McCall Wynne Property Management

By: McCall Wynne Property Management Inc  09-12-2011
Keywords: Property Management, Directors, Financial Statements

1) Is this volunteer position taking up too much of your own time?

The professional services of McCall Wynne Property Management Inc. will allow the Board of Directors to expend a miniumum amount of valuable time participating in the management process and ensure that the time spent is productive and informative.  Meetings to discuss the property, it's operation and any concerns of the Board of Directors can be scheduled as required.

2) Financial statements hard to read? Not getting them on time?

Our Firm is recognized for our accounting package. Easy to read and to understand. The different Audit Firms we deal with are impressed with this software. They are distributed to our Boards of Directors monthly.

3) Budgets not realistic?

Our experience as well as the properties past history allows us to present budgets that are realistic and therefore more meaningful to the financial statements

We review all the expenditures and contracts to ensure that the property is getting what it needs in terms of cost and service. If something is not what is required for your property the Board members are so notified along with a solution.

 4) When you call the office do you get an answer immediately or have to wait until a Senior Manager returns your call?      

We have a Senior Manager that is on site several times weekly and depending on the site requirements, in an office within the property. This person would be familiar with your Declaration, By-laws, Rules, Condo Act and your Contracts etc. Wouldn't it be nice to deal with one individual?

When McCall Wynne Property Management Inc. assumes management responsibility for a property, the management team reviews all aspects of the operation and prepares a management plan for the Property.

PEOPLE

·   prepare a report on the present project staff and review any labour contracts in place
·   address the issue of compensation paid
·   in a unionized workplace meet with the union representatives in order to establish a good working relationship
·   address the issue of training, if necessary
·   prepare (or review, if existing) job descriptions for each position and revise if necessary.
·   provide the services of a Condominium Manager located on the property, as required by the Board of Directors
·   review the present rules and regulations declarations and leases of the Condominium Corporation and prepare a report, as to the status of these items with any recommendations that would be beneficial to the Corporation


PROPERTY

·   complete an inspection of the property and prepare a condition report on all property improvements identifying all repairs and replacements required
·   prepare a report addressing preventative maintenance and propose a plan for future service to the required components
·   ensure high quality landscaping services are provided including snow removal lawn and shrub care and garbage disposal where required.

FINANCIAL

·   establish a good working relationship with the corporation's auditors to ensure the financial records are readily accessible thus ensuring that audit costs are kept to a minimum
·   complete a review of the present financial operation of the property and recommend any necessary adjustments
·   prepare a report on the status of the operation and the management plan on a monthly basis with the financial statements
·   prepare a budget for the next fiscal period of the corporation for the Board of Directors to review and adjust if necessary
·   prepare financial statements on a monthly basis
·   pass on all discounts achieved as the result of bulk purchasing
·   attend the regular meeting of the Board of Directors to provide any information required regarding the operation of the property and any explanations of the monthly financial statements
·   attend the annual meeting of the Condominium Corporation at the request of the Board of Directors, and provide an annual operating report, management plan and budget, as approved by the Directors
·   pay all accounts, in a timely fashion in order to obtain maximum discounts
STABILITY

·   review the current reserve funding strategy
·   prepare an investment plan for the reserve funds held by the corporation in order to maximize return on investment
·   ensure appropriate insurance coverage of the property

BANKING

·   maintain separate trust accounts (operating and reserve) for all funds of the corporation in a Canadian chartered bank and report on the status of these accounts monthly to the Board of Directors

PROJECT  REPORTING

Project reports are tailored to the needs of the owners or Boards of Directors of the Property. These can include such reports as listed below;
·   Profit and Loss Statement monthly
·   Budget Comparison Statement monthly
·   Owner Charges Statement monthly
·   Balance Sheet monthly
·   Transaction Register monthly
·   Operating Budget annually
·   Audited Statement annually  *

*   as required at the expense of the Condominium Corporation or rental owner.

In situations where there are rental units in the Condominium it is common practice to have the tenant’s contract to the terms and conditions of the owners under the Condominium Act, by-laws, rules and regulations. McCall Wynne Property Management will ensure that any leases signed contain these covenants.

Keywords: Directors, Financial Statements, Property Management

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