How do you know if you need CONDO PARTNER? Below are some common warning signs:
Special Assessment Surprises – Has your corporation had to make a special assessment levy, a one-time fee charged to all owners, to address a major unplanned expenditure? What caused the unplanned expenditure? Could this have been prevented with a more proactive risk management approach?
Maintenance Fee Increases (common fees) greater than 10%? Why are fees increasing so dramatically? Are there issues with the annual budgeting process and/or cost controls?
- Does your corporation have Excessive Turnover of Board Members and/or Condo Managers? Are there management and control issues that are undermining good governance of the corporation?
Lack of Timely Financial Statements – Is the board being presented with corporation financial statements on a routine and timely basis? Is the board unaware of the current period financial results and potential cost overruns?
Reserve Fund Management – The reserve fund management process involves engineering scope, timing planning, estimating, annual withdrawals and investing strategy. Is your corporation below the minimum reserve requirements? Has your critical year and critical reserve fund balance moved into the near term?
- Law Suits – Is your corporation involved in one or more law suits? What is driving this legal activity? Is it indicative of management and control issues with the corporation.