Financial Management

Each Co-Op is an independent legal entity, responsible for its own financial management.

Income is received in the form of rents from tenants. With this income, each Co-Op must budget to pay rates and insurance on the properties, perform necessary maintenance, pay the Co-Op’s administration costs, pay a levy to CEHL to cover finance and program administration costs and put aside reserves for future replacement of items such as carpets, hot water services, etc.

CERCs receive all rental income directly to their bank account and must ensure that all bills are paid, keep appropriate records and submit quarterly reports regarding their financial position to CEHL.

Most CERCs elect a Treasurer, a Rents Officer and Finance Sub-Committee to manage the day-to-day financial affairs. These members produce reports to assist CERC Directors to make financial decisions and work in close conjunction with the Maintenance Director/Sub-Committee to ensure spending is within budget. The Treasurer or Rents Officer is usually also responsible for communicating with tenants about their rent and following up any rent arrears.

Some CERCs choose to buy a bookkeeping service which can be provided by CEHL - refer Fee For Service. CERCs that choose this service remain responsible for all financial decisions affecting their CERC, but are provided with the necessary financial records.

CERCs who perform their own bookkeeping are able to use a specifically designed computer program called Circuit, which can provide rent statements for tenants and monthly financial reports, as well as tracking maintenance expenditure on each individual property. As well, a rent calculator is available to help assess rents payable. Both programs are provided free of charge from CEHL to assist in the CERCs’ financial management.

Rental income for CMC properties is collected by CEHL Housing Services and all property and tenancy expenses are administered directly by CEHL. Each CMC receives their own administration budget, and may accumulate funds or obtain grants for special projects. CMCs usually elect a Treasurer to take responsibility for related bills, records and reports.

All Co-Ops are able to receive advice from their Co-Op Development Coordinator at CEHL regarding financial management, including advice regarding BAS returns, maintaining financial records and preparing for the annual audit.

Cheque Requisition Advice Form (62 Kb)
Audit Checklist (160 Kb)
Treasurers Manual with Annual Budget (132Kb)
Chasing Old Debt (47Kb)
CERC Circuit Manual 2016 (481Kb)

CERCs should refer to Fact Sheets and PAC Recommended Policies for further information and guidance on many of the issues and decisions likely to present.