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Finances and Condominium Deficits

Author: 
Trish Kaplan
Publication date:
June 12, 2023
Article Summary: 

The article discusses queries related to operation fund deficits in condominium properties and the responsibility of directors to perform financial due diligence. It mentions options to eliminate deficits, such as increasing monthly common expenses fees or levying special assessments. The Condominium Authority of Ontario (CAO) provides resources for boards and owners to understand finances in condominiums, and the article recommends referring to the CAO Best Practices Guide: Finance. It emphasizes the importance of accurate financial statements, bank reconciliations, and compliance with the Condominium Act to avoid deficits and misuse of reserve funds. The article also mentions the CCI-National Resource Centre and CCI-London and Area Chapter as additional sources of information for condominium directors.

Keywords: 

Condominium property, operation fund deficit, financial due diligence, directors' responsibility, common expenses fees, special assessments, Condominium Authority of Ontario (CAO), CAO Best Practices Guide: Finance, reserve funds, financial statements, bank reconciliations, Condominium Act, lien enforcement, CCI Professional Legal Counsels.




Source Citation: 
Trish Kaplan
Finances and Condominium Deficits
June 12, 2023
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