Frequently Asked Questions - Finances
1) Does MCB maintain separate Strata Corporation bank accounts from MCB corporate accounts?
2) Does MCB maintain separate bank accounts for the Operating Fund, the Contingency Reserve Fund and any Special Levy Funds?
3) Can MCB invest and manage funds in the Contingency Reserve Funds account?
- Yes, under the Council’s direction and instruction, and in accordance with the Strata Property Act.
4) Does MCB perform all necessary banking transactions as required and provide Strata Council access to all Strata Corporation banking records?
- Yes. MCB will perform all banking transactions for the Strata Corporation as required and provide Council access to all Strata Corporation banking records at any time.
5) Does MCB offer owners automatic withdrawal/preauthorized debits for strata assessments and fees?
6) Does MCB invoice and collect all monthly strata fee assessments, fees/fines, arrears, parking, move ins-outs?
6) What do the monthly financial statements consist of and when are they distributed to the Strata Council?
- The month-end financial statements consist of a Balance Sheet, an Income Statement, a Disbursement Report, an Accounts Receivable summary, copies of the bank statements and a bank Reconciliation Report.
- These month-end financial statements as well as a written monthly Strata Corporation summary are distributed to the Strata Council by the 15th day of following month.
7) Does MCB have a C.A. or C.G.A. on staff?
- No. Our accounting staff are not accounting qualified. Our books are audited annually by a C.G.A. and are also audited by the Real Estate Institute. We use an Accounting Firm to prepare and file the Strata Corporation tax returns. They charge approximately $350 a year depending on the complexity of the filing. If the Council has a preference, they may contract an Accountant Firm of their choosing.
8) Does MCB act on Behalf of the Strata Council with any government institutions having jurisdiction over the strata property or in respect to owner relations?
- Only if instructed and authorized by the Council.