Condo boards are made up of directors; volunteers who control a lot of money and can impact on how you live. Everything from the value of your home to a leaking roof is affected by the condo board.
Condo directors have an ethical and fiduciary duty to serve the owners they represent to the best of their ability. Board positions have specific roles and duties intended to facilitate decisions made by the board so they serve the best interests of the entire condo community.
Well-defined roles help a condo board to delegate tasks and responsibilities. The most common roles are president, vice-president, treasurer and secretary. Responsibilities for each role are often outlined in the by-laws of the corporation. A condo board can direct a condominium manager or property management company to handle many of these tasks on their behalf. Doing so does not typically relieve a condo board of responsibility for ensuring this work is done.
In charge of the administration of the condo corporation. Presides over all board and resident meetings. They serve as the authority for signing contracts and other legal documents, and possibly to co-sign cheques. May have authority to order specific actions to benefit the condo board and owners.
The president of a condo corporation serves at the pleasure of the board and can be removed if a majority on the board feel this is necessary.
Same powers as the president but only when the president is unable to fulfill these duties due to absence, illness or other circumstances. Chairing one or more committees is often required of the vice-president. Likely to represent the board in meetings with consultants, contractors and others to facilitate specific projects, repairs or initiatives.
Despite the title, this is not a clerical position. Responsible for giving notice of upcoming meetings and maintaining records of these meetings including minutes. Works closely with the president to develop an agenda or purpose for meetings. Responsible for sensitive information including resident records and building maintenance history. Records should be stored in a way that makes them readily accessible to authorized parties while keeping confidential and sensitive information secure. May be responsible for in-building communications including publication of any newsletter.
Handles financial matters for the corporation. Includes keeping track of money coming in and paying bills. Ensures products and services are provided as expected before authorizing payment from corporation accounts. Responsibilities include overseeing the corporation’s annual audit, preparation of the annual budget and other financial reports for the board and owners.