Strata Management Services

Our staff strive to be leaders in the complex and competitive industry of Strata management and are continuously upgrading their education. We believe in the importance of being physically on-site regularly in order to manage a complex. For this reason, we call ourselves a “HANDS ON” management company. We like to confirm that all work is done to a high standard and give the council the peace of mind that the job will get done.

Financial Management & Accounting Services

As Agents we are responsible for dealing with the financial responsibilities of the Strata Corporation. This includes but is not limited to: budgeting, accounting, preparing financial statements, Strata fee collection, account reconciliation, verification and payment of invoices.

Each strata corporation will have a minimum of two bank accounts in trust as per the Real Estate Council of B.C.

Shepherd Management & Realty follows General Accepted Accounting Principle (GAAP), utilizing accrual accounting.

On a monthly basis:

• Collect and deposit Strata fees
• Notify owners with overdue accounts and follow up with collections
• Receive and verify all invoices and prepare cheques for payment
• Prepare monthly financial statements

The following statements are sent to the Council Treasurer and President on a monthly basis:

• Balance Sheet
• Income Statement providing cash flow for the month, budget for the month, cash flow year to date, budget year to date, yearly budget, and remaining budget for the year
• Accounts Receivable
• Copies of each bank account statements
• Bank account reconciliation
• Copies of each invoice paid (on request)
• Annually, a draft budget is prepared to discuss with Council, distributed to all owners and present at the AGM

Shepherd Management & Realty Services

• Two bank accounts will be established as per the Real Estate Council of BC rules. Firstly will be the “operating trust account” and secondly the “Contingency Reserve account”
• The ability to transfer funds between trust accounts
  • in writing cheques, Shepherd Management & Realty will have signing authority to pay invoices
  • in moving funds from operating account to Contingency account Shepherd Management & Realty will have signing authority

Insurance and Risk Management Services

• Assist Strata Corporation in determining the amount of insurance coverage required
• Assist council in reviewing insurance policy
• Obtain insurance appraisals when needed
• Report on the insurance policy at the AGM

Record Keeping Services

• A current list of all Strata Lot owners and their mailing addresses, phone number, emergency contact, email address, parking space, locker space and any other information deemed necessary.
• Tenant form K’s including contact information
• Copy of registered Strata plan, and unit entitlement
• Current bylaws and Strata rules with amendments
• All financial records including bank statements, financial statements, bank account statements, reconciliation reports and all investment records
• Copy of depreciation reports
• All correspondence, notices, letters, applications, work orders, demand letters, etc.
• All other documentation in accordance with Real Estate Council of BC rules

Other Services Include

• Work on keeping Council informed on Strata Corporation issues
• Provide information to Council and owners in a timely manner
• Complete all forms required by the Strata Act
• Respond to all inquiries from Strata Council and owners in a timely way
• Communicate with all contractors and employees in regards to all maintenance and upkeep
• Coordinate and monitor all insurance claims and keep Council informed
• Under direction of Council deal with all complaints from owners and between all community members
• Meetings – arrange for a licensed agent to attend all Council meetings at a mutually agreed time and place
• Arrange for all contracts, repairs, and maintenance for items that occur less than and more than once a year.
• All major renovations, and special projects could be subject to additional fees