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Accounting having the object of posting the revenue, expenses, assets and liabilities of the syndicate of the co-owners in accordance with the activities and objectives determined by the Civil Code of Quebec (such as the contingency fund and the self-insurance fund) or following a decision of the board of directors (such as the maintenance fund).
09/08/2022
A syndicate of co-owners has the obligation to account for its operations by funds. The Civil Code of Québec requires the creation of a general fund, a contingency fund and in April 2022, the creation of the self-insurance fund. The creation of the early self-insurance fund is recommended. The general…...
09/08/2022
At our last annual co-owner's meeting, the board of directors informed us that it was going to take $10,000 from our contingency fund to set up a self-insurance fund. To justify their decision, the directors said that this will allow to avoid putting up a special assessment. Several co-owners seemed to…...
19/12/2017
The statement of financial position, also known as the balance sheet, lists the assets, liabilities and net assets of the co-ownership syndicate at a specific time. It is a picture of the financial situation at a given date compared to other statements that usually cover a full fiscal year. The…...