ROLE OF A CONDO DIRECTOR June 11, 2019 Thank you to our sponsors! - - PowerPoint PPT Presentation

ROLE OF A CONDO DIRECTOR June 11, 2019

Thank you to our sponsors!

Moderator: Stephanie Sutherland, Lawyer Speakers: David Heska, Engineer Sean Wilde, Property Manager

• Agenda
• Obligations and Duties of a Director
• Reserve Fund Obligations and Goals
• Working with a Manager

Overview Role of the Board: manage property and assets of condo on behalf of

• wners

Directors are elected by owners – democratic government, chosen to make decisions on behalf of ‘constituency’

• S. 37(1) of the Condo Act: Every director has the duty to (a) act

honestly and in good faith; and (b) exercise care, diligence, and skill of a reasonable person

Overview

• S. 37(3): Director will not be found in breach of duty if relied in good

faith on opinion of professional (e.g. lawyer, engineer, manager)

• S. 17(3): Corporation (through Board) has the duty to take all

reasonable steps to enforce Act, declaration, by-laws, and rules

• S. 29(1) and (2) – director qualifications – includes making required

disclosures (e.g. any conflict of interest) and completing online training provided by CAO

• If do not do these, will be disqualified

ROUND TABLE #1

Thank you to our sponsors!

RESPONSIBILITIES OF MANAGER RESPONSIBILITES OF ENGINEER RESPONSIBILITIES OF DIRECTORS Issue RFS proposal Forward RFS proposal to Board Authorize RFS proposal Prepare questionnaire Complete questionnaire and forward Audited Financials Provide access to units Complete site visit (if required) Prepare draft Reserve Fund Study Optional – meet engineer on site Meeting with Manager, Engineer and Board to discuss draft RFS Approve funding scenario Prepare Notice of Future Funding Sign Notice of Future Funding Distribute Notice of Future Funding and Budget to Owners

Class 1 – Comprehensive Study Class 2 – Update with Site Visit Class 3 – Update without Site Visit

Upcoming Event

• Level 300 – Reserve Fund Studies
• Saturday September 14, 2019
• 10am-12 noon
• Location TBD

ROUND TABLE #2

Thank you to our sponsors!

RESPONSIBILITIES OF MANAGER SHARED RESPONSIBILITES RESPONSIBILITIES OF DIRECTORS Operate within the scope of the management contract Operate within the legislative requirements Advise the board of directors’ Take the CAO training Carry out board direction Direct the property manager Manage the affairs of the corporation Direct the affairs of the corporation Approve minor expenses and day to day maintenance items Approve major expenses and projects Oversee the vendors Oversee the manager CMRAO Code of Ethics Treating people fairly, honestly and with integrity S.37(1) The Condo Act, 1998 CMRAO Code of Ethics, Human Rights Code, AODA Providing reasonable accommodations for people with disabilities Human Rights Code, AODA

How much time should a manager devote to your corporation?

• Scope of the Management Contract
• Site Hours
• Visits
• Office hours
• Emergency Response
• Hours of Operation

Q&A

Thank you to our sponsors!