Alberta condominium financial statements

A condominium board must prepare and distribute annual financial statements for the previous fiscal year and an annual budget for the current fiscal year. A condo corporation ’s fiscal year is the 12-month period for which it tracks the expenses and revenues for its operation. The condo corporation must distribute the budget and financial statements to owners and mortgagees at least days before the annual general meeting (AGM).

The auditor will make any necessary accounting adjustments. In larger public corporations, the financial statements would be done by the organization being audited.

When must the condo board provide this? Document What is it? They are prepared in accordance with generally accepted accounting principles. Financial Statements Financial statements show how money was spent over the years.

Short Answer: Every condominium corporation having or more units (or parcels of tied land) is required to appoint an auditor who will prepare annual audited financial statements for the corporation. The cornerstones of a condo ’s financial health are the annual budget for regular expenditures an in many provinces, the reserve fund for replacements as well as large non-routine repair expenditures in the future. Other key issues are also discussed in the sections below.

The statements do not include the cost of land or buildings and the outstanding principal balances owing on mortgages which are the responsibility of the owners. Real estate taxes and mortgages applicable to the individual units are independently billed to and paid by each unit owner. These financial statements do not reflect such expenditures. This booklet includes financial information you need to know before you buy.

This information applies to Alberta only and is not exhaustive. Seek legal advice or talk to an accountant and lawyer if you have any concerns about the condominium ’s financial documents. Filing an Annual Return … instructions on how to use your access code and file an annual return and financial statement. Reserve Investments $6607.

Prepaid Insurance $436. Accounts Receivable Siding Loan $11201. Pre-Paid Mailboxes $079. CONDOMINIUM CORPORATION NO. Additions are charged to cperations in the year of expenditure.

The board is required to provide owners with financial statements showing how their money was allocated in the previous year and how it proposes to use the upcoming year’s contributions. A caveat is a warning that another party is claiming interest in the property. Once the corporation receives payment from an owner for the outstanding contribution, it must withdraw the caveat.

The annual reports of ministries are released concurrently with the Annual Report of the Government of Alberta. Information Statement and Supplemental documents can be requested to be produced within days. If they are produced within that timeframe, an additional fee may be charged. An audit is required for all condominium corporations with one exemption. If the financial statements include supplementary schedules that are unaudite they should be clearly marked as such.

Simply put, auditors are required to conduct their audits in accordance with CAS and to report to the owners whether, in their opinion, the financial statements are presented. Monthly Financials: $10. Government of Alberta annual report. The government's annual report is a permanent public record of the dollars spent and the achieved for the fiscal year (April to March 31).

Condominium Plans: Tara - Registered Condominium Plan: $10.