Educating Condominium Directors
It becomes apparent when the regular insurance replacement cost valuation is completed that condominium complexes are multi million dollar assets. As well, quite often condominium budgets are in the many hundreds of thousands of dollars. Being a director of such an enterprise is not for the faint of heart.
Having said this, being a condominium director is a rewarding experience. Taking on this role however, without understanding what is involved, and what liability can occur is a mistake. A person who wishes to become, or has been elected as a director should have an understanding of the Condominium Act, 1998 (the “Act”), their own condominium documentation and best practices of how their condominium corporation should operate.
The easiest way to reach this threshold is through education. Becoming a member of the Canadian Condominium Institute (CCI) is one such avenue. Once you are a member of CCI, you will have access to many articles and newsletters written by both condominium professionals as well as condominium directors through the CCI website. As well, the CCI Ottawa Chapter offers a two-day weekend Directors course twice a year (November and April) at the Nepean Sportsplex. The course covers such topics as an Overview of the Act; Reserve Fund Studies; Insurance; Accounting; Management; and Enforcement. This is in addition to the programs offered by CCI Ottawa throughout the year. CCI Ottawa can be contacted at www.cci.ca/ottawa.