Condo Living
Condo Health: Compliance and Board Governance Edition
New Years’ resolutions often include goals about getting healthier such as being more active and eating more greens. But how can you evaluate the “health” of a condo corporation? The following article explores some ways to consider condo health based on an analysis of real-world CAO data!
Factors of condo health
There are many ways to view the health of a condo corporation.
Areas which can impact the health of a condo include readily measurable factors such as physical condition of the building, finances and governance.
Other less tangible ways include the relationships among owners, the condo corporation’s board and management style, and how residents feel about living in their community.
Using data that the CAO collects and monitors, the following article focuses on compliance and board governance. It factors in whether a condo corporation has quorum, its directors have taken the mandatory director training, and if there have been timely re-elections for directors.
Condo Corporation B – The Improver
There was room for improvement with this condo corporation, but they are on the right track.
- The corporation was operating without quorum for one month of the review period, but then swiftly acted and regained quorum.
- Two of the directors were also last elected between 4-5 years ago (the Condo Act sets a maximum director term limit of 3 years).
- Every director completed their mandatory training before the deadline.
