At BPM one of our primary goals is to get your finances on the right track and keep them that way. To achieve this, we have created a system of checks and balances that will ensure that your money is going to the right place at the right time. Our system aims to:
- Keep condominium fees as low as possible without cutting service.
- Allow investment in interior upgrades and renovations to increase the value of the units.
- Keep building repair and maintenance on schedule.
- Develop a well funded reserve fund and a balanced budget.
- Perform preventative maintenance to keep long term costs under control.
A condominium's operating fund is responsible for funding the day to day operations of the condo. Cleaning, security, and electricity would be examples of what comes out of this fund. As hydro rates increase and costs continue to increase, many condominiums are finding it difficult to meet budgets and keep condo fees from rising.
Review of Operating Expenses
Brilliant Property Management will perform a review of all operating expenses and will consult with the board as to what their priorities may be. We will review all contracts when they come due to ensure your corporation is getting the best deal possible.
Energy Saving Projects
Hydro expenses are a major drain on the operating fund. Whenever possible, BPM will replace old equipment with high efficiency alternatives. These projects often come with a quick payback rate, and are usually subsidized by the Ontario government. BPM will work with your reserve fund study engineers to help implement energy savings into your plan.
A condominium's Reserve Fund is responsible for all major infrastructure expenditures in the building. It is important that this is well funded, and that projects are planned well in advance. According the Condo Act 1998; sections 94, a Reserve Fund Study must be completed every 3 years, and must be used to plan out the next 30 years of reserve fund expenditures. Since a bad Reserve Fund Plan can have dramatic effects on cash flow and can even cause condo fees to rise, Brilliant Property Management takes extra care to ensure your future projects are well planned out. BPM will:
- Review your old plan to determine if changes can and should be made
- Consult with the board to determine which elective projects are high priority and which can wait.
- Work with our engineer to ensure that there are no major spikes in planned reserve fund spending
- Ensure the board meets legislated deadlines with regards to the creation and implementation of the plan.
- Ensure the board sends notice of a new reserve fund plans to owners, along with relevant documents
Brilliant Property Management wants to keep board members and owners up to date with the financial situation of the condominium. Every month, we will provide you with an easy to read statement that includes the following information:
Monthly revenue and expenses
- Year-to-date revenue and expenses
- Monthly reserve expenses
- Year-to-date reserve expenses
- Any discrepancies between budget and actual expenditures
- Accounts Receivable
- Liens and Notices
- Status Update on all Major Projects
Our statements are easy to read and are made available (via e-mail pdf) to any owners who request them