Monthly Financial Reporting:
- Skywater provides the Board with standard accounting documents on a specific date every month as specified in the Management Agreement. Our monthly report includes a readily readable financial report in a computerized format. Our reporting system has been developed to provide for maximum flexibility and customized reporting.
- Financial statements are provided monthly and include a detailed balance sheet, income and expense statement with variance analysis, bank reconciliation and any other information that is required. Audit trails also back up our monthly package.
- Skywater develops the Annual ‘Draft’ Operating Budget for the fiscal year-end in advance for the Board’s approval. This will include a projection of revenues and expenses, a variance analysis, a proposed budget amount for each expense as well as detailed notes on each expense planned for the budget year. Analysis of historical data and comparison to financial models together with our clients’ needs and the ideas of our property management team provide the input to develop a realistic and comprehensive budget.
Reserve Fund Study Reviews:
- In conjunction with the Board’s selected Reserve Fund Planner (RFP), Skywater provides resources and support in the preparation of the Study, plus offers experienced commentary on the Study after review (such as a reserve fund and surplus operating fund investment strategies). Skywater also maintains a record of all repairs or replacements to assist in the preparation of future Plans and Studies.
General Financial Management:
- Skywater provides a wide array of bookkeeping and accounting services for Condominium Corporations, in addition to other specialty financial management services like payroll/benefit administration for building employees. Skywater will be happy to tailor a financial management package that meets the needs of your corporation.
- Strict guidelines and tenacious follow up are the main reasons for our excellent collections record.
- In the commercial and residential rental properties the leasing process begins with a comprehensive corporate and/or personal credit check and employment and reference confirmation as applicable.
- For condominiums, we request that owners provide either post-dated cheques or that they use our pre-authorized payment plan for their monthly fees.