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). Generally accepted accounting principles are established in Canada by the Canadian Institute of Chartered Accountants. What is included in a financial statement?

Is real property not recorded in financial statements?

What to look for in a financial statement? When must the condo board provide this? They are prepared in accordance with generally accepted accounting principles. It also cannot charge for information or documents that have not been requested by the person making the request. Condominium Property Regulation for more information.

CONDOMINIUM CORPORATION NO. 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. The financial statements do not include the cost of the individual units and the common elements of the condominium , except for units owned by the Association.

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. Once you’ve found your condo or co-op, but before any money changes hands, you need to take a look at the building’s financial statements. Your broker will be able to get a copy.

Create Your Free Account. In a condominium or strata audit, the auditor prepares the year-end financial statements , based on the audit work. Fill Out Professional Templates In Your Browser. The auditor will make any necessary accounting adjustments. In larger public corporations, the financial statements would be done by the organization being audited.

Also, make sure you review the condo corporation’s current financial statement (which tells you its financial status), the current budget for repairs, the annual general meeting minutes (which tells you if there are any issues with the condo ), and ask for evidence of adequate insurance coverage. We asked three real estate attorneys what they look for when reviewing a building’s financial statement. Print Start Now Free! This booklet includes financial information you need to know before you buy.

Seek legal advice or talk to an accountant and lawyer if you have any concerns about the condominium ’s financial documents. We provide quality management and leasing services to condominium corporations, individual owners and commercial developments as well as professional real estate services both residential and commercial. Send or drop off the form, audited financial statement and current list of officers and directors to Corporate Registry. Financial statements.

Reserve fund requirements may be outlined in the Articles of Association and Bylaws. Alberta Ballet Company Annual Report. A financial audit, or more accurately, an audit of financial statements , is the examination by an independent third party of the financial statements of a company or any other legal entity (including governments), resulting in the publication of an independent opinion on whether or not those financial statements are relevant, accurate, complete.

Audit An audit is an examination of financial statements to verify that the records were prepared according to accepted accounting standards and that they present a true financial picture. A condominium ’s bylaws may state whether or not the corporation’s financial statements require an audit and define who is qualified to conduct an audit. Alternatively, the association may prepare audited financial statements including all of the activities of the association as long as the financial statements use a. The financial statement shall be approved by the board and the approval shall be evidenced by the signature at the foot of the balance sheet by two of the directors duly authorized to sign, and the auditor’s report shall be attached to or accompany the financial statement. Users of financial statements The owners are the principal users of condominium financial statements. Corporation to send copies of financial statements , etc.

It is their funds received by way of periodic assessments that finance operations of the condominium.