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Responsible financial practices are an important aspect of condominium management. Protecting the corporation’s financial assets is necessary in order to shield unit owners from possible special assessments, to ensure that board members are properly doing their jobs, and to maintain property values throughout the community.
As experienced professionals and one of the top condo management companies Toronto has to offer, ICC understands the importance of these key financial functions. They have the knowledge and insight necessary to provide compliant financial services in every respect.
On a monthly basis, ICC is capable of performing all collections and deposit activity, and can provide comprehensive services regarding the collection on delinquent accounts. They also serve residents and owners by ensuring the generation of accurate statements, and can provide key information to the board for future decision-making purposes. ICC also ensures timely payment of contractors and employees, ensuring the proper processing of invoices and implementation of the right approval controls.
Communication is also essential, which is why ICC provides notations explaining monthly variances in expenditures versus the budget, and can also explain the funds invested and the breakdown of any accounts receivable. They can also generate a Statement of Operations to keep activities transparent.
For long-term planning, ICC provides insightful data that the board can use in setting aside reserve funds in the event of major maintenance and repairs that might be needed in a given development. They even assist with the development of an annual budget, and can handle all of the necessary banking matters.
All of these services are performed in a timely and cost-efficient manner, and are provided in conjunction with their condo management maintenance services.
As an added benefit of working with ICC, there are also advantages in the form of potential utility savings. ICC has a natural gas purchase agreement with ECNG Inc, that allows them to purchase natural gas in bulk. ICC then passes these savings along to members and clients in the form of a gas rebate. This service is also available for electricity thanks to the deregulation that occurred several years ago.