Description

Bookkeeping and the preparation of financial statements for strata corporations doesn’t need to be complicated. To comply with the Strata Property Act, all that is usually needed is an accurate and complete record of revenues received and payments made each month, a budget and a financial statement that comply with the Strata Property Regulation. Most strata corporations are simple, non-taxable organizations.

Best Practices for BC Strata Treasurers is a comprehensive guide which covers:

• Preparing an annual budget
• Maintaining bank accounts
• Collecting strata fees and paying expenses
• Keeping the books: recording revenue and expenses
• Preparing financial statements
• Financial planning in respect of the depreciation report
• Investing contingency reserve funds (CRF)
• Arranging strata insurance
• An additional file provides updates regarding required contributions to the CRF, changes in voting thresholds for certain expenditures, and more.

The publication is written by Dr. Cleveland S. Patterson, an Emeritus Professor of Finance and a former member of VISOA’s board of directors.

Sold separately:

^©STRATACCOUNT is a simple Excel accounting package developed by the author to help strata treasurers maintain the strata’s books and easily produce financial statements which conform to requirements of the Strata Property Act and Regulation.  No accounting or bookkeeping expertise is required.