Before we know it, Christmas will be here, with the attendant hustle and bustle that's supposed to make it a wonderful experience, and often leaves us frazzled and in need of another holiday.
This is also the time of year when many condominium boards are struggling with their annual operating budgets. Having just finished drafting ten budgets in about the same number of days, this is a topic near and dear to my heart. Fortunately it isn't rocket science, but it does require a certain amount of experience and skill to juggle the demands of aging properties against market pressure and the very real economics of household budgets.
When Alberta legislated the requirement for reserve funds and regular (every five years) reserve fund studies, the days of allowing a condominium to fall into disrepair and decline were presumably over. To a large extent that is true, but that doesn't make the task of finding the financial resources to complete major projects or properly maintain the common property of a condominium any easier. Those with the misfortune of a December 31st financial year-end also face the challenges of sending out a Christmas newsletter and the announcement of an increase in condominium fees in the same month.
The underlying premise I use when drafting an operating budget is that the cost of operating the property is one bullet that can't be dodged. A corridor renovation might be postponed for a year until the finances are in better shape, but the gas and electrical bills have to be paid, and landscapers and janitorial services don't work for free, even at Christmas time. If finances are tight, the basic services have to be covered first and foremost.
There are also times when a special assessment is unavoidable. Those words strike fear in the hearts of most condominium owners, but the prudent board and manager will look at the purpose of the special assessment and create payment terms by owners around that purpose. Quite often a special assessment will be utilized in order to adjust the reserve fund balance and bring it in line with the projections of a new reserve fund study.
That may mean that the owners can make quarterly or semi-annual payments over time, rather than having to come up with the entire special assessment at the time that the budget is released to the owners. As a general rule of thumb, I look at the affect that a special assessment will have on the resale value of units in a condominium. Potential purchasers will look at the operating budget, and if the budget is clear, see that the selling owner will be helping to bring the reserve fund on track before the sale and purchase takes place.
For this reason it's often best to contain the special assessment within one budget year. This avoids having selling owners faced with pre-paying a special assessment that might be straddled over two or more budget years. It's also important to communicate very clearly the purpose of a special assessment, so that owners are reassured that special assessments won't become an annual source of revenue to their condominium corporation.
And while we're on the subject of Christmas newsletters, don't forget to tell your residents when the Christmas lights have to come down in January!
Thursday, December 2, 2010
Tuesday, November 2, 2010
Welcome to the Neighbourhood
Frustration with delinquent owners is all too common among condominium boards and their managers. It seems like common sense that residents can't park where they please, or hang pictures at midnight, or tie up the only elevator in a condominium building for an entire day when they move into the building.
On the other side of the equation, some owners are completely unaware of a condominium's rules and regulations. If this is their first experience as a condominium owner or resident, what may seem like common sense can just be a lack of understanding. To a first-time condominium owner, it's quite reasonable to assume that they can renovate the interior of their condominium as they please. After all, the interior is their property.
So the question that might be better asked is: How does your condominium prepare new owners and residents for the experience of living in your community? Welcome packages are a great tool that can help new residents get oriented and avoid a negative experience while settling into their new homes.
Welcome packages can be simple or elaborate. They can cover the basics of living in a particular condominium, such as where garbage and recycling facilities are located and what the rules are regarding visitor parking, or go further and include information on the neighbourhood and local services and facilities. In fact, including some tidbits about the neighbourhood may entice more new residents into reading the 'do's and don'ts' that are also contained in the welcome package.
Effective communication is becoming more and more challenging as we all download newsletters and marketing materials from so many sources that we would need several lifetimes to keep up with them all. Add to that the stack of paperwork an owner receives when purchasing a condominium, and it should be no surprise that ill-informed owners are moving into condominium properties.
It's too bad that welcoming new neighbours into a community has fallen by the wayside. But it might not be a bad idea for board members to act as a welcoming committee and personally deliver a welcome package to new residents. You might just head some problems off before they happen, and you never know, a new neighbour might be a candidate for the board so that you can take a well-earned retirement!
On the other side of the equation, some owners are completely unaware of a condominium's rules and regulations. If this is their first experience as a condominium owner or resident, what may seem like common sense can just be a lack of understanding. To a first-time condominium owner, it's quite reasonable to assume that they can renovate the interior of their condominium as they please. After all, the interior is their property.
So the question that might be better asked is: How does your condominium prepare new owners and residents for the experience of living in your community? Welcome packages are a great tool that can help new residents get oriented and avoid a negative experience while settling into their new homes.
Welcome packages can be simple or elaborate. They can cover the basics of living in a particular condominium, such as where garbage and recycling facilities are located and what the rules are regarding visitor parking, or go further and include information on the neighbourhood and local services and facilities. In fact, including some tidbits about the neighbourhood may entice more new residents into reading the 'do's and don'ts' that are also contained in the welcome package.
Effective communication is becoming more and more challenging as we all download newsletters and marketing materials from so many sources that we would need several lifetimes to keep up with them all. Add to that the stack of paperwork an owner receives when purchasing a condominium, and it should be no surprise that ill-informed owners are moving into condominium properties.
It's too bad that welcoming new neighbours into a community has fallen by the wayside. But it might not be a bad idea for board members to act as a welcoming committee and personally deliver a welcome package to new residents. You might just head some problems off before they happen, and you never know, a new neighbour might be a candidate for the board so that you can take a well-earned retirement!
Monday, September 13, 2010
Comparing Condominium Fees
I'm often asked how one condominium's fees stack up against other clients in our portfolio, and that's a very tricky question to answer.
Certainly there is a relationship between resale value and condominium fees. That underlies the stewardship of all condominiums by its board of directors. I usually illustrate the difficulty in answering the question with a real life example.
Several years ago I managed two virtually identical properties. The only essential difference between them was the strategies their boards adopted in the first few years following construction. Within two years these two properties had entirely different fee structures because of decisions made by their boards. One had taken an extremely conservative approach to spending, opting not to pressure-wash siding or wash windows for a number of years. As a result, they had allocated more money to their reserve fund.
The other property had higher maintenance standards year-to-year and had much more volunteer participation. While their reserve fund wasn't as abundant as the other property's, visually the property was more appealing, and resale values and actual resales didn't suffer at either property. The condominium fees at each of these properties were reasonable to cover the annual operating expenses and to set aside money for their reserve funds.
Rather than comparing fees with another condominium, it makes more sense to look at the realistic operating costs of a property and the adequacy of the reserve fund. Provided that condominium fees are not set at an unreasonably high level, and the board takes a prudent approach toward unanticipated, one-time expenses, the resale market of units should be healthy. In other words, a major roof repair should not be included in a condominium's operating expenses. The operating expenses are intended to cover annually occurring costs that are more or less predictable.
I am uneasy when boards suggest building contingencies, 'special project funds,' or miscellaneous expenses into an annual operating budget. I work with many boards throughout their budget year to build a 'wish list' for the coming year, but always recommend that the expenses contemplated in the annual operating budget be fully explained to the owners.
The intention of a condominium's operating budget is to charge no more or less than the cost of operating the property. If operating surpluses start to build, it's an indication that owners are being overtaxed, regardless of the board's good intentions for the surpluses. Similarly, a condominium that operates from year-to-year with an operating deficit will have to raise condominium fees sooner or later. Those are the realities of condominium economics.
Certainly there is a relationship between resale value and condominium fees. That underlies the stewardship of all condominiums by its board of directors. I usually illustrate the difficulty in answering the question with a real life example.
Several years ago I managed two virtually identical properties. The only essential difference between them was the strategies their boards adopted in the first few years following construction. Within two years these two properties had entirely different fee structures because of decisions made by their boards. One had taken an extremely conservative approach to spending, opting not to pressure-wash siding or wash windows for a number of years. As a result, they had allocated more money to their reserve fund.
The other property had higher maintenance standards year-to-year and had much more volunteer participation. While their reserve fund wasn't as abundant as the other property's, visually the property was more appealing, and resale values and actual resales didn't suffer at either property. The condominium fees at each of these properties were reasonable to cover the annual operating expenses and to set aside money for their reserve funds.
Rather than comparing fees with another condominium, it makes more sense to look at the realistic operating costs of a property and the adequacy of the reserve fund. Provided that condominium fees are not set at an unreasonably high level, and the board takes a prudent approach toward unanticipated, one-time expenses, the resale market of units should be healthy. In other words, a major roof repair should not be included in a condominium's operating expenses. The operating expenses are intended to cover annually occurring costs that are more or less predictable.
I am uneasy when boards suggest building contingencies, 'special project funds,' or miscellaneous expenses into an annual operating budget. I work with many boards throughout their budget year to build a 'wish list' for the coming year, but always recommend that the expenses contemplated in the annual operating budget be fully explained to the owners.
The intention of a condominium's operating budget is to charge no more or less than the cost of operating the property. If operating surpluses start to build, it's an indication that owners are being overtaxed, regardless of the board's good intentions for the surpluses. Similarly, a condominium that operates from year-to-year with an operating deficit will have to raise condominium fees sooner or later. Those are the realities of condominium economics.
Thursday, August 26, 2010
Reserve Funds
I am often asked by condominium boards how to handle unanticipated major expenses that don't fall within the confines of a Reserve Fund Study. This could be a situation where the roof was supposed to last another ten years, and an inspection reveals that the replacement is urgently required, or the restoration of the common property following uninsured damage.
There is no condominium 'watch dog' out there making sure that a condominium's reserve fund balance is aligned with the recommendations made in a Reserve Fund Study. A board is free to take a common sense approach to spending from their reserve, and there is case history in the Alberta courts that supports a board's right to make prudent decisions on behalf of the owners.
Soon after the amended Condominium Property Act was released in 2000, an owner challenged a board's decision to complete exterior repairs to a condominium that only became apparent during a window replacement program. The Judge presiding over the case agreed that the board was justified in repairing the exterior of the building, notwithstanding that funds were not specifically earmarked for this use in the Reserve Fund Study.
This makes sense from a budgeting perspective as well. Trying to adjust annual operating budgets and condominium fees to accommodate unanticipated major repairs in order to preserve the reserve fund balance makes absolutely no sense. The Reserve Fund Study is a projection of what is expected to occur over a lengthy period of time (25 years), and while it is important to maintain a healthy balance in the reserve fund, the Study isn't intended to represent rigid milestones. This is why there is a legal requirement under the Act to update it every five years, to catch up with actual inflation and investment returns, as well as actual expenses.
There is no condominium 'watch dog' out there making sure that a condominium's reserve fund balance is aligned with the recommendations made in a Reserve Fund Study. A board is free to take a common sense approach to spending from their reserve, and there is case history in the Alberta courts that supports a board's right to make prudent decisions on behalf of the owners.
Soon after the amended Condominium Property Act was released in 2000, an owner challenged a board's decision to complete exterior repairs to a condominium that only became apparent during a window replacement program. The Judge presiding over the case agreed that the board was justified in repairing the exterior of the building, notwithstanding that funds were not specifically earmarked for this use in the Reserve Fund Study.
This makes sense from a budgeting perspective as well. Trying to adjust annual operating budgets and condominium fees to accommodate unanticipated major repairs in order to preserve the reserve fund balance makes absolutely no sense. The Reserve Fund Study is a projection of what is expected to occur over a lengthy period of time (25 years), and while it is important to maintain a healthy balance in the reserve fund, the Study isn't intended to represent rigid milestones. This is why there is a legal requirement under the Act to update it every five years, to catch up with actual inflation and investment returns, as well as actual expenses.
Thursday, August 19, 2010
A Day Among Horses
If you've seen our website, you've probably looked at the 'Condominiums and Horses' section to see what it's all about. I get frequent comments from people about the article I wrote, describing our staff experience last fall.
This past weekend a friend and I spent a wonderful afternoon in the pastoral setting of Maria's farm, enjoying the sunshine and the company of her horses. We always start by clarifying our intentions regarding the space where we work with the horses. We carry a riding crop, just for the purpose of making sure that we're always safely out of the horses' kick zone, but the crop never touches the horses.
It's an interesting experience being asked to pick a spot under one of the horses that we would like to occupy, and then proceeding to it, in spite of the obviously large obstacle that stands over our objective. Every first-timer starts to hesitate as they approach the horse, or draw back the riding crop so that it doesn't touch a horse. Sometimes we take a less direct route to the horse to avoid 'sneaking up on it,' or approaching it from behind.
The objective is to establish leadership within the herd. In a herd, the leader is free to occupy any space in the arena; the second horse can occupy any space except that occupied by the leader; the third any space that the other two aren't occupying, and so it goes. Once we humans get the hang of it, we swing the crop in front of us in a sweeping motion, and the horses will move from the space we want, as long as we're clear enough in our intention to lay claim to it.
Our human tendency is to inject emotion into this process, and to not feel comfortable 'taking something away' from the horse. The horse sees this from an entirely different vantage point, and takes no offense to having to move for a human being or another horse. As Maria put it "The horses know exactly how to take care of themselves. The only one you're responsible for when you're working with them is you." Sometimes it takes a while for that to sink in.
Last Saturday, I moved the horses around a bit, and the instant that I decided that I'd like Jack to come into my space and let me pet him, he turned to me and seconds later nuzzled my arm, and we spent a good five minutes having a tender moment together. It was a very emotional and awe-inspiring experience. It was also a lesson in leadership; learning how to ask for what I want in my work and for myself.
This past weekend a friend and I spent a wonderful afternoon in the pastoral setting of Maria's farm, enjoying the sunshine and the company of her horses. We always start by clarifying our intentions regarding the space where we work with the horses. We carry a riding crop, just for the purpose of making sure that we're always safely out of the horses' kick zone, but the crop never touches the horses.
It's an interesting experience being asked to pick a spot under one of the horses that we would like to occupy, and then proceeding to it, in spite of the obviously large obstacle that stands over our objective. Every first-timer starts to hesitate as they approach the horse, or draw back the riding crop so that it doesn't touch a horse. Sometimes we take a less direct route to the horse to avoid 'sneaking up on it,' or approaching it from behind.
The objective is to establish leadership within the herd. In a herd, the leader is free to occupy any space in the arena; the second horse can occupy any space except that occupied by the leader; the third any space that the other two aren't occupying, and so it goes. Once we humans get the hang of it, we swing the crop in front of us in a sweeping motion, and the horses will move from the space we want, as long as we're clear enough in our intention to lay claim to it.
Our human tendency is to inject emotion into this process, and to not feel comfortable 'taking something away' from the horse. The horse sees this from an entirely different vantage point, and takes no offense to having to move for a human being or another horse. As Maria put it "The horses know exactly how to take care of themselves. The only one you're responsible for when you're working with them is you." Sometimes it takes a while for that to sink in.
Last Saturday, I moved the horses around a bit, and the instant that I decided that I'd like Jack to come into my space and let me pet him, he turned to me and seconds later nuzzled my arm, and we spent a good five minutes having a tender moment together. It was a very emotional and awe-inspiring experience. It was also a lesson in leadership; learning how to ask for what I want in my work and for myself.
Thursday, August 5, 2010
Communication in the 21st Century
The business world has been transformed by methods of communication like this blog, along with email and ready access to information on the internet. At the risk of dating myself, my first experience with computers in the early '80's involved a draconian machine that required two floppy disks: one for the software and the other for the data storage.
The progress since those days has been remarkable, and those of my vintage are barely able to keep up with new technology. This progress is gradually creeping into the work of condominium management and governance, and conventional paper communication is being replaced by electronic means.
Email in particular has been both a blessing and a curse. Communicating simultaneously with a group of people has vastly improved efficiency, although we might feel somewhat tethered to our computers these days. On the dark side, email has opened the door for people to communicate at 2:00 in the morning after an evening in the bar, which doesn't enhance clarity or comprehension. There is also a much greater tendency for people to 'vent' in ways that they may not be inclined to when talking on the phone or face-to-face.
One of the disciplines this has taught me is batching my communication as much as possible. Rather than obsessively hitting the 'Get Mail' button every few minutes (or worse, allowing email to automatically download every five or ten minutes), deliberately setting aside the time two or three times a day to review and respond to email is an enormous time-saver. The baby boom generation was conditioned to immediately respond to communication, and the generation that has grown up with email and texting seems to be almost compulsive in their need to be in constant touch with friends, if not parents. Either way, it's no wonder we become a bit overwhelmed sometimes.
This blog is connected to a free Google email account, and costs nothing. I don't have to administer it by adding or deleting subscribers; the subscribers themselves do that. It's a very effective means of communication, and one that more condominium boards should explore. All of this technology has radically changed our condominium customers' expectations and created an instant world that a lot of us struggle to keep up with. As inundated as we are with information, we demand even more.
While the paperless society may not be appearing any time soon, there are ways, like a blog, to provide information to a group of interested people that is far more immediate and easy to access. The creation of a website for all condominiums might not be feasible, but exploring other means of communicating quickly and effectively is easy and intuitive, and can go a long way toward enhancing the condominium lifestyle.
With one major proviso. Communication needs to be clear and concise, and not everyone is adept at that. So before you hit the send button or post that blog, make sure you re-read it. As I previewed this, I saved myself from the embarrassment of two fairly critical mistakes in a post about communicating with clarity and precision.
The progress since those days has been remarkable, and those of my vintage are barely able to keep up with new technology. This progress is gradually creeping into the work of condominium management and governance, and conventional paper communication is being replaced by electronic means.
Email in particular has been both a blessing and a curse. Communicating simultaneously with a group of people has vastly improved efficiency, although we might feel somewhat tethered to our computers these days. On the dark side, email has opened the door for people to communicate at 2:00 in the morning after an evening in the bar, which doesn't enhance clarity or comprehension. There is also a much greater tendency for people to 'vent' in ways that they may not be inclined to when talking on the phone or face-to-face.
One of the disciplines this has taught me is batching my communication as much as possible. Rather than obsessively hitting the 'Get Mail' button every few minutes (or worse, allowing email to automatically download every five or ten minutes), deliberately setting aside the time two or three times a day to review and respond to email is an enormous time-saver. The baby boom generation was conditioned to immediately respond to communication, and the generation that has grown up with email and texting seems to be almost compulsive in their need to be in constant touch with friends, if not parents. Either way, it's no wonder we become a bit overwhelmed sometimes.
This blog is connected to a free Google email account, and costs nothing. I don't have to administer it by adding or deleting subscribers; the subscribers themselves do that. It's a very effective means of communication, and one that more condominium boards should explore. All of this technology has radically changed our condominium customers' expectations and created an instant world that a lot of us struggle to keep up with. As inundated as we are with information, we demand even more.
While the paperless society may not be appearing any time soon, there are ways, like a blog, to provide information to a group of interested people that is far more immediate and easy to access. The creation of a website for all condominiums might not be feasible, but exploring other means of communicating quickly and effectively is easy and intuitive, and can go a long way toward enhancing the condominium lifestyle.
With one major proviso. Communication needs to be clear and concise, and not everyone is adept at that. So before you hit the send button or post that blog, make sure you re-read it. As I previewed this, I saved myself from the embarrassment of two fairly critical mistakes in a post about communicating with clarity and precision.
Thursday, July 29, 2010
Condominium Insurance
With another devastating fire impacting hundreds of condominium residents in Calgary, insurance is uppermost in the minds of many condominium owners.
Condominium insurance can be confusing, in part because some of the property insured by a condominium corporation is maintained by the individual owners. The corporation insures the common property, but also insures the units, as required by the Condominium Property Act. The corporation's coverage may exclude chattels such as appliances and window coverings, as well as betterments and improvements made by individual owners. Private insurance can be used to supplement the corporation's coverage.
In the case of a catastrophic loss at a condominium, the corporation's policy will fall short of the owners' requirements for additional living expenses. Most corporation policies provide limited coverage for living expenses if owners are displaced by a significant loss. An owner's private insurance can and should supplement the insurance provided by the corporation. Coverage for additional living expenses is coordinated with content insurance and arranged privately by individual condominium owners.
All condominium owners should carry independent coverage for the contents of the unit, and seek the advice of their insurance broker to ensure that the coverage provided also includes additional living expenses.
Condominium insurance can be confusing, in part because some of the property insured by a condominium corporation is maintained by the individual owners. The corporation insures the common property, but also insures the units, as required by the Condominium Property Act. The corporation's coverage may exclude chattels such as appliances and window coverings, as well as betterments and improvements made by individual owners. Private insurance can be used to supplement the corporation's coverage.
In the case of a catastrophic loss at a condominium, the corporation's policy will fall short of the owners' requirements for additional living expenses. Most corporation policies provide limited coverage for living expenses if owners are displaced by a significant loss. An owner's private insurance can and should supplement the insurance provided by the corporation. Coverage for additional living expenses is coordinated with content insurance and arranged privately by individual condominium owners.
All condominium owners should carry independent coverage for the contents of the unit, and seek the advice of their insurance broker to ensure that the coverage provided also includes additional living expenses.
Moving Toward More Effective Governance
One of the ironies of living in a condominium, with its so-called 'carefree lifestyle,' is that condominiums are governed by volunteer owners. This means that a handful of owners take on responsibility for the stewardship of multiple homes rather than relinquishing responsibility for one single family dwelling.
This also means that this handful of owners makes decisions on behalf of the other owners, a responsibility often overlooked or not given the consideration it deserves. A board of directors is designed around the relatively simple premise that, when a large group with common interests needs to make decisions, it simplifies the process by appointing representatives to do this on their behalf.
On the surface this sounds simple, but it is complicated by individual desires and preferences, and the old adage that a camel is a horse that was designed by a committee. For the most part this works surprisingly well in condominium governance, and a healthy cross-section of opinions and preferences among board members makes for reasoned and well-balanced decisions.
Much can be learned about condominium governance by studying non-profit governance in other sectors. If there is an over-riding mission or objective that should guide a condominium board of directors, it is the market resale value of the units. If every decision made by a board is weighed against this criteria, all of the owners (whether they agree with a decision or not) can understand the underlying philosophy and find little to criticize, at least with the methodology.
Very few boards stay focused on a particular mission or objective, while other types of non-profits focus on it almost exclusively. They usually start by asking about the purpose of the organization. To be fair, condominium boards deal with volatile and emotional issues, and an ever-changing sea of issues and priorities. But that doesn't mean that the underlying principle of resale value can't be applied to all of those issues and priorities. Thinking about the purpose of a condominium corporation and its organization is another way of looking at its governance.
Other objectives might break down the over-riding mission so that decisions are made using slightly different criteria. Some are financial, such as annual budgets and which landscaping contractor will yield the most bang for the buck. Others might be measured using the criteria of enhancing the lifestyle and the 'feeling' aspects of living in a particular condominium. Applying common sense to setting policies and rules means making decisions that enhance the ability of people with diverse interests and lifestyles to live in harmony with one another.
It is certainly worth pondering why decisions need to be made, and whether the right criteria for making those decisions is always at the forefront when a condominium board meets. There is a wealth of on-line information on non-profit and corporate governance. A great starting place is the Institute on Governance: www.iog.ca.
This website includes a self-evaluation for boards brave enough to respond to a quick questionnaire. As a condominium manager, one of the things I like about the questionnaire is that some of the questions focus on the relationship between a non-profit and its executive director. There are many parallels between the executive director of a non-profit and the role of a condominium manager, and the questions in the survey should be thought-provoking for boards who want to strengthen their partnership with their manager and management company.
This also means that this handful of owners makes decisions on behalf of the other owners, a responsibility often overlooked or not given the consideration it deserves. A board of directors is designed around the relatively simple premise that, when a large group with common interests needs to make decisions, it simplifies the process by appointing representatives to do this on their behalf.
On the surface this sounds simple, but it is complicated by individual desires and preferences, and the old adage that a camel is a horse that was designed by a committee. For the most part this works surprisingly well in condominium governance, and a healthy cross-section of opinions and preferences among board members makes for reasoned and well-balanced decisions.
Much can be learned about condominium governance by studying non-profit governance in other sectors. If there is an over-riding mission or objective that should guide a condominium board of directors, it is the market resale value of the units. If every decision made by a board is weighed against this criteria, all of the owners (whether they agree with a decision or not) can understand the underlying philosophy and find little to criticize, at least with the methodology.
Very few boards stay focused on a particular mission or objective, while other types of non-profits focus on it almost exclusively. They usually start by asking about the purpose of the organization. To be fair, condominium boards deal with volatile and emotional issues, and an ever-changing sea of issues and priorities. But that doesn't mean that the underlying principle of resale value can't be applied to all of those issues and priorities. Thinking about the purpose of a condominium corporation and its organization is another way of looking at its governance.
Other objectives might break down the over-riding mission so that decisions are made using slightly different criteria. Some are financial, such as annual budgets and which landscaping contractor will yield the most bang for the buck. Others might be measured using the criteria of enhancing the lifestyle and the 'feeling' aspects of living in a particular condominium. Applying common sense to setting policies and rules means making decisions that enhance the ability of people with diverse interests and lifestyles to live in harmony with one another.
It is certainly worth pondering why decisions need to be made, and whether the right criteria for making those decisions is always at the forefront when a condominium board meets. There is a wealth of on-line information on non-profit and corporate governance. A great starting place is the Institute on Governance: www.iog.ca.
This website includes a self-evaluation for boards brave enough to respond to a quick questionnaire. As a condominium manager, one of the things I like about the questionnaire is that some of the questions focus on the relationship between a non-profit and its executive director. There are many parallels between the executive director of a non-profit and the role of a condominium manager, and the questions in the survey should be thought-provoking for boards who want to strengthen their partnership with their manager and management company.
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