Sheridan Course Outlines

Land Acknowledgement

Sheridan College resides on land that has been, and still is, the traditional territory of several Indigenous nations, including the Anishinaabe, the Haudenosaunee Confederacy, the Wendat, and the Mississaugas of the Credit First Nation. We recognize this territory is covered by the Dish with One Spoon treaty and the Two Row Wampum treaty, which emphasize the importance of joint stewardship, peace, and respectful relationships.

As an institution of higher learning Sheridan embraces the critical role that education must play in facilitating real transformational change. We continue our collective efforts to recognize Canada's colonial history and to take steps to meaningful Truth and Reconciliation.

Section I: Administrative Information

Total hours: 42.0
Credit Value: 3.0
Credit Value Notes: N/A
Effective: Fall 2021
Prerequisites: N/A
Corequisites: N/A
Equivalents: N/A
Pre/Co/Equiv Notes: N/A

Program(s): Condominium Management
Program Coordinator(s): N/A
Course Leader or Contact: N/A
Version: 20210907_00
Status: Approved (APPR)

Section I Notes: This is a course offered through OntarioLearn. Access to the course materials will be through OntarioLearn.com and you will be sent an email with your login details.

Section II: Course Details

Detailed Description
Students examine the financial management of condominium corporations. Topics covered include: the accounting process, financial administration, General Ledger and coding, Financial Statements (FS), presenting FS to the Board, understanding and preparing budgets, Reserve Funds, the Audit, and investing and borrowing. Knowledge of Microsoft Excel and Word required.

Program Context

Condominium Management	Program Coordinator(s): N/A
This course is part of the Condominium Management Program.

Course Critical Performance and Learning Outcomes

	Critical Performance:
	By the end of this course, students will have demonstrated the ability to:

Learning Outcomes:

To achieve the critical performance, students will have demonstrated the ability to:

Explore key aspects of the condominium industry and its governance.
Define the components of the accounting process.
Examine financial administration procedures.
Explain the importance of the general ledger and proper coding.
Examine the sections of the financial statement and its various schedules.
Explain the purpose and segments of the budget process.
Discuss reserve fund studies, updates and budget.
Finalize and present a budget to the Board and Owners.
Identify the types of investing allowed under The Act and the borrowing by-law.
Explain the financial audit requirements under The Condominium Act, 1998.

Evaluation Plan
Students demonstrate their learning in the following ways:

Evaluation Plan: ONLINE

	Final Exam - In Person	70.0%
	Assignments	20.0%
	Quizzes	10.0%
	Total	100.0%

Evaluation Notes and Academic Missed Work Procedure:

A final grade of 60% is required to successfully complete this course, with a minimum mark of 51% achieved on the final exam. Failure to achieve a minimum mark of 51% on the final exam will result in a maximum final grade of 50%.

Provincial Context
The course meets the following Ministry of Colleges and Universities requirements:

Essential Employability Skills
Essential Employability Skills emphasized in the course:

Communication Skills - Communicate clearly, concisely and correctly in the written, spoken, visual form that fulfills the purpose and meets the needs of the audience.
Communication Skills - Respond to written, spoken, or visual messages in a manner that ensures effective communication.
Numeracy - Execute mathematical operations accurately.
Critical Thinking & Problem Solving - Apply a systematic approach to solve problems.
Information Management - Locate, select, organize and document information using appropriate technology and information systems.
Interpersonal Skills - Show respect for the diverse opinions, values, belief systems, and contributions of others.
Interpersonal Skills - Interact with others in groups or teams in ways that contribute to effective working relationships and the achievement of goals.
Personal Skills - Manage the use of time and other resources to complete projects.

Prior Learning Assessment and Recognition
PLAR Contact (if course is PLAR-eligible) - Office of the Registrar

Not Eligible for PLAR

Section III: Topical Outline

Some details of this outline may change as a result of circumstances such as weather cancellations, College and student activities, and class timetabling.
Instruction Mode: Online
Professor: Multiple Professors
Resource(s):

	Type	Description
Required	Textbook	Financial Planning for Condominium Managers, Association of Condominiium Managers of Ontario, Association of Condominiium Managers of Ontario, ISBN 978-1-989023-09-9, 2018, Textbooks are purchased through the Mohawk College Online Bookstore

Applicable student group(s): Continuing and Professional Studies Students.
Course Details:

Examine the Condominium Industry and How Condominiums are Governed.

Define the role of the Condominium Management Services Act, 2015 and the Condominium Management Regulatory Authority of Ontario (CMRAO) in the regulation of licensing of condominium managers
Examine the ethical and fiduciary obligations when managing a condominium corporation
Define the types of condominium management licenses and the requirements to obtain and keep a licence
Explore how condominiums are created and governed
Understand the impact of shared facilities on a condominium’s budget
Explore the impact of income tax and HST on condominiums

Accounting Process

Define what a Chart of Accounts is and how to prepare one
Outline Generally Accepted Accounting Principles (GAAP)
Define the five sections of the General Ledger and what information each section contains
Define accrual accounting and the restricted method of fund accounting

Financial Administration

Define the different types of financial controls and where they originate from
Examine the corporation’s right to lien
Identify proper protocols when engaging suppliers and processing invoices for payment
Examine best practices for the corporation as an employer
Explore how to advise the Board on implementing Reserve Fund expense policies

General Ledger and Coding

Define General Ledger
Define what types of information are recorded in each section of the financial statements
Relate the Importance of Proper Coding
Explain the Importance of Accruals

Financial Statement

Identify the parts of a Financial Statement including the various schedules
Explore how to communicate financial information to the Board and owners, including legislative reporting requirements
Examine the effects of debits and credits recorded in the General Ledger
Explore the Budget Variance Report
Discuss dealing with surpluses and deficits

Budgeting

Explain the purpose of the budget
Examine the budget process including pre-budget work, budget timelines, and parts of a budget
Identify first year budget deficits and common element fee increases in second year of operation
Calculate the Projected Year-End
Examine how to budget for each section of the financial statements

The Reserve Fund

Discuss Reserve Fund Studies and Updates
Identify Reserve expenses in terms of what is allowable
Explain what a Reserve Fund Planner requires to prepare a Study or Update
Investigate Form 15 - Notice of Future Funding of the Reserve Fund
Outline the timing of Reserve Fund Updates and Funding Plans
Explain the Reserve Fund Budget

Finalizing and Presenting the Budget to the Board and Owners

Explain the importance of budget notes
Format the budget for presentation
Illustrate the importance of professionalism
Prepare the owner's budget package

Investing and Borrowing

Identify types of investments allowed under The Act
Examine the Investment Plan and the role of the Investment Advisor
Determine when is borrowing an option
Explore the borrowing by-law and the requirements of the lender

Financial Audit

Examine the requirements under The Condominium Act, 1998, sections 60 - 71
Prepare for the annual Audit
Investigate working with the Auditor
Discuss timing and presentation of the Audit to the Board and owners
Explore current guidelines from the Institute of Chartered Accounts of Ontario (ICAO)

Sheridan Policies

It is recommended that students read the following policies in relation to course outlines:

Academic Integrity
Copyright
Intellectual Property
Respectful Behaviour
Accessible Learning

All Sheridan policies can be viewed on the Sheridan policy website.

Appropriate use of generative Artificial Intelligence tools: In alignment with Sheridan's Academic Integrity Policy, students should consult with their professors and/or refer to evaluation instructions regarding the appropriate use, or prohibition, of generative Artificial Intelligence (AI) tools for coursework. Turnitin AI detection software may be used by faculty members to screen assignment submissions or exams for unauthorized use of artificial intelligence.

Course Outline Changes: The information contained in this Course Outline including but not limited to faculty and program information and course description is subject to change without notice. Nothing in this Course Outline should be viewed as a representation, offer and/or warranty. Students are responsible for reading the Important Notice and Disclaimer which applies to Programs and Courses.

[ Printable Version ]