Condo board meetings and Annual General Meetings (AGMs) are essential to effective condominium management. However, while they serve similar purposes, the two have some key differences. This blog post will discuss the purpose and format of monthly condo board meetings and AGMs and explain how they can benefit your condo community.
Monthly Condo Board Meetings:
Monthly condo board meetings are held by the condominium board of directors to discuss ongoing business and make decisions related to community management. These meetings are typically held monthly, and all board members are expected to attend.
The purpose of monthly condo board meetings is to:
- Discuss and approve financial reports and budgets
- Review and approve upcoming projects and expenditures
- Address any issues or concerns brought forward by board members or residents
- Make decisions related to the management and operation of the condominium community
The format of monthly condo board meetings is typically more informal than that of AGMs. Board members can discuss and debate issues more openly and fluidly, and decisions are made based on a majority vote.
Annual General Meetings (AGMs):
AGMs are held once a year and are open to all members of the condominium community. The AGM’s purpose is to provide members an opportunity to receive updates on the community’s finances, operations, and any upcoming projects or initiatives.
The format of AGMs is typically more structured than monthly condo board meetings. The board president chaired the meeting, and members are allowed to ask questions and voice any concerns they may have. The agenda for the meeting typically includes the following:
- Approval of minutes from the previous AGM and any special meetings held during the year
- Presentation of financial reports and budgets
- Election of new board members (if applicable)
- Addressing any other business that may come up
Benefits of Monthly Condo Board Meetings and AGMs:
Both monthly condo board meetings and AGMs are essential in effective condominium management. Some of the benefits of each include:
Monthly Condo Board Meetings:
- Ensuring ongoing communication and collaboration between board members
- Allowing for timely decision-making and effective management of the community
- Providing an opportunity for board members to stay informed on ongoing projects and initiatives
AGMs:
- Providing an opportunity for all members of the condominium community to receive updates on the community’s finances and operations
- Allowing for the election of new board members and the discussion of any other business that may come up
- Providing transparency and accountability in the management of the community
Final Thoughts
Monthly condo board meetings and AGMs are essential to effective condominium management. While they serve similar purposes, the two have some key differences. Understanding the purpose and format of each type of meeting can help ensure that your condominium community is managed effectively and transparently. To learn more about condominium management and how Huron Shores Property Management can assist your community, contact us at 519-916-1113 or huronsshores@hspm.ca, and visit our website at huron-shores.com.
