Reporting Requirements for Condominium Corporations
Key Reporting Obligations Under the CPA
Condominium corporations in Alberta have statutory reporting obligations to unit owners. These include:
AGM Notices – Must be received by owners at least 14 days before the AGM.
AGM Meeting Minutes – Must be provided to owners within 60 days after the AGM.
Operating Budgets – Must be delivered to owners at least 30 days before the AGM.
Insurance Certificates – Must be provided within 30 days of a coverage change.
Condominium Rules – Must be delivered to owners or posted in a common area at least 30 days before they take effect.
Notice of Entry – Must be given to owners at least 24 hours in advance, unless the condominium bylaws specify a longer notice period.
Bylaw Violation Notices – Must provide owners with at least 3 days to respond excluding holidays before further enforcement action is taken.
Additionally, the Condominium Property Act specifies that certain documents must be made available upon written request within the prescribed timelines.
Delivery Methods & Waiting Periods For Unit Owners
In Alberta, the waiting period for delivery of condominium corporation documents depends on the method of delivery used. The Condominium Property Regulation (CPR) outlines the timelines for when a document is considered officially delivered after being sent.
Delivery Method | Considered Delivered After |
Regular Mail | 7 days after the document is mailed |
Registered Mail | On the date it is signed for, or 7 days after the document is mailed |
24 hours after the document is sent, if no error message is received |
Best Practices for Compliance
Track delivery dates to ensure documents are sent so that they are received within the required timeframe.
Use multiple delivery methods (e.g., email, mail, and posting in common areas) where permitted to ensure receipt.
Retain proof of delivery (e.g., email timestamps, registered mail receipts, or posted notices) in case of disputes.
Financial Documents Required for an AGM
Financial Reports Mandated by the CPA
A condominium corporation must prepare and present the following financial documents at an AGM:
Annual financial statements, including revenue, expenses, and reserve fund details.
Reserve fund study and report, which outlines the condominium’s long-term financial planning.
Budget projections for the upcoming fiscal year.
Audited financial statements, if required by the CPA or the condominium’s bylaws.
Consequences of Failing to Provide Financial Reports
If a condominium corporation fails to provide required financial disclosures, it can:
Face legal action from unit owners.
Risk non-compliance penalties under Alberta’s condominium legislation.
Lose the confidence of owners, leading to governance issues.
Under the Condominium Property Act, a condominium corporation must provide financial reports to unit owners and present them at the AGM.
Applying CPA Reporting Requirements
How to Assess a Condominium Corporation’s Compliance
To determine if a corporation is meeting its reporting obligations, a condominium manager should:
Review meeting minutes to confirm reports were distributed as required.
Check AGM records for documentation of financial statement presentations.
Verify owner communications (emails, notices, or posted announcements).
Best Practices for Ensuring Compliance
Establish record-keeping procedures for all required documents.
Set internal deadlines ahead of the AGM to prepare reports.
Conduct periodic audits of corporate records.
Provide owners with clear instructions on how to access documents.
