Archive for June 2023
Understanding the Role of the Condo Board in Enforcing Rules and Bylaws
Condo boards ensure all residents and board members comply with the Condo Act and the condo’s governing documents. But what happens when residents break the rules? Here we look at the role of the condo board in enforcing condo rules and bylaws. What is the Difference Between Rules and Bylaws? Condo rules “promote the safety…
Read MoreThe Importance of Insurance for Condominium Corporations
According to the Ontario Condo Act, condo corporations “shall cover the replacement cost of the property damaged by the perils to which the insurance applies. 1998, c. 19, s. 99 (7).” Here we look at condo corporation insurance, its’ importance, and how to keep your coverage up to par. Protect Your Condo Corporation’s Assets Condo…
Read MoreStrategies For Dealing With Difficult Condo Owners
As a condo board member, you are responsible for ensuring all owners are treated equally and fairly while adhering to your condo bylaws and the Condo Act. However, owners aren’t always easy to get along with, which means you could encounter unpleasant interactions. Here we share practical strategies for dealing with difficult condo owners. Improve…
Read MoreCondo Boards! Focus on these 3 Things to Create a Healthy Condo Budget for Your Corporation
Here we offer tips to help your condo board create an effective condo budget by focusing on 1) income, 2) expenses, and 3) your reserve fund. 1.Income Condo common element fees (CEF) are the source of revenue funding your budget. Follow these best practices to manage your income effectively: Introduce a CEF process Introduce a…
Read MoreUnderstanding Your 4 Most Important Condo Corporation Financial Statements
When your condo board receives your corporation’s financial statements, it helps to understand what reports provide the best insights into your financial health. Here are tips to understand the four most important condo corporation financial statements to help you manage assets, gain financial control, and become a more effective planner. 1.Aged Delinquency Report Keeping on…
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