Accurate Financials

Key Condo has received a lot of proposal requests from condo boards who state a major problem they would like solved by changing management companies is accurate financials.

We at Key Condo know that this a problem in the industry. As a board member, you need reliable, transparent, and cost-effective financial processes that allow you to focus on the big picture. That’s why we’ve developed a logical financial management system that sets us apart from other property management companies in Calgary. Our process is designed to save you money, ensure accurate financial records, and provide you with complete control over your condominium’s finances.

Unlike many condo management companies, Key Condo Management does not offer in-house bookkeeping services. By not bundling bookkeeping services into our management fees, we allow you to hire a bookkeeper who is reporting on your management company's activities on a monthly basis. By hiring a bookkeeper as your vendor directly, you will not suffer a massive loss of continuity if you ever change management companies. Additionally, you will have the opportunity to hold your bookkeeper accountable if their work is inaccurate—just like you would be able to do with any other vendor working for the condominium.

We believe that transparency and accessibility are key to effective financial management. Here’s how our financial reporting process works to keep you informed and in control:

Detailed Financial Reports: Our monthly financial reports include a comprehensive set of documents:

• Statement of operating fund earnings

• Statement of reserve fund earnings

• Balance sheet

• Trial balance

• General ledger, including sub-ledger details for operating and reserve fund accounts

• Operating fund invoices

• Reserve fund invoices

• Accounts Receivable (AR) aging summaries

• Accounts Payable (AP) aging summaries

• Operating bank account reconciliation report

• Reserve bank account reconciliation report

• Operating bank statement

• Reserve bank statement

Monthly Financial Statements: Each month, your bookkeeper will send the authorized signers the monthly financial statements by email. These statements include all the detailed financial reports listed above, ensuring you have accurate and up-to-date information at your fingertips.

Board Meeting Packages: We include the detailed financial reports in each board meeting package. This allows the entire board to review and approve the financials collectively, ensuring everyone is on the same page.

Vendor Payments and Collections: We pay vendors by Electronic Funds Transfer (EFT) every month on the last business day, ensuring timely payments and keeping your accounts organized. Additionally, we reach out to any owners in arrears once a month by phone and email to keep collections up-to-date.

Budget Planning: We provide a draft annual operating budget and reserve fund plan at least 60 days before your fiscal year-end. This gives your board ample time to review and approve these critical documents, ensuring a smooth financial planning process.

One of the significant benefits of our approach is that your condo corporation retains ownership of all financial data. By hiring a bookkeeper as a direct vendor, your financial information, including historical data and condo fee EFT information, stays with your corporation. This means that if you ever need to switch management companies, you will retain all your financial records, ensuring continuity and security for your condo’s financial history.

At Key Condo Management, we are committed to providing transparent, cost-effective, and accurate financial management solutions for your condo corporation. This logical approach not only saves you money but also empowers your board to maintain control and oversight of your finances. Contact us today to learn more about how we can support your condo management needs!