September 2017
Your board of directors retains ultimate responsibility over everything that happens in your condominium corporation. While many tasks are delegated to a condominium manager or management company, some tasks are too important or hold too much risk to be delegated. These include:
- Responsibilities identified in governing documents – declaration and bylaws – such as establishing policies and procedures or adoption of rules
- Supervising of the annual audit of financial records
- Supervising the Reserve Fund Study
- Signing of cheques over a specified amount or exceeding budget limits
- Waiving of fees or rules for any condo resident or owner
- Final approval over renovations, major purchases or construction projects
- Termination and hiring of vendors and contract approvals
- Insurance for the condominium corporation
- Beginning the condo lien process
- Anything not stated in the condominium management job description or contract
