Unless you are a businessperson, an accountant, or a miser, most of us were not born with a natural ability to handle money. When elected to the board of a condo corporation, the largest part of the job is to manage the finances, and it frightens many, making them uncomfortable. There is no need to be scared of finances. The majority of us already do quite well in managing our household expenses and balancing our check book. We have money coming in and money going out. If you are familiar with this concept, you will do well with condo finances. Once you master the terminology and the forms used to keep track of the money, you will succeed in your role.
In this Course, you will learn about:
- The Balance Sheet
- The Income Statement
- The Reserve Fund & the Reserve Fund Study
- Bad Debts – The lien
While the Cash Flow Statement is considered one of the three documents businesses look at, the Income Statement serves the same purpose for condominium corporations.