Accounting & Financial Reporting

Our qualified and professionally trained accountants will assist you with budget preparation, and provide the Board of Directors with complete up to date financial statements on a monthly basis. We will perform annual subsidy reviews as per your coop's policy, collect housing charges and process annual Home Owners Grants and property taxes.

New Life Management Services Inc. will provide payroll services for your employees. We will monitor and report on any arrears, and maintain accurate and up to date accounting records that are in compliance with not-for-profit accounting standards and meet CMHC requirements. You will also always be provided with a monthly back-up copy of your accounting books to be stored on your computer.

Monthly Financial Statements include, but are not limited to:

  • Statement of Cash Flows and Cash Flows Forecast
  • Statement of Financial Position
  • Statement of Income vs. Budget Performance
  • Subsidy Surplus Fund and Subsidy Used Statement
  • Replacement Reserve Expenses report.

Additional statements available upon request include, but are not limited to cheque register and bank reconciliations and detailed maintenance transactions listing.