AdministratorApril 10, 2022 at 10:02 am
- Of course the Board of Directors is accountable to the Owners. They have to comply with the Condominium Property Act, CPA Regulation, bylaws AND if owners are unhappy, they can consider petitioning for an SGM (Special General Meeting).
- I would suggest this could be another form of reserve account and, in my opinion, it would probably not contradict the CPA or CPA Regulation.
3/4: If the board is not replacing something, they cannot use the replacement reserve account and should receive 75% by owners for approval before proceeding.
Financial transparency: in my opinion, in accordance with board best practices, a board should provide monthly financial statements for all condo accounts, including operating (comparison to budget), reserves and any other ‘funds’.
We should probably have an accountant attend one of our Virtual CondoChats to discuss these types of questions further.