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Financial Planning Exam Review

Terms in this set (107)

1. Periodic Information Certificate (PIC)

Pic to be sent to owners at least once every three months, or at such other time periods as prescribed. However, the regulations do not require that the PIC be sent out three times per year. Rather, it must be sent to owners twice during the corporations fiscal year: the first within 60 days of the end of the first fiscal quarter, and the second within 60 days of the end of the thirst fiscal quarter. If an owners meeting is being called within the 60 days of either quarter (for an AGM, more likely after the first quarter), then to save costs, the PIC can be included with the notice package. The info required is set out below, but many are referring to the PIC as the "mini status certificate" because much of the info is the same as that found in status certificate; however the PIC will not contain the confidential information for the unit for which status certificate was requested. Following is just some of the info required to be included in PIC: Names and address for service of the Directors and officers, name and address for service of management, info required to determine the different methods of delivery of material to the corporation, various info relating to reserve find, status of any outstanding claims for Tarion warranties

2. A. Information Certificate Update (ICU)

ICU is only required if and when a change or an event has occurred that triggers a need for an update to the owners. For example, a change in the Directors on the board would require an ICU to be sent out. It is not required if there have been no triggering events. Reason for this is that people can find out about events as they occur rather than at the AGM (Annual General Meeting). Following triggering events and time periods are when an ICU must be sent out: Within 30 days of the change: change in directors or officers, change in address for service of the corporation or the directors and officers, change in name and address for service of the management company or the condo manager, change in method of electronic communications that the corporation will use.

3. A. New Owner Information Certificates (NOIC)

It should contain

A. a copy of the most recent PIC, if any, that the corporation has sent to owners or is required to end to owners, unless it has already been sent to the new owner.

B. A copy of the ICU, if any, that the corporation has sent to owners or was required to send to owners after the PIC, except for the ICUs that the corporation has previously sent to the new owner.

C. Any other information that a by-law requires. If for some reason the info set out above is not required in a NOIC, then a NOIC is not required. Should corporations be concerned about the increased workload arising from the requirement to do the PIC? The answer is no. No doubt there will be extra work, and more so at the outset, but it should be remembered that a lot of the content of the PIC will not change, and the PIC will be prescribed, standard from that will help reduce in its preparation (i.e. filling in the blanks is all that is needed).
When hiring for the site it is important that the condo manager start with a good understanding of the skill set and personality they are hiring for. This information will come from a well written job description.

Once the manager has determined this, they will likely place an ad to seek out the applicants to fill the position. The ad should directly address what the condo manager is looking for - start will the energy level, skill, experience, expectations and set a deadline to submit. Ads can be placed online, with employment centres and in local newspapers.

Following the deadline for submission, the condo manager will review the resumes that applicants submitted and narrow the search to 10-12 of the best candidates for a phone interview. Pre-determine the questions to ask and ask them of each of the candidates. Over the phone the manager can determine experience and the ability to communicate. From the phone interviews the manager can narrow their search to the top five or six candidates for a personal interview.

Some employers will give the final five or six candidates some homework - this will allow the condo manager to test the skills required for the job and how the candidate utilizes their analytical skills. Have a deadline to submit the homework. Once the homework has been submitted, compare the candidate results and short-list the candidate(s) that is the best fit for the position.

Check references for the candidates. Provided all the references check out, the manager would then go into the job offer stage.

Some hands on Board of Directors would like to be involved in the hiring process and may be interested in meeting the top two or three candidates. If this is the case, the manager should ensure they are comfortable with all the candidates put forth. Directors may see the value in different candidates based on their life experiences versus what may be best for the corporation.

Once it has been determined which candidate to hire, the steps would be as follows:

A. Letter of intent - salary, start date and primary responsibilities
B. If the candidate accepts, prepare their employment letter/contract and forms for the employee to sign
C. Provide the job description and corporate policies
D. At minimum the employee will need to provide the following:
a) Full name and address
b) Social Insurance Number (SIN)
c) Completed tax rate forms
d) Application for benefits (if applicable)
e) Beneficiary (if applicable)
f) Void cheque for direct deposits (if applicable)
g) Once the employee has signed the employment letter/contract, ensure an employee file is started.
1. Obtain direction from the Regional Manager and report back as needed

2. Oversee, establish, and renew contracts for the Condominium Corporation, as needed;
Contact appropriate contracted trade for repairs and maintenance, as needed

3. Develop a good working rapport with owners and trades

4. Ensure Condominium Corporation's insurance policy is renewed in a timely manner

5. Check emails, correspondence, faxes and answer or forward as required, and report to the Regional Manager, seeking instructions and feedback when necessary

6. Communicate with the Board of Directors as needed

7. Greet all clients, visitors, unit owners, residents, contractors and people that visit the Condominium Corporation and ensure the needs of each person are met

8. Assist in recruiting, selecting and training new onsite staff

9. Supervise onsite staff, evaluate performance and take corrective measures as needed;
Work in a professional manner with superintendents, cleaners, security officers and other onsite personnel

10. Ensure onsite staff are trained as required by the Occupational Health and Safety Act and other applicable employment legislation

11. Ensure the Condominium Corporation property meets Occupational Health and Safety Act requirements for accident prevention

12. Ensure complaints and concerns are recorded by the Site Administrator, as applicable

13. Compose and process various documents, reports and correspondence to unit owners, residents/tenants, Board of Directors and Contractors/Service Providers as required

14. Prepare Property Management Report and package for Board of Directors Meeting;
Ensure timely collection of Common Element Fees from unit owners

15. Take the proper and timely action in collecting outstanding arrears and report/update Regional Manager about units in arrears

16. Prepare documents such as correspondence, reports, drafts, memos and emails to all unit owners, etc. for the Site or Head Office Administrator to distribute.