To economize, a strata corporation or section, depending on its size, may opt to pay solely for select services such as Accounting Service Only. In this context, Metrowest Strata Management Division provides the following services:

1. Receive, record and deposit monthly strata fees of the Corporation in a trust account or accounts, separate from the Agent’s personal accounts and separate from any other trust accounts held by the Agent.

2. Levy fines and liens against delinquent owners, as set out by Strata Council policy. Provide follow-up correspondence and initiate legal action, in accordance with the instructions of the Strata Council and the owners, the bylaws of the Corporation and the SPA.

3. Maintain a registry of all owners.

4. Maintain all Corporation financial files, documents and accounting records which the Agent is required by the SPA or RESA or requested by the Corporation, which includes without limitation those itemized in Section 35 of the SPA, unless otherwise requested or instructed by the Corporation.

5. Receive, screen and pay all invoices as authorized by this Agreement or by the majority of council unless otherwise instructed.

6. Provide the Strata Council with a cash flow monthly financial statement within 28 days of month-end.

7. Maintain necessary “bank” accounts, and invest contingency reserve funds only in accordance with the requirements of the SPA and the RESA.

8. Prepare monthly bank reconciliations.

9. Arrange for auditing as directed.

10. Provide an annual budget projection and prepare Annual General Meeting Notice Package per Council’s directive.

11. Secure and renew annual property value appraisals and insurance as necessary.

12. Provide payroll accounting service as necessary.