What Condo Owners Can Demand Financially from Their Board
Introduction
Section titled “Introduction”Unit owners aren’t just residents — they’re members of the corporation and have legal rights to financial information and accountability.
Financial Statements
Section titled “Financial Statements”Owners are entitled to see the corporation’s financial statements, typically presented at the Annual General Meeting. In Saskatchewan, depending on bylaws and size, these may be audited, reviewed, or compiled.
Access to Records
Section titled “Access to Records”Owners generally have the right to inspect the corporation’s records, including financial records, contracts, and meeting minutes. There may be a formal process and a reasonable fee for copying, but the right to access is protected.
Reserve Fund Information
Section titled “Reserve Fund Information”Owners can ask about the status of the reserve fund and the most recent reserve fund study. This is particularly important for prospective buyers — a depleted reserve fund can mean a special assessment is coming.
Budget Information
Section titled “Budget Information”The annual budget is typically presented at the AGM. While owners generally don’t vote to approve it, they have the right to ask questions and raise concerns.
Special Assessment Explanation
Section titled “Special Assessment Explanation”If the board levies a special assessment, owners are entitled to know why, how much it will be, and what the funds will be used for. A well-run board communicates this proactively.
What Owners Cannot Demand
Section titled “What Owners Cannot Demand”Owners don’t have the right to approve every expenditure or override board decisions within the board’s authority. The board governs the corporation’s day-to-day affairs within the rules set by legislation and bylaws.
Disclaimer: For general informational purposes only. Not legal, financial, accounting, or tax advice.