Our condo management never lists assets in their monthly reports.
Is this normal?
What should be listed?
Response from Toronto Condo News
Monthly reports are a tool to aid condominium boards in governing the condominium corporation. They are not required or mandatory, nor are there specific requirements or standards in place as to what they should discuss.
Liron Daniels, of Nadlan-Harris Property Management (www.nadlan-harris.com), advises condominium boards and considers management reports to be an essential communication tool. He explains their purpose and content.
“Property management produces reports and functions based on the Condominium Board’s requests and desires. If the Board expects a monthly report, and the Board requests certain information to be included in it, then the manager should be informed and is expected to adhere to the requests.
Management reports may be verbal or written. Information in a management report may include:
- Contracts coming up for renewal and those recently renewed
- Owners in arrears and status of each
- Current and planned projects including financial status updates
- Upcoming and recent repairs
- Other information deemed relevant by the condominium manager
The report may be verbal, in writing or both.”
Beyond the above content, a monthly management report can vary depending on composition, structure and organization of the board. While unclear what you mean by “assets”, this should be included if requested by the Board.