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Board of Directors
Your Board of Directors meets regularly to conduct condominium business. Meetings typically occur once a month, though they can happen more or less frequently. The Board of Directors must ensure the Corporation is run in compliance with the Condominium Act. As part of their responsibilities, Directors must:
- track your condominium’s financial performance
- ensure all required maintenance and repairs are carried out
- hire specialists, like engineers, to update the reserve fund study every three years
- propose changes to condominium by-laws (for these proposed changes to take effect, a majority of unit owners must vote in favour of the changes)
- enact rules to promote the safety, security, and welfare of all owners
- provide regular communication with the other owners
The Board cannot conduct any business except at a meeting of Directors. Further, there must be a quorum at the meeting. A quorum for a Directors meeting is a majority of the number of Directors. Director meetings don’t have to be face-to-face meetings, a director’s meeting can be held by teleconference.
Reference: Condominium Authority of Ontario
Common condominium fees and what do fees cover
You have several methods to pay your condominium fees including:
- Cash – Come in to our office and pay your fees in person.
[Note: Please pay in exact change as we do not have a till in our office. Any extra payment will carry over as a credit].
- Cheque or Money Order – Please make out your cheque to your Condominium Corporation.
[Note: Can be dropped off at our office or mailed in.]
- Preauthorized Payment (PAP) – Monthly fees will be automatically debited from your bank account on the first day of the month.
[Note: In order to debit your account, a Pre-Authorised Payment Form (PAP) must be completed, while providing banking details for the account number and transit number.]
Must fill out a PAP Form and provide a void cheque or a bank form indicating your account number and transit number.
Condominium fees are paid monthly and are based on the Corporation’s annual budget for shared common expenses. A condominium fee (common expenses) consists of several components. These expenses vary widely depending on the building and amenities available like pools, fitness facilities, concierge services and exterior features, etc.:
- an amount for the operation of the condominium
- contributions to reserve funds which is money set aside to fund major repairs and replacement of property components and systems that deteriorate over time, and
- an amount to pay for a portion of facilities shared with other condo corporations (like a parking garage or recreation centre), if applicable.
The corporation’s declaration states the portion each owner must contribute to the budget. This portion is expressed as a percentage and may vary often by the size of the units.
The annual budget is typically developed by management in consultation with the Board of Directors. The Board reviews the budget in detail, makes adjustments and approves it.
Condominium Management Group and managers’ role
Each property we manage has its own needs and faces its own unique challenges depending on the size, age and nature of the property. A condo manager’s range of responsibilities may include but are not limited to:
- collecting common expense fees
- keeping records for the condo corporation
- responding to owner complaints
- ensuring maintenance and repair of the property
- hiring and monitoring service companies, and overseeing staff and contractors
- preparing draft annual budgets and overseeing the reserve fund
- implementing an emergency management plan and responding to emergencies
- preparing status certificates
- issuing meeting notices and reporting on the affairs of the corporation
- organizing board meetings and overseeing administration of all owners’ meetings
- monitoring the corporation’s insurance
- preparing financial reports and arranging for audits
- advising the condo board on how to comply with the Condominium Act, 1998, and with legislated or government-mandatory repairs
- advising the board on its financial responsibilities (e.g. contributions to the reserve fund, long-term reserve fund planning)
Our Property Managers are given the opportunity to take on new clients whenever available. They have the flexibility to keep their portfolio small and simple or grow their portfolio to provide the level of challenge and compensation they seek. It is the Manager’s responsibility to review his/her entire portfolio and adjust as required to ensure that he/she allocates the time and care needed to provide exceptional management services to all of their clients.
We recognize that each community is unique in their requirements and challenges; whether it be a condominium, co-op, association or common element property. As such, we have invested much time in developing a total management package which provides the Board of Directors and owners the assured confidence that the day to day activities of their community are being managed in a professional manner. Condominium Management Group focuses on providing owners with timely communication, easy to understand financial statements as well as operating analysis and management. CMG also provides 24-hour support, so whether we are on or off site our team is readily available to provide assistance.
Status Certificate requests and information
The Property Manager’s contact information is on page 2 of the Status Certificate if you would like to obtain updated information on the account status, or other informal inquiries. If you require a new updated formal Status Certificate, please order a new copy following the instructions above.
If you require the Status Certificate in less than 10 days, there is an additional rush processing fee of $100.00. To facilitate rush requests, we will pre-approve and enable 5-day turnaround requests for most properties. Status Certificate Administrator will send email confirmation once request has been received. Should you not receive confirmation, please contact email@example.com
Do not order your Status Certificate as a 10-day order if you need a rush.