AGM Season is here! – RLB

It’s time! Spring has sprung and AGM season is officially here!

What is an AGM?

An AGM is the Annual General meeting that all condo unit owners are invited to attend. This is your chance to get an explanation of the audited financial statements, ask your board and management company about how your condominium corporation is operating, see what is planned in the coming years, and elect any new board of directors that are needed. This is the perfect opportunity to assess the health of your investment.

Do we need to have an AGM?

YES! The Condominium Act states that all condominium corporations must hold an annual general meeting that is open to all owners. To comply with the Condominium Act, the AGM meeting must occur within six months of the condo’s year-end. That means if you have a December year-end the AGM needs to be held by June 30^th.

Who organizes the AGM?

Your management company (if applicable) and board of directors oversee the organizing and implementation of your AGM. They are responsible for getting your information to the auditor for preparing the financial statements, arranging the AGM meeting date, choosing how to hold the meeting, preparing the agenda, and making sure the required notices are sent to owners and guests. If you have questions about your AGM, you should first connect with your Board or property manager.

Tips for a successful AGM.

Make sure you have your year-end audit completed well in advance. Winter and spring are the busiest seasons for your auditor. The best way to ensure your audit will be completed in a timely manner is to send your financial information to the auditor approximately two months after your year-end date.

Ideally, the AGM will not be set until after the audit has been completed and approved.  If you need to set the AGM prior to completing the audit, then communicate with your auditor about the timeline to make sure it will work.  Keep in mind that once your audit is completed, your board will need time for reviewing and approvals before the final audited financial statements are issued.

Send your AGM package out 15 days prior to the AGM date. According to the Condominium Act, the AGM package must be distributed to owners prior to the meeting and should include a copy of the finalized audited financial statements. A pre-meeting notice should go out 35 days prior to the meeting date. This allows owners to save the date, which will help with achieving quorum and holding a duly constituted meeting.  Your auditor should be informed of the AGM date at the same time as the owners.

Choose your desired AGM support option and notify your auditor. Gone are the days when the only option was to have your auditor present your statements in person at the AGM. Many auditors are offering various alternatives, including virtual or hybrid presentations, to accommodate the needs of the condo owners.

RLB offers the following AGM support options:

1. Written summary. This can be distributed to all the unit owners in the meeting package and/or read out at the AGM.  This can be made available to all unit owners, not just the ones who attend the meeting. The owners can take their time to read through and understand the statements. If anyone has questions, they can speak with board members, management, or reach out to us for clarification.
2. Virtual presence. One of our condo experts can present their findings virtually at the AGM. Questions can be answered in real-time or passed on to us to answer at a later date.
3. In-Person AGM attendance. One of our experts will attend and present in person at the AGM for an additional cost.

To request an RLB representative at your AGM, please visit our booking page HERE or email us at condoaudits@rlb.ca