document that is registered along with the strata plan that is used to create the strata corporation as a legal entity. The word “strata corporation” and its abbreviated version “strata” or “condo” are also frequently used to describe a type of building or home. For example, “I just bought a condo in Florida.” While this may or may not be technically incorrect, such usage is common. Figure 1: How the Property Is Owned STRATA LOTS Strata lots can include Residential strata lots Parking strata lots Commercial/Retail strata lots Bare land strata lots COMMON PROPERTY Ordinary Common Property include: Everything that is not a strata lot or an limited common property exclusive use but that is in the property boundaries of the strata corporation Limited Common Property can include: Parking spaces Storage lockers Patios/decks Balconies Yards ASSETS Assets can include: Cash Investments Residential strata lots such as guest suites or a superintendent’s unit Parking or storage strata lots Equipment and vehicles Furniture and electronics
External Relations Obtains quotes and recommends trades and service providers. Approves specifications and sets of service. Approves contracts. Communication Communication of day-to-day issues and notices to all residents and other stakeholders. Keep owners and/or strata council members advised of significant operational problems. Responsible to set a communication plan. Organizing Organizes the operation of the strata corporation to produce expected results. Set and approves the policies to support the operation. Direction and Leadership Provide administrative support to onsite staff, who have the responsibility for the day-to-day operation of the strata corporation. Direct and lead the strata corporation through the manager. Controlling and Budgeting Oversees the collection of fees as per the council policy and the management of expenses so as to achieve the maximum economic benefit to the property. Responsible to develop the budget and complete the accounting functions. Approves the budget, controls the expenses and monitors the financial position. Enforcement Enforces the bylaws, rules and policies. Creates the bylaws, rules and policies, and determines whether or not the bylaw or rule has been contravened, and how the bylaw should be enforced (i.e. fine, denial of access to recreational facility, reasonable costs of remedying contravention applied). Rental Administers register of tenants in the building and collects Form Ks from new tenants applicable. Determines whether an owner is eligible for an exemption to a rental restriction due to hardship. Reports Responsible for regular inspection of all aspects of the property and for preparing reports on the operation for presentation at the monthly council meeting. Adopts the reports. Analyzing Assists the council. Analyzes the operating results of the property in relationship to the established plan and collectively makes adjustments as required.
Garage Door Maintenance Review Depreciation Report for Spring and Summer Maintenance Projects Generator contract Expires April 30 Newsletter completed MARCH AGM – Schedule Date – Review File Garage Floor Surface Inspection Old to Archives Roof Inspection Roof Anchor Inspection Spring Maintenance Program Carpet Cleaning Floor Heater – control in 302 – Turn Off Heat Trace Breaker - Close Irrigation System Start-Up/Repairs Mechanical Contract Expires June 30 PRV Testing Water Treatment Expires June 30 Window Cleaning