FirstService Financial strives to help our clients find customized solutions for their banking needs. Since Boards have a fiduciary responsibility to protect the assets of the associations that we manage, we recognized that an enhanced deposit insurance product would be a valuable resource to our clients. We understand that many clients have large reserve portfolios…
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Did you know that Directors and Officers coverage is typically written on a claims-made basis as opposed to an occurrence policy? Many liability policies are occurrence policies, which means they provide coverage for accidents or incidents that occur during the policy period, regardless of when the claim is reported. So, if you have an incident…
LOANS CLOSED $9,300,000: Gentry Apartments – Brooklyn, NY $8,150,000: Chesapeake Owners Corporation – New York, NY $2,850,000: 125 Beach 124th Street – Rockaway, NY $1,540,000: Briarwood at Forest Park – Woodhaven, NY $850,000: Whitley Park – Bethesda, MD CASH MANAGEMENT Park Claridge Condominium Association – Deerfield, IL: Moved approximately $500,000 to partner banks, tripling…
Did you know that FirstService Residential clients have access to an exclusive, competitively priced, best-in-class Directors & Officers insurance policy designed to meet their specific needs? This coverage protects the volunteer board members for any decisions made on behalf of the Association and is a “must have” for all boards, regardless of size. It is…
LOANS CLOSED $2,600,000: Towamencin Condominium – Harleysville, PA $1,000,000: The Carlyle House – Arlington, VA $1,120,000: INDX Condominium – Toronto, ON $850,000: Karma Condominium – Toronto, ON CASH MANAGEMENT Union Square at Broadway HOA – San Diego, CA: Rebalanced portfolio resulting in $12,000 increase of yearly interest income Icon Owners Association – San Diego,…
LOANS CLOSED $13,700,000: 2077 Tenants Corp. – Fort Lee, NJ $3,000,000: Copper Ridge Condominium – Charlotte, NC $2,200,000: River Station Condominium – Minneapolis, MN $2,000,000: Marlborough Condominium Association – Chicago, IL $285,000: Summit Village Condominium – Hidden Valley, PA CASH MANAGEMENT Bridgeview Owners Assoc. – San Francisco, CA: Placed $8.2 million in settlement funds…
Deposit insurance, as the name implies, covers the depositor’s funds in the case of a bank failure. In the US, deposits of up to $250,000 per bank are insured by the FDIC (Federal Deposit Insurance Corporation), an independent agency created by Congress to maintain stability in the banking system. In some cases, clients have deposits…
LOANS CLOSED $1,800,000: Loop Calhoun – Minneapolis, MN $1,700,000: Table Bay Corp. – New York, NY $800,000: Galleria Residences – Edina, MN $190,000: Champions Ridge HOA – San Antonio, TX CASH MANAGEMENT Port Liberte III Condo Assoc. – Jersey City, NJ: Reallocated $3.8MM reserve fund portfolio to increase annual interest income by $25,718 The…
If you live in a community association, chances are your governance board has set aside insufficient reserve funds. Studies show that 72% of association-governed communities are under-funded, a 12% increase from ten years ago[1]. Many associations have not increased assessments at the pace required to adequately service an aging property. This deficiency has rendered some…
FirstService Financial’s insurance programs continually bring value to FirstSerivce Residential managed communities. We provide customized program options for our client’s risk management and insurance program. Below is an example of the savings and benefits that one Association received by using our services. Florida Condominium Association 223-Unit High-Rise Condo in Aventura, FL Existing Situation: Projected Property…
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Did you know that FirstService Financial accesses independent bank-rating systems to help select financial partners? In order to safeguard clients’ deposits and funds, we use information from unbiased, third party sources to identify, research, and cultivate partnerships with the best available banks and financial institutions. Banks and financial institutions are required to file a detailed…
