Strata Tip of the Week - The Strata Financials You Should Be Reviewing

The Strata Financials You Should Be Reviewing

When it comes to reviewing a strata’s financials, the first step is to get copies of all the relevant financial documents. To get a good sense of the strata’s financial health over the past two years, we recommend you obtain:

• The current fiscal year budget

• The previous fiscal year budget

• Year end financials (for the last two fiscal years), and

• The most recent monthly financials (ideally within two months old)

  • Most stratas, especially if professionally managed, will have monthly financial statement. These will most often include the:

    • Balance Sheet, and

    • Income Statement

Reviewing these financial documents will allow you to analyze the strata’s past and current financial positions, as well as changes in various financial metrics, which can provide valuable information about a strata’s financial health.