Condo Smarts: Borrow from contingency fund to avoid loan charges

Dear Tony: Every year, our strata corporation insurance renews at exactly the same time as our new budget is approved. As a result, we never have enough money in the our operating fund to pay the bill, so the strata corporation finances the insurance policy over 12 months for easy payment, which is more than $80,000.  One of our owners has challenged this practice, claiming we did not disclose the amount of the financing in the budget, and the strata did not get approval for the financing. Have we violated the Strata Property Act?     Read the article………..


Related Articles

Condo owner outraged after managers fail to inform him of break-ins

A Calgary man who has been living overseas is furious with the actions of a local condominium building management company

Fumes, noise from massive generator keeping power on – and residents awake

Residents of a downtown condo are fuming after the building’s power went down last week, forcing them to rely on

Condo Smarts: Special levy for balcony repairs

Dear Tony: Our strata council is in the process of preparing a resolution to repair our balconies for our owners