In accordance with the Ontario Condo Act ( 1998) Buildings are NOT for profit corporations. This means that every year your income and expendures shoulod result in ZERO left overs.
Reserve Fund contributions once created cannot be withdrawn except to make payment for capital repairs.
Do you know any like that? I do.
A financial statement is provided annually that is audited and provides a line by line detailed explanation of every dollar spent. You are welcome ot ask proof of each needed expense.
Many buildings have a town hall meeting as information sessions. Get Involved. Its your condo Board. Ask questions and get answers.
If you have other questions, please reach out...
Etobicoke Real Estate Agent
Accredited Senior Agent for York Peel and Halton Regions
As we move forward It would be good if you also circled me on Google +