Key Reporting Deadlines Under the Condominium Property Act (CPA)
The CPA mandates several critical deadlines that condominium boards must follow to maintain compliance. Some of these include:
Annual General Meetings (AGMs): Must be held within a set timeframe each year to ensure transparency and proper governance.
Reserve Fund Study Updates: Every five years, the board must conduct a reserve fund study to assess long-term maintenance and repair costs.
Financial Reporting Requirements: Boards must prepare and distribute financial statements annually.
Bylaw Review and Amendments: Any proposed changes to bylaws must be voted on and filed according to CPA procedures.
Legislative Reference: The Condominium Property Act requires condominium corporations to prepare and maintain financial records, including annual statements, and to provide access to records upon request.
Scheduling Annual General Meetings (AGMs), Reserve Fund Studies, and Budget Planning
A well-maintained governance calendar helps boards ensure timely completion of key financial and governance-related tasks. The following elements should be included in the calendar:
AGM Preparation: Preparing notices, financial reports, and agenda items in advance of the meeting.
Reserve Fund Study Planning: Scheduling a licensed professional to conduct the study and integrating findings into financial planning.
Budget Review & Approval: Aligning financial planning with anticipated expenditures and reserve fund contributions.
Best Practice: Assign deadlines at least 60–90 days in advance of each major governance obligation to allow time for review and adjustments.
Tracking Vendor Contracts, Maintenance Schedules, and Financial Reporting Deadlines
Condominium managers must keep track of contract renewals, service agreements, and maintenance obligations to avoid lapses in service or non-compliance. The governance calendar should include:
Service Provider Agreements: Noting contract expiration and renewal dates for maintenance, landscaping, security, and other essential services.
Capital Repairs & Maintenance: Scheduling roofing, HVAC, plumbing, and other essential maintenance based on the reserve fund study.
Financial Deadlines: Ensuring the timely collection of condominium fees, tax filings, and budget approvals.
Best Practice: Use contract tracking software or a shared calendar to monitor key dates and automate renewal reminders.
Practical Application
Governance Calendar Development Exercise
Task: Create a 12-month governance calendar for a condominium corporation. Your calendar should include:
AGM and financial reporting deadlines
Reserve fund study and budget planning dates
Contract renewals and maintenance schedules
Tip: Consider color-coding different categories (e.g., financial, governance, maintenance) for better organization.
