Seven Important Things to Know About Condominium Boards
Being part of the board of directors means being given the task of making corporation policy, program, and budget decisions on behalf of the rest of the owners living in the property. The more awareness there is regarding these roles, the better it is in the long run for a healthy condominium community.
There is always much to learn, whether you’re a seasoned board member or a new one, so here we provide a list of essential condo facts on which you should be clear.
Elections1. Elections are held annually. As mentioned, these elections are most usually held yearly at the AGM. The process is especially strict, as any election should be. To be valid, there are many condominium corporation bylaws to pay attention to for assurance of a smooth process.
2. The number of elected board members is never the same and will be different depending on the corporation. However, a typical range of board members is between three and seven members.
Basics of Condominium Boards3. At its core, condominium boards exist for management. Every organization needs control, and everything else falls under this.
4. Board members use their role to make day-to-day decisions on behalf of the rest of the owners. Usually, a board will look to hire a professional community management company to help them carry out some of these decisions, especially if they are a giant condominium corporation. The manager will use their experience and tactfulness to provide as much guidance and assistance needed, working within the established guidelines.
5. Lastly, boards establish compliance. This compliance ensures that residents in the community adhere to the condominium’s bylaws and policies to create a harmonious relationship. It is the community manager’s role to help ensure compliance.
Eligibility for Condominium Board Elections6. All owners can sit on the condominium board – with some exceptions. The best thing about condominium living is that boards work under a democratic structure. Any owner is eligible to be part of it, with a few notable exceptions. For example, an owner can be prevented from serving if his or her condominium unit is in arrears. If a unit has multiple owners, usually only one of the owners named on the title will be allowed to serve on the board. Check your bylaws for the restrictions that apply to your community.
7. Tenants, company representatives and others can be board members too. In some cases, spouses who are not on the title, or children of owners, can also be eligible. The critical point here is the bylaws must specifically allow this.
Understanding the basis of your condominium board is important, especially because it is a positive two-way street. The more you know about it, the more you can make your community a better place by voicing your opinion.
For more information on the roles of a condo board and how it is created and maintained, contact FirstService Residential.