Reports
We provide award-winning community management services to the Greater Toronto Area.
Management Reporting
We are well aware how we manage your property today will greatly impact its value in the future. Therefore it is important that we maximize the productivity of each and every Directors meeting.
This is achieved by the delivery of a management update in advance on the Friday before each meeting allowing the Directors to review, prepare and contemplate the matters at hand prior to their arrival. Time will be allotted at the meeting to focus on each item and select a course of action which fits best with your community. We also ensure our Directors are current on all legislative and technological advances and the potential impact they may have on your condominium.
Maple Ridge believes that successful property management is forged in a team relationship between our offices and the Board of Directors and is built on a foundation of communication backed by dependable and effective service. Continuous communication between your Property Manager and the Board is absolutely essential, supplemented by ongoing dialogue between the Board and management executive, which is encouraged and promoted.
MRCM has developed a standard Management Update providing a thorough review of resident concerns, ongoing projects, repairs and financial position. The contents of the Management Update can be tailored to meet each client’s individual information requirements.
Financial Reporting
At MRCM, we understand that accurate, timely financial reporting with stringent controls is essential to successful condominium management and operations.
To this end at MRCM we:
Staff our accounting department with skilled professionals, who have extensive experience in the condominium industry.
Commission the use of YARDI Voyager accounting software. This leading web-based software is now evolving to become the industry standard and MRCM pioneered its application in Ontario.
Establish timelines and controls to ensure prompt delivery of accurate Financial Statements by the 14th business day of the following month to our managers for their review and release to our clients.
Utilize pre-authorized payment plans to ensure timely payment of utility bills electronic funds transfer software and ensure collection of common maintenances fees.
Run cheques for suppliers in a timely manner to ensure prompt payment.
Establish a lien and collection policy to keep arrears at a minimum. (See arrears collection policy web page.)
Set up all our banking arrangements on line to allow fast tracking of any bank errors, returned cheques, unidentifiable items and to aid in timely bank reconciliation.
Prepare detailed budgets recognizing the seasonal variations and other nuances specific to each corporation, so that variances are both meaningful and explainable.
Compile a comprehensive monthly Financial Statement package that includes:
Balance Sheet
Budget Comparison Report (P&L) showing monthly and year-to-date amounts and variances from Budget
Bank reconciliation statements – Operating & Reserve Funds
Aged AR & Miscellaneous Receivables
Aged AP & Accrued Liabilities
Investment Summary (where applicable)
General Ledger for the month
Cheque Register
Implement an internal Monthly Reporting Checklist to ensure statements comply with GAAP and all condominum documents as well as the Condominium Act.
Provide in-house accounting training for our Property Managers to ensure that they present the Financial Statements to their Boards in a clear and concise manner including answering all questions.
Establish a 60-day from year-end timeline to ensure timely audit and AGM.
Accommodate Auditors with a desk and workspace within our department.
Our goal is to constantly improve and establish a new benchmark in the industry for accuracy, timeliness and operating efficiency.
We look forward to providing the best, most accurate and timely accounting services to your community.
Arrears Collection Policy
The Condominium Act requires owners be given at least 10 days notice that a lien will be registered against their unit for unpaid common expenses and this notice must be given by serving a Notice of Lien to the owner.
It is our hope that owners honour their obligation to pay common element fees as they are due on the first day of each and every month. We understand, however, that financial situations can change, which may result in overdue accounts, and it is in the owner’s best interest to resolve this concern as soon as possible and communicate with our office when arrears have occurred.
At Maple Ridge, a consistent arrears collection policy has been established ensuring that at all times the corporation’s interests are protected. Its application is universal and is triggered by the status of the account in question. It is our hope all owners will remain current and that these efforts will serve as reminders and minimize lien activity.
In summary, the timelines of the Maple Ridge arrears collection and lien policy are as follows:
- All payments are due on the first of the month.
- Post-dated cheques and pre-authorized payment plans are encouraged.
Day 31-60: Pre- Lien Notices (Red Letter) are sent to all owners who are 2 months in arrears as a warning. This Notice states legal action will be taken against the unit and all associated costs will be added to the account if account is not paid.
Day 71-80: Notice of Lien is issued and, if within 10 days, balance is not paid in full by guaranteed funds, lien is registered on title and all associated costs are added to the homeowner’s account.
If necessary, the Board would determine and approve a timetable for any Power of Sale activity against the unit.
5753 Coopers Ave
Mississauga, ON L4Z1R9
T: (905)507-6726
F: (905)507-6722