Everything You Need To Know About Financial Statements: Best Practices For A Financially Healthy Strata     In this episode, Brent and James speak with Isadora Goh, Vice President of Client Accounting for FirstService Residential who shares tips, advice, and red flags when reading financial statements.   _________________________________   Over 1.5 million people live in strata housing in the Province of British Columbia. Let's face it, you'd rather watch reruns of the nightly news than read the Strata Property Act (And we can't blame you) Still, most people are at a loss when it comes to understanding such an important framework for how many of us live our lives in proximity with one another. 🎙 Stratagize with Brent Anderson & James Milne features conversations with industry leaders and experts who share their knowledge to demystify an industry that impacts the lives of more than 1 out of 3 British Columbians. Whether you are a council member, owner, investor, or renter, if you're looking for content that will bring value to your strata and help you get to the next level… THIS is it! Listen to our latest episode, subscribe and rate us on iTunes. 👊 _________________________________ 🚨 STRATA TIP:Take the backstory into account when reviewing financials. Is the CRF low because a large project was held in past few years? Are you over budget on a line item because of an annualized expense? _________________________________ MAIN TAKEAWAYS:🛠 Four main documents: Operating budget, financial statement, balance sheet, operating statement.   🛠 Number one advice: Prepare a balanced budget   🛠  Provincial Government has introduced legislation for mandatory 10% contribution of annual operating fund to CRF effective November 1, 2023. 💬 QUOTES“Don't just increase your budget by a set percentage. Take a look at your expenses and build your budget each year.”   MYTH VS FACT 🦄“Low strata fees are better for resale”    (MYTH)   Lower strata fees mean smaller operating budget and less money for curb appeal and CRF. A building with a higher CRF is a better investment as the purchaser is more likely to be protected from special levies. _________________________________ Connect with StratagizeWebsiteLinkedinEmail Connect with Brent AndersonLinkedin Connect with James MilneLinkedin _________________________________ RESOURCES 8 steps to going out to bid Decision making tool      

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