As chief executive officer of the Corporation, the President presides at all meetings of the Corporation and the Board and has the general powers and duties vested in this office, including the power to appoint committees.
The Treasurer is charged with keeping accurate books of account; shall control the deposit of money; safekeeping of securities; disbursement of funds of the corporation. The Treasurer acts under the direction of the Board of Directors.
The Secretary is required to give notices to the owners, directors, auditors, mortgagees, etc, and shall attend all meetings, record minutes and shall be the custodian of all books, paper, records, documents and all other instruments belonging to the Corporation.
Directors-at-large carry out all tasks as set out by the Board.
The Board meets regularly to discuss the operation of the Condominium. Three Directors form a quorum in meetings. The Property Manager can, as an ex-officio Board member, attend these meetings. An owner can submit items for discussion to any Board member.
The Board, assisted by its Property Manager, prepares and approves a budget annually estimating all expenses, charges and costs of running the Corporation including:
Any estimated revenue is deducted from the expenses. The net amount is divided into twelve to produce an estimate of the Corporation’s monthly financial requirement. Each owner’s contribution is determined by multiplying the total monthly requirement by each owner’s percentage contribution to the common elements as set out in the declaration, (include unit, parking and storage if applicable).
If the Board has over-estimated the common expenses, the surplus will be applied either to future common expenses or paid into the reserve. If the Board has under estimated the common expenses, or there are unexpected expenses, the Board will either prepare a revised budget or levy a special assessment to each owner for his or her portion of the deficiency.
The unaudited Budget is included for information purposes in the financial statements presented annually to the owners.