RMSCO Management knows in order to protect the investment of a unit owner, it is critical that the board manage the financial affairs and administer the corporation's assets in an efficient and organized manner. This is why the need for professionals is so important. RMSCO Management is fully computerized to guarantee that all records are accurate and organized.

Financial Reports RMSCO Management Services Ltd. provides

RMSCO's comprehensive financial reports are presented in an easy to read format. Our reports are available at any time upon request for property owners or board of directors.  

Available Reports:

  • Balanced accounting staying within the proposed budget.
  • Accounts receivable breakdown.
  • Summary of funds invested.
  • Profit and Loss Statements.
  • Balance sheet.
  • Trial balance.
  • Accounts payable summary. 
  • Accounts receivable aged trial balance.
  • Bank reconciliation.
  • Bank statements.
  • Monthly Services RMSCO Management Service Ltd. provides:
  • Collection and deposit of all maintenance fees.
  • Collection of delinquent accounts.
  • Preparation and forwarding of monthly statements of arrears.
  • Processing of supplier invoices for payment; includes preparation of cheque's with efficient and acceptable approval controls.
  • Full and accurate monthly financial reports upon request.
  • Management of reserve fund monies.
  • Complete payroll administration for on site maintenance / management employees.
  • Reserve fund planning and projections for major repairs and replacements.

Other Services RMSCO Management Services Ltd. provides

Annual Budget

  • Preparation of a draft annual operating budget. Presented to the Board at a meeting with comparison reports  from the current year with sufficient time to mail out approved budget to owners prior to fiscal year end.

Arrears

  • Continuous attempts to collect all delinquent accounts.
  • Monthly statements of arrears to delinquent owners, subsequent registration and discharging of liens in conjunction with the corporation's solicitor in accordance with the condominium act.

Audits

  • RMSCO Management will accommodate at our office and give full support to all corporation auditors.

Banking

  • RMSCO manages current accounts, taking advantage of a banking agreement between RMSCO Management Service Ltd. and The Royal  Bank. Monthly service charges are usually nil.

Payroll

  • Payroll for maintenance and on site management staff, where necessary.