CCI London & Area Chapter Condominium Course - Day 1 of 2
Your Condo Connection to Education - the ONLY in-depth 2-day Condominium Course by professionals in the field. Available to all in the condominium arena.
The Director’s Role
This introductory session will deal with a wide range of condominium terms and definitions. Using the Condominium Act, 1998 as a guide, participants will receive an overview of a declaration, by-laws, rules and regulations. The session will focus on the nature and creation of a condominium, how it operates and the roles, powers, responsibilities and liabilities of the Board of Directors.
Budget and Finances
This session unravels the complexities of accounting for condominiums. It makes sense of common element assessments, allocation of expenses, internal controls, the budget process and choosing investments. You will also learn the role of the auditor and his relationship with the Board and Treasurer. This will be your opportunity to learn about the relationship of the various numbers in a financial statement to each other, and you will walk away with the ability to read and understand a financial statement.
Hear an overview of what a condominium manager actually does and his duties, including the handling of legal issues, enforcement of the Condominium Act and by-laws, coordinating all financial dealings, and communicating with owners. The different types of management will be explained and the advantages and disadvantages of each outlined. Learn how to “direct” the manager to ensure that your condominium community is properly cared for.
Two areas of the amendments to the Condominium Act will be discussed: communications to owners and records. Managers will be responsible for performing most of the work in these two areas, but it is important for directors to understand the basic requirements.
The mandatory licensing requirement for professional condominium managers will be explained as well.
(Corporation Requirements, Claims & Risk Management)
This session will help you understand the insurance requirements needed to fully protect your condominium and yourself as a Director. Questions of insurance claims, deductibles, appraisals and risk management will be addressed.
Reserve Funds Studies
The all-important reserve fund, as stipulated in the Condominium Act, 1998, is discussed during this session; including the legal obligations to establish and maintain one for major repair and replacement of common elements and assets. Learn how to implement a long-term plan and the effect of inflation and interest rates on cash flow projections. Delve also into what makes a valuable reserve fund study. Discuss the scope and format of these studies and who should conduct them. This session will review director’s responsibilities. Indispensable information for the Director!
Physical Building Management
This session explores the effect of proper maintenance in avoiding expensive repair/replacement of garages, balconies and mechanical/electrical systems. Examine the aging process of townhouse and high-rise condominiums and review the process of awarding contracts. This session will review director’s responsibilities, including a review of a number of additional Acts and Statutes that come to bear on work being done or decisions within a condominium community. Aside from the Condominium Act, there are other provincial and municipal documents that service providers and condominium Boards should be aware of, not only from the aspect of compliance, but also to learn of available assistance.
This session demonstrates how to hold and how to chair a successful condominium AGM, Requisition, Special, Turnover and Directors’ meeting. Who can attend? What does the Condominium Act, 1998 say about notice, quorum, proxies and other meeting requirements? Learn how to prepare and properly handle typical meeting problems and disruptions. Learn the legal requirements for elections and owner-occupied Board positions.
A course certificate will be provided to any individual having successfully attended the Course in its entirety.