What Your Condo Management Company Should Be Reporting to You Monthly

The Financial Package: More Than Just a Bank Balance

Every month, your condo management company should deliver a full financial package to the board. This is not a bank statement with a cover letter. A proper monthly financial package for an Ontario condo corporation includes five core documents:

•      Income statement (statement of operations): This shows total revenue collected against total expenses for the month and year to date. Your board should be able to see at a glance whether you are over or under budget in every category.

•      Balance sheet: A snapshot of the corporation's assets, liabilities, and equity as of the reporting date. This includes bank balances, outstanding receivables, prepaid expenses, and any amounts owing.

•      Budget variance report: A line-by-line comparison of budgeted versus actual expenses, with written explanations for any significant variances. If landscaping is 40% over budget in July, your manager should be explaining why and what is being done about it.

•      Accounts receivable aging report: A listing of every owner who owes money to the corporation, broken down by how long the amount has been outstanding (30, 60, 90+ days). This is how your board monitors arrears and decides when to escalate collection efforts.

•      Bank reconciliation: Confirmation that the bank balances on the financial statements match the actual bank account balances. This is a basic internal control that protects the corporation against errors or unauthorized transactions.

If your current management company is not providing all five of these items every month, your board does not have the financial visibility it needs to make informed decisions. These are not extras. They are the baseline. For more on how these numbers fit into the bigger picture, see our guide on how condo fees are calculated.

The Monthly Manager's Report: What Is Actually Happening at Your Building

Financial statements tell you where the money went. The manager's report tells you what is actually happening at the property. This is a single, structured document your management company should prepare each month that covers everything of interest to the board across every aspect of the condominium's operations.

A thorough monthly manager's report should address:

•      Maintenance and repair activity: What work was completed, what is in progress, and what is pending. Your board should see which contractors were engaged, what the scope of work was, and whether there are any outstanding issues requiring a board decision.

•      Building operations updates: Anything noteworthy affecting the common elements, amenities, or building systems. If the elevator was down for three days, or a pipe burst in the parking garage, the board should hear about it in writing, not through hallway conversations with residents.

•      Compliance and upcoming deadlines: Insurance renewals, reserve fund study timelines, annual filing requirements, CMRAO obligations, and any other regulatory deadlines the board needs to be aware of. A proactive manager flags these well in advance. A reactive one lets them sneak up on the board.

•      General items of interest: Vendor contract renewals coming due, seasonal preparation recommendations, updates on ongoing projects or capital work, and anything else the board should know to plan ahead effectively.

The manager's report is not a verbal update at the board meeting that disappears the moment the meeting ends. It should be a written document included in the board's monthly package so directors can review it before the meeting, ask informed questions, and keep it on file for reference. At Sapphire Condominium Management, our monthly manager's report is a standard deliverable for every London and Sarnia condo corporation we serve. It is not an optional add-on.

Site Inspections and Owner Communication Access

Beyond the monthly financial and manager's reports, there are two other areas where boards should expect transparency from their management company: property inspections and owner communications.

Site inspection reports. Your management company should conduct regular site visits and provide written inspection notes after each one. These inspections are an opportunity to catch maintenance issues early, verify that contractors are performing, and document the condition of common elements over time. The frequency will depend on your building's needs and what is outlined in your management contract, but the key point is that inspections should result in a written report the board can review. If your manager visits but you never see documented findings, you have no way to verify what was inspected or what was found.

Owner correspondence access. Your board does not need to see every email between an owner and the management office. But you should have access to a system where owner inquiries, requests, and complaints are logged and trackable. This gives the board visibility into recurring issues, response times, and overall owner sentiment without requiring directors to manage every conversation themselves. If your management company has no system for tracking owner communications, or if the board has no way to review them when needed, that is a gap worth raising.

How to Tell If Your Reporting Is Falling Short

Many boards have been receiving incomplete reports for so long that they assume what they get is normal. Here are some signs your monthly reporting is not meeting the standard your corporation deserves:

•      Your financial statements arrive late, inconsistently, or only when the board specifically asks for them

•      There is no variance report, or variances are listed without any explanation of what caused them

•      You receive a bank balance but no accounts receivable aging, so you have no idea which owners are in arrears or for how long

•      The manager's update is verbal only, with nothing in writing the board can reference after the meeting

•      Compliance deadlines surprise the board instead of appearing in the manager's report months in advance

•      You have no written record of site inspections, even though your management contract includes regular visits

If any of these sound familiar, the issue is not that your board is failing. The issue is that your management company is not giving you the tools you need to govern effectively. Start with a direct conversation. Put your expectations in writing, referencing the checklist above, and give your manager a reasonable timeline to adjust. A professional firm will welcome the feedback. If the reports remain incomplete after you have asked, that tells you something about their commitment to your corporation. For more on recognizing these patterns, our article on warning signs your condo board needs a new management company covers the broader picture.

This is not legal advice, but generally speaking under Ontario law, directors have a duty to exercise care, diligence, and skill in overseeing the corporation's affairs. Requesting proper financial and operational reporting from your manager is not micromanagement. It is part of fulfilling your obligations under the Condominium Act, 1998. If the gaps persist, it may be time to explore what other condominium management companies in your area can offer. Boards in London Ontario and Sarnia Ontario have options, and the standard of service varies significantly between providers. For guidance on that process, see our article on switching condo management companies in Ontario.

Frequently Asked Questions

Q: What financial reports should a condo management company provide monthly in Ontario?

A: At minimum, your condominium management company should provide a monthly income statement, balance sheet, budget variance report with written explanations, accounts receivable aging report, and bank reconciliation. These five documents give your board the financial visibility required to govern responsibly. If you are only receiving a bank balance or a single-page summary, your reporting is incomplete.

Q: What is a monthly manager's report and should my condo management company provide one?

A: A monthly manager's report is a written document that covers everything happening at your building: maintenance activity, building operations, compliance deadlines, vendor updates, and any other items the board needs to be aware of. Yes, your condo management company should be providing one every month. It should arrive in writing before the board meeting so directors can review it and come prepared with questions. If your manager only provides verbal updates, you are losing valuable documentation.

Q: What should we do if our condo management company in London Ontario is not providing complete monthly reports?

A: Put your expectations in writing. Send your manager a clear list of the reports you expect each month and a deadline for delivery. A good condo management company will respond positively and adjust. If the reports remain incomplete after a reasonable period, the board should consider whether the current provider is meeting the standard of service your condo corporation requires. There are management companies in London Ontario and Sarnia Ontario that deliver complete monthly reporting packages as a standard part of their service.

Related Reading

→ How Condo Fees Are Calculated

→ Warning Signs Your Ontario Condo Board Needs a New Management Company

→ Switching Condo Management Companies in Ontario