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The management category defines that professional condominium managers must be responsible for the effective operations of the condominium corporation within the legal framework. They protect financial and physical assets to ensure the property is well managed.

Two people discussing financial report

Learning Outcomes

  1. Prepare, present, and implement the annual budgets.
  2. Collect the common expenses.
  3. Interpret financial statements and explain variances to the Board of Directors to enable informed decisions.
  4. Monitor financial status and report concerns to the Board of Directors.
  5. Monitor Reserve Fund spending and balance relative to the Reserve Fund Study.
  1. Support the Board of Directors in the Reserve Fund investment process.
  2. Support the annual financial audit process.
  3. Review general ledger to ensure accurate expense reporting.
  4. Implement the financial controls to protect the condominium corporation’s financial assets

Please note: learner outcomes vary from course to course with one or more of these outcomes may be achieved within the competency.

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Condominium Management - Financials (CNDO 105)

The Condominium Management - Financials course is designed to give condominium managers a basic understanding of the relevant aspects of financial management. It is one of the core foundational courses to ensure that condominium managers have the technical context for the main responsibilities of their role.

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Strategic and Financial Planning for Property Managers (NIHM 202)

This course is designed to provide a complete review of the accounting process and principles, the managerial use of accounting and financial statements and their analysis and budget preparation procedures for property managers. In addition, the techniques and approaches for establishing and organizing objectives and implementing strategies will be discussed. Topics will include the accounting cycle; revenue and expenditure forecasting; establishment of operating and capital budgets; monitoring, controlling and reconciling budgets; the audit process; mission statements, goals and objectives; implication strategies; target dates and review schedules; and operational reviews.

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