Understanding Administrative Management for Condominium Managers
The Condominium Property Regulation outlines specific requirements.
WHAT YOU'LL LEARN
Handling Meeting Notices, Voting Proxies, and Minutes
Preparing for a Financial Audit
Handling Meeting Notices, Voting Proxies, and Minutes
Requirements for Meeting Notices
The Condominium Property Regulation outlines specific requirements for meeting notices, including:
Timing of Notices:
A notice of an annual general meeting must be sent at least 14 days before the meeting.
For special general meetings, a notice must also be sent at least 14 days in advance, unless otherwise stipulated in the corporation's bylaws.
Contents of the Notice:
The notice must include the date, time, and place of the meeting, as well as an agenda of matters to be discussed.
Practical Tips for Compliance
Use a standardized template for meeting notices to ensure all required information is included.
Confirm the corporation's bylaws to check for additional notice requirements.
Voting Proxies
Proxies allow owners to designate another person to vote on their behalf.
Proxy Requirements Under the Regulation:
A proxy must be in writing, signed by the owner, and delivered to the person presiding over the meeting.
The proxy document must specify whether the proxy is general or limited to specific matters.
Common Errors and How to Avoid Them
Error: Accepting an unsigned proxy form.
Solution: Verify that all proxies are signed before the meeting.
Error: Using an outdated or non-compliant proxy form.
Solution: Ensure the form matches the requirements of the Condominium Property Regulation.
Preparing Meeting Minutes
Meeting minutes are an official record of the decisions made during board or general meetings.
Requirements for Minutes:
The corporation must ensure minutes are prepared for all board and general meetings and made available to owners upon request.
Minutes must include the date, time, and place of the meeting, as well as all decisions made and voting results.
Best Practices for Preparing Minutes
Record decisions objectively without including personal opinions or irrelevant details.
Clearly document all motions, who proposed them, and the voting results.
Distribute draft minutes to the board for review before finalizing.
Interactive Activity
Scenario:
A condominium manager has received multiple proxies for a meeting, but several are unsigned. Additionally, the meeting notice sent to owners did not include the agenda.
Task:
Identify the errors based on the Condominium Property Regulation.
Propose a solution to rectify the situation.
Preparing for a Financial Audit
Legislative Requirements for Financial Records
Under the Condominium Property Regulation, the corporation must maintain accurate and organized financial records.
Record-Keeping Obligations:
The corporation must keep proper records of its finances, including bank statements, budgets, financial reports, and reserve fund transactions.
Annual Financial Statements:
A condominium corporation must provide an annual financial statement to its owners.
Availability of Records:
Financial records must be made available to owners upon request, except for records relating to specific legal proceedings or confidential employee matters.
Steps to Prepare for a Financial Audit
Organize Financial Records:
Gather all documentation, including bank statements, reserve fund studies, budgets, and invoices.
Ensure all financial transactions are properly recorded and reconciled.
Verify Compliance with Reserve Fund Requirements:
Confirm that the reserve fund plan and account comply with Condominium Property Regulation.
Coordinate with the Auditor:
Respond promptly to the auditor’s requests for documentation or clarification.
Communicate with Owners:
Notify owners about the audit process and timeline.
Common Errors During Audits
Inaccurate Financial Records:
Error: Missing or incomplete financial statements.
Solution: Regularly reconcile accounts and maintain organized records.
Non-Compliance with Reserve Fund Legislation:
Error: Using reserve fund monies for operational expenses.
Solution: Review the Condominium Property Act, which restricts reserve fund usage to major repairs or replacements.
Interactive Activity
Scenario:
An audit reveals that reserve fund transactions have not been recorded properly, and some funds have been used for non-approved purposes.
Task:
Identify the legislative violations.
Recommend steps to ensure compliance and prepare the reserve fund for future audits.
