Financial Management
The Enfield Group Inc. believes that one of the most important areas of property
management is to investigate all possible cost saving measures
for each site we manage. This could include water savings and
energy saving efficiencies.Although The Enfield Group's buying
power is extensive, each property will require an individual
approach.
Ways to increase revenues are also investigated.
In line with the Condominium Act, the Accounting Department handles the following:
Property Management Fee Collection
Collection of all property fees and/or rents, housing charges,
special levies and CAM charges and other miscellaneous charges.
Deposit all pre-authorized cheques. Follow up of collection
on delinquent accounts and deposit of all funds into your individual
bank accounts. Levy liens or obtain judgements against delinquent
owners as per Board of Directors'/Owner's instructions.
Financial Records
Maintain accurate record-keeping of all accounts payable and
receivables, payroll services and employee bonding; production
of operating budgets, schedules of fees and monthly financial
statements including:
- Balance Sheet
- Income Statement
- General Ledger detail report
- Arrears Report
Financial Planning
Advise the Board of Directors/Owners with regard to establishing
budgets, capital planning and contingency reserve fund requirements.
We will assist the Board in obtaining Reserve Fund Studies,
every three years, for each corporation. From the results of
these studies, new budgets will be produced to ensure that sufficient
capital is held in reserve for future costs. The Enfield Group
will also advise the Board on the best methods to manage/invest
their capital assets in the Reserve Fund.
Cost-Efficiencies
Bulk purchasing power gives us discounts and preferred contractor rates.
Financial Integrity
Full disclosure in accounting practices is an essential element of trust we maintain. Our accounting department is overseen by a controller who is an experienced Certified General Accountant. We hand over all the books to the Auditor of your choice for the annual Audit.
