Although we cannot make decisions on budgets, reserve funding or the timing of major repairs and replacements, we will provide you with the best financial information and experience-based advice in the industry so that you can make the most informed decisions with confidence.
Monthly Financial Reporting
Crossbridge delivers the following by the 11th working day of each month:
- a monthly financial statement on an accrued basis;
- a list of aged accounts payable;
- a list of accounts receivable;
- a schedule of investments;
- a schedule of accrued liabilities;
- a copy of all bank statements;
- a bank reconciliation;
- a variance report explaining significant budget variances; and,
- a reserve fund statement of expenditures.
Budgeting Operations
Crossbridge prepares a 'draft' Operating Budget, using our detailed template, during the 10th month of the fiscal year that includes:
- a projection of revenues and expenses to year end using the 9 month results;
- a variance analysis of projected expenses to budget;
- a proposed budget for each expense for the following year;
- detailed notes on each expense; and,
- a draft covering letter to the unit owners addressing the budget and any fee increases.
Reserve Fund Study Reviews
Under the Condominium Act, management companies like Crossbridge cannot prepare Reserve Fund Studies, but Crossbridge will:
- work with your Reserve Fund Planner to provide resources, information and support in the preparation of the Reserve Fund Study; and,
- review the corporation's Reserve Fund Study, provide comments on it and submit a detailed Budget of Reserve Expenses for the following year.
Proper Financial Management
Crossbridge provides a number of other bookkeeping, accounting and financial management services including:
- paying all invoices within 30 days of receipt;
- paying any late penalties on hydro, gas, water and WSIB invoices that are solely signed by Crossbridge signing authorities;
- collecting maintenance fees and guaranteeing losses;
- preparing all working papers for auditors;
- providing Boards with our standard common charge collection policy;
- providing procedures and systems for internal controls;
- assisting the Corporation by opening an Investment Account with an external Brokerage Firm of their choice and ensuring that a proper Investment Plan is prepared;
- making recommendations on investment purchases as per the Condominium Act;
- providing Boards with our developed investment policy;
- setting up a pre-authorized payment plan for common charges at rates below typical bank rates; and,
- providing and procuring appropriate insurance coverage and appraisals.
Payroll/Benefit Administration For Building Employees
Crossbridge provides a wide variety of services for employees who work in your building that include:
- a Group Benefits Program with flexibility to the Corporation in terms of sharing premiums (50% - 50%/100% Corporation paid/no benefits)*;
- an optional RSP Program;
- a standard performance review program;
- site specific job descriptions for each employee;
- Corporate support and advice on Payroll and Human Resource issues;
- internal controls on hours/timesheets/payroll/government remittances;
- separate payroll registers for each corporation;
- a volume discount program on payroll services through Ceridian;
- complete personnel record keeping;
- recruitment, training and supervision of employees and recommendations on pay rates for all building employees; and,
- our expertise in negotiating collective agreements with unions.
* Unionized sites are governed by the collective agreement.