Frequently Asked Questions

Who decides when to increase maintenance fees? . . .

Board of Directors review and approve the budget that is prepared by the Management Company of the Condominium Corporation.</br

What is a Budget? . . .

A condominium corporation's budget shows its revenue sources and how much it expects to spend in the coming fiscal year and over the long term. A corporation's budget will consist of two key documents: The operating budget. The reserve fund plan. The maintenance responsibility between the Condominium and the Owner is usually explained in the Condominium Declaration. This information is very important because it can help the Condominium Corporation control the budget by being precise in preparing an annual plan.</br

What is the Reserve Fund Study? . . .

A Reserve Fund Study is necessary in order for the Board of Directors to know if the amount of money currently in the reserve fund and the amount of contributions collected for the reserve fund are adequate to provide for the expected costs of major repair and replacement of the common elements and assets. Reserve Fund Studies are mandatory for all existing and newly registered condominium corporations.</br

When do I receive the Financial Statement from the Auditor? . . .

The financial statement go out with the Annual General Meeting package. The AGM meeting takes place 6-8 months after the fiscal year end.</br

How often does owners meet with Board and Management? . . .

Once a year at the Annual General Meeting unless the Board decides to have information sessions throughout the year.</br