A fully compliant, easier, safer, more convenient & more profitable way to manage your reserve fund.
- We only recommend GIC’s that are fully insured by the Canada Deposit Insurance Corp & the Deposit Insurance Reserve Fund
- All cash is transferred directly between the Condominium Corporation bank account and the depositing institutions ensuring maximum protection
- We provide a letter releasing all board members of personal liability in accordance with Condominium Act,1998
- Easy monthly and annual reporting with one consolidated statement with holdings from 24 GIC issuers listed
- Apply for GIC’s at over 23 institutions with one convenient online application
- Signing officers may authorize and complete transactions online
- Auditors, accountants, board members etc. may be given “view only” real time access of the portfolio
Effectiveness & Profitablity
One Consolidated Statement from 24 GIC Issuing Institutions
Condominium Corporations are required to produce monthly financial reports. In addition to tracking expenses and cash flow a list of assets in the reserve fund is required. As GIC’s mature at different times, investment durations vary etc. this can become complicated. Some condominium corporations will even accept lower rates on some of their investments just for the convenience of not having to check statements from 5, 6, 7 or more companies.
We solve this problem by providing real time, online, fully consolidated statements that list your assets at 24 institutions in one place suitable for monthly and annual reports.
Further you can provide your auditor, accountant, book keeper (or anyone else you wish) with “view-only” access to your consolidated statements further simplifying your monthly reporting.
Reducing the Personal Liability of Condominium Corporation Board Members or How Many Times Does The Word 'Treasurer' Appear in the Condominium Act?
The word ‘treasurer’ does not appear in the Condominium Act, 1998 S.O. 1998. Not once. While most condominium corporation articles designate someone as a ‘treasurer’ who is primarily responsible keeping the books and maintaining the documentation on the reserve fund as far as the Condominium Act is concerned all board members share that responsibility. The Act also states where the are relieved of personal liability in section 37(3):