Accurate financial statements delivered in a timely fashion, meticulously maintained operating budgets, and reserve funds that are well-funded remain the cornerstone of Legacy Management’s financial efforts.  This enables us to provide our boards with quality and up-to-date information so that they can be better enabled to make informed decisions for their communities.


Monthly Financial Reporting

As we are in our communities’ safety, so to are we vigilant and active in our financial operations to ensure our standards are met, our bylaws observed, and our corporation remain in good standing.

The Operating Budget that Legacy Management works to maintain includes the following items:

  • Monthly financial statements are on an accrual basis
  • Variance reports
  • Aged accounts payable
  • All bank statements
  • Bank reconciliation
  • Variance report explaining significant budget variances
  • Reserve fund statement of expenditures
  • Monthly aged arrears reports
  • Accounts receivables
  • Schedule of investments
  • Schedule of accrued liabilities
  • Projection of revenues and expenses for the year end utilizing 9-month results
  • Variance analysis of projected expenses to budget
  • Proposed budget for each expense for the following year
  • Detailed notes on each expense
  • Draft covering letter to the unit owners addressing the budget and any fee increases.


Reserve Fund

Included in the range of services that Legacy Management is committed to providing is our work in collaborating with your Reserve Fund Planner so that a detailed and well-informed Reserve Fund Study.  Any other existing Reserve Funds will also go through a thorough review by our team so that we might offer recommendations on how to operate it more effectively and efficiently.


Financial Management

Legacy Management provides standard bookkeeping, accounting and financial management services including:

The standard accounting, financial, and bookkeeping services are amongst the services that Legacy Management provides

  • Paying all invoices within 30 days of receipt
  • Collecting maintenance fees and guaranteeing losses
  • Preparing all working papers for auditors
  • Providing Boards with our standard common charge collection policy
  • Providing procedures and systems for internal controls
  • Assisting the Corporation by opening an Investment Account making recommendations on investment purchases as per the Condominium Act
  • Setting up a pre-authorized payment plan for common element charges
  • Payroll/Benefit Administration
  • Standard performance review program
  • Site specific job descriptions for each employee
  • Corporate support and advice on Payroll and Human Resource issues
  • Internal controls on hours/timesheets/payroll/government remittances
  • Separate payroll registers for each corporation
  • Complete personnel record keeping
  • Recruitment, training, supervision of employees and recommendations on pay rates for all building employees