Condominium Management Services

Request For Proposal


Monthly Financial Reporting

On or before the 15th day of the month RBA Property Management Ltd. will provide the Board of Directors with monthly and year-to-date unaudited financial statement to include the following documents:

  • Corporation income statement on an accrued basis;
  • Dollar amount of common expense assessment collected;
  • Dollar amount of expenses by category on an accrued basis, as compared with budgeted expenses;
  • A detailed list of delinquent accounts in payment of the common expenses to include amount of each delinquency;
  • Particulars of accounts, term deposits, certificates and any other instructions respecting investment income and other assets and liabilities of the Corporation in accordance with generally accepted accounting principles as at the date of the financial statement;
  • Particulars of significant variations from budget;
  • Income and expense statement;
  • Balance sheet;
  • General bank statement summary;
  • Reserve Fund bank statement summary and list of Reserve Fund investments and maturity dates;
  • Bank reconciliation for the General Account
  • Bank Reconciliation for the Reserve Fund Accounts;
  • Detailed general ledger analysis.

Annual Budget

At least two months prior to the beginning of each fiscal year RBA Property Management Ltd. will furnish the Board of Directors for its approval the following documents:

  • A projection of revenues and expenses to year end using the results for the first 9 months, to include variance analysis of projected expenses to the budget;
  • An estimated draft budget for the following year, setting forth by categories the Manager’s best estimate of all expenses for the operation of the Corporation for the coming year, including but not limited to taxes payable by the Corporation, insurance premiums, water, gas and electricity charges, and cost of all repairs, renewals, maintenance and supervision of the property and reserve fund contributions as outlined in the Reserve Fund Study as required by the Condominium Act 1998;
  • Detailed notes on each category of expenses to explain the rationale behind each dollar amount proposed.
  • A draft budget letter to be sent to each Owner along with a Summary of Proposed budget and explanations of fee increases.

Financial Management

  • Paying all invoices within 30 days of receipt;
  • Collection of maintenance fees and interest on outstanding amounts in accordance with the Declaration and the By-laws of the Condominium Corporation. Upon adoption by the Board of Directors of RBA’s collection procedures, RBA will guarantee any loses and reimburse the Corporation forthwith;
  • RBA will be responsible for late payment penalties on any utilities and WSIB invoices that are solely signed by RBA signing authority on behalf of the Corporation;
  • Preparation of all the financial documents to be presented to the auditors;
  • Providing procedures and systems of internal controls;
  • Payroll and Benefit Administration for Corporation Employees.


Contract control and tendering

  • RBA will assist the Board of Directors on the tendering process and advice on proper tendering procedures. RBA will issue clear specifications for each type of service in order to enable all bidders to provide competitive proposals. RBA will ensure that only qualified service providers are recommended to provide proposals (proper liability insurance coverage, current WSIB certificate, work history, references etc.) RBA will keep up to date record of all contracts to include all terms and expiration dates.
  • RBA is using standard designed contracts in order to protect the Condominium Corporation;
  • On-site supervision of all trades and service providers. RBA will monitor and oversee all projects and report back to the Board of Directors on status and progress. Liaison with professionals and government agencies.

Purchasing and budget control

  • RBA is using a standard Purchase Order form to be issued for each purchase in order to ensure spending control versus the annual budget and proper monthly accruals in the financial statements.

Monthly Property Inspections

  • The Manager will conduct monthly inspections which will be presented to the Board of Directors with periodical updates to reflect completion and/or progress on items reported. Copies of the monthly inspections are filed in the field office and a copy is submitted to senior management for on-site walk-through;


  • RBA has developed an Annual Planning Guide to be issued at the beginning of each fiscal year. The Annual Planning Guide has listed all tasks to be performed during the year and includes both operational and administrative tasks (i.e. winterization, summarization, flower planting, boilers inspection, Annual General Meeting etc.);
  • WHIMS Training and Compliance Manual;
  • Training sessions for building personnel;
  • Disaster Recovery Planning;
  • Review and update of the Fire Safety Plans;
  • Update and implementation of Government regulations as they apply to the Property.


Records of the Corporation

  • RBA will maintain all records of the Corporation as required by Sections 43(4), 47(2), 55, 83(3), 94(8) of the Condominium Act 1998. (Record of Owners and Mortgagees, Record of Tenants, Unit Owners files, Reserve Fund Studies, Contracts, Employee Files, Insurance Declaration, By-laws, financial statements for the previous six years etc.)


  • Preparation of all documentation and required notices for the Annual General Meeting of Owners and any other Owners Meetings;
  • Assistance with preparation of meeting of owners;
  • Attendance to all meeting of owners, Board, Shared Facilities and Committee meeting if so required;
  • Arrangements for minute taking to meeting of owners, Board, Shared Facilities and Committee.

By-law and House Rules Enforcement

  • We believe in common sense, voluntary compliance and education when it comes to rules and regulations. However, we are well aware that this only happens in a perfect world. For the “less perfect “RBA has specific procedures in place and will use staff persuasion and educational skills in order to achieve a harmonious environment where everybody will be able take advantage of the quiet enjoyment of their homes.

Monthly Reporting

  • RBA will provide a written monthly report to include: the status of outstanding issues from previous meetings, items that require the Board ratification, financial report to include explanations of variations from the Budget, items completed, items for consideration and a log with all written communications.

Status Certificate

  • RBA will prepare the Status Certificate and will provide all necessary documentation. In accordance with our management agreement RBA will assume responsibility for any errors and omissions.

Staff Administration

  • RBA will maintain internal records of timesheets, payroll and vacation days for all Corporation Staff;
  • Recruitment, training and on-site supervision of all Corporation employees;
  • Periodical staff performance evaluations;
  • Generating specific job descriptions for Corporation Staff;

Customer Service

  • Deal with owners requests;
  • Deal with trades, service providers and government representatives;
  • Assistance with preparation of Welcome New Owners Packages and Newsletters;
  • Assure effective response time and build good relationship with all residents;
  • Periodical Resident Satisfaction Surveys on management response time and effectiveness.

Request For Proposal