Condo Accounting
All our articles about Condo Accounting.
Calls for funds and the annual adjustment: what you actually pay
What you pay each quarter is not your bill: it is an advance on a budget voted last year. The bill comes at the end.
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The five accounting annexes: what each one tells you in three minutes
They arrive with the notice, nobody opens them, and they hold everything you need before voting.
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A debtor owner sells: opposing payment of the sale price
A sale is the best chance to recover unpaid charges. The window lasts fifteen days, and many buildings let it pass.
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Refusing to approve the accounts: what it means and what it changes
Voting against the accounts does not sanction the manager. It blocks the building, which is not at all the same thing.
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Individual water meters: worth fitting, and what actually changes
Fitting meters does not reduce the building’s consumption. It changes who pays for it — which is not the same thing.
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Ownership shares: understanding the number that decides everything
Shares set your bill and your weight at the meeting. Almost nobody knows how they were calculated.
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A separate bank account: why the board should insist on it
It is the simplest safeguard a building has: your money, in an account in your name, that you can look at.
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A building in difficulty: the warning signs a board can read
A building never collapses at once. It slips slowly, and the signals are readable three to five years before the crisis.
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Funding major works: collective loan, works fund and staged calls
A works project is almost never lost on the technical side. It is lost on funding, raised too late.
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Recoverable charges: what a landlord can pass on to a tenant
A landlord receives a condo charge statement. Only part of it can be passed on — and the mistake surfaces at the annual adjustment.
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Sale of a unit: the settlement statement and what the board should watch
On every sale, one document decides who pays what. Done badly, it leaves arrears for every other owner to absorb.
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The management contract: flat fee, extra services and fees to watch
The advertised fee is almost never what the building actually pays. The difference hides in the extras.
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How to read and review your condo association accounts
Budgets, fees, invoices, and variances: a simple method to prepare an account review and ask the right questions.
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Condo fees: how are they calculated and allocated?
Ownership shares, general charges, special charges: here is how condo fees are calculated, and how to check them before paying.
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Unpaid condo fees: the recovery process explained
Friendly reminders, formal notice, legal action: the steps of unpaid-fee recovery, and the role the board plays at each stage.
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