Overview of Interim Board Documentation Responsibilities
Legal Obligation to Provide Records
The interim board must transfer all records related to financial management, governance, and legal compliance to the elected board. This ensures continuity in management and compliance with Alberta’s Condominium Property Act (CPA).
The condominium manager assists in:
Organizing and verifying records before turnover.
Ensuring the elected board receives accurate financial and operational data.
Addressing gaps in documentation before legal disputes arise.
Required Documents for Turnover
The following key documents must be transferred by the interim board to the elected board:
Financial Records
Audited financial statements – Provide a summary of the corporation’s financial position.
Bank statements and budget reports – Show past income and expenditures.
Reserve fund study and reserve fund plan – Detail major repairs and financial planning.
Governance Documents
Condominium bylaws – Outline the rules governing the condominium corporation.
Registered condominium plan – Identifies unit boundaries and common property.
Rules and policies – Additional guidelines for owners and residents.
Operational and Legal Records
Meeting minutes – Record past board decisions and discussions.
Contracts with service providers – Outline agreements with maintenance and service companies.
Insurance policies – Confirm coverage for the corporation’s assets.
Missing or incomplete documentation can lead to disputes and legal issues, which is why reviewing the completeness of records is a key role of the condominium manager.
Importance of Financial Records, Meeting Minutes, and Reserve Fund Reports
Financial Records: Ensuring Transparency and Compliance
Financial records are crucial for accountability and legal compliance. The elected board must review financial statements, outstanding debts, and ongoing expenses. Incomplete or incorrect records can lead to mismanagement and potential financial instability.
Meeting Minutes: Maintaining Governance Continuity
Meeting minutes provide a historical record of decisions made by the interim board. They help the elected board:
Understand past decisions and ongoing issues.
Ensure consistency in enforcing bylaws and policies.
Identify unresolved legal or financial matters.
Reserve Fund Reports: Planning for Long-Term Maintenance
Reserve fund reports outline the financial resources set aside for major repairs. The CPA requires corporations to conduct a reserve fund study and maintain a financial plan for funding repairs over time.
Verifying Compliance with CPA Requirements
A condominium manager must ensure that all required records are accounted for before the interim board hands over control. The verification process involves:
Document Checklist Review – Ensure all required financial, governance, and operational documents are present.
Legislative Cross-Check – Compare the records with CPA and Condominium Property Regulation requirements.
Record Organization – Confirm that documents are properly stored and accessible.
Resolution of Missing Records – Address any gaps before finalizing the turnover.
