This question came to me so I sent it on to my ex real
estate partner, Ross McDonald of Lighthouse Realty in
Abbotsford. Ross set up over 100 rentals in a dozen
different strata buildings in Alberta and I figured
that he would know the answer without my having to work
at it. The question came to me at taxman at centa.com
david ingram
-----Original Message-----
From: Ross McDonald [mailto:rossmcd at shaw.ca]
Sent: Friday, October 15, 2004 2:37 PM
To: taxman at centa.com
Subject: RE: ARE audits mandatory in Alberta
QUESTION: We are in the process of drafting a new set
of bylaws for our complex in Southern Alberta. The
question of audits came up. Is it mandatory by the
Alberta Condo Act to conduct audits on our operations?
We want to put a clause in the bylaws stating that an
audit will only be performed if the board demeans it
necessary or if an owner is concerned and requests an
audit of the books. Is this legal? The act talks about
audits but it does not say it is mandatory as per the
condo act.
ANSWER: Yes the Alberta Condo Act requires all
Strata Corporations to have their financial statements
audited each year. Many Strata Corps are of the
opinion that this requirement places adds unnecessary
accounting costs to the Strata. As a result, Strata
Corps have been known to insert a bylaw that requires a
Special Resolution to be passed that says in effect “If
75% of the owners at a general meeting are in agreement
then the audit requirement can be waived.”
More onerous in Alberta is the Condo Act requirement
that there must be sufficient funds placed in the
contingency reserve to allow for the replacement of all
building components based on their life cycle. For
example the annual contingency reserve amount would be
comprised of 1/25th of the cost of a new roof, 1/35th
of the cost of new windows, 1/20th of the cost of a new
boiler and so on. These amounts would then be reviewed
every 3 years and adjusted to take into account any
changes in the rate of inflation.
Ross McDonald
Lighthouse Realty
Abbotsford, BC
-----------------------
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=========================
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Disclaimer: This question has been answered without
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particular circumstances. No contract exists between
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