prior Agents/PMs
Copy of the new Management Agreement where the Board authorizes the PM to sign
Copy of Board Minutes where new Board Members are signing
Completed Condominium Information Template to indicate any changes (Address, Tel, E-mail, etc…)
Completed Signing Authority Template for each new authorized Agent
Copy of Photo ID or Credit Verification for each new authorized Agent
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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All Rates Subject to Change Without Notice. E & OE
Sources: Manulife Repsource, Scotia Advisor Deposit Services, NBC Dealer Services