The Board of Directors plays a crucial role in ensuring the smooth operation, governance, and long-term success of our condominium community. As elected representatives of the homeowners, the Board is responsible for making decisions that affect the entire community, ensuring that our shared spaces are well-maintained, and that our community remains a great place to live.
Key Responsibilities:
Governance and Compliance:
- Policy Making: Establish and enforce rules and policies that ensure the safety, security, and enjoyment of the condominium property by all residents.
- Legal Compliance: Ensure that the condominium corporation complies with all relevant laws, regulations, and the governing documents of the corporation, such as the Declaration, Bylaws, and Rules.
- Conflict Resolution: Address and resolve conflicts among residents and between residents and the corporation in a fair and transparent manner.
Financial Management:
- Budgeting and Financial Planning: Develop and approve the annual budget, ensuring that funds are allocated effectively to meet the needs of the community. This includes setting and collecting condo fees, which are essential for covering the cost of maintenance, repairs, and reserve funds.
- Reserve Fund Management: Ensure that the reserve fund is adequately maintained for future repairs and replacements of major common elements, safeguarding the long-term financial health of the community.
- Financial Reporting: Provide clear and transparent financial reports to homeowners, including annual audits and updates on the corporation’s financial status.
Property Management:
- Maintenance and Repairs: Oversee the maintenance and repair of all common areas and shared facilities, ensuring that they are kept in good condition and that any necessary work is performed promptly and efficiently.
- Contract Management: Select and manage contracts with third-party service providers (e.g., landscapers, cleaning services, security) to maintain the property and ensure that these services are delivered at a high standard and reasonable cost.
Community Engagement:
- Communication: Keep homeowners informed about important issues, upcoming projects, and decisions made by the Board through regular updates, newsletters, and meetings.
- Annual General Meetings (AGMs): Organize and conduct AGMs, providing a platform for homeowners to voice their concerns, ask questions, and vote on important issues affecting the community.
- Encouraging Participation: Foster a sense of community by encouraging homeowners to participate in decision-making processes, volunteer for committees, and attend Board meetings.
Working Together for a Better Community
The Board of Directors is committed to working collaboratively with all homeowners to maintain and enhance the quality of life in our community. By balancing the needs and interests of all residents with the long-term goals of the condominium corporation, the Board strives to create a safe, welcoming, and well-maintained environment for everyone.