On November 4th and 5th, the Canadian Condominium Institute - Toronto Branch and the Association of Condominium Managers of Ontario held their annual joint conference. The conference was well attended by property managers, condominium lawyers, board members, real estate agents, service providers and other professionals. Sessions covered important topics such as contracts and tendering, legal updates, refurbishments, utility issues and managing insurance. One particularly timely session discussed the detection and prevention of fraud in condominiums and included a panel discussion of accountants a property manager and condominium lawyer.
Some of the critical and recurring ideas, which were emphasized by various members of the panel, included:
• Property managers should not be handling any sort of cash payments. In the rare occasion where a cash payment or transfer is made, a itemized receipt must be provided...
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