No.  Usually the condominium owners meet at the Annual General Meeting (AGM).  During this annual meeting, the directors report to the owners both in terms of the operation of the project for the last year as well as compare the actual expenses to the budgeted expenses.  As well during the AGM the budget for the next year is discussed and voted on.  The board of directors usually resigns during the AGM and the directors are elected or re-elected for the next year.
    
Q: What is a condominium reserve study?
   
A: This is a study carried out by a qualified firm with the purpose being to determine the replacement costs of the various capital items in a condominium building or project.  The costs of replacement are projected forward many years and the future needs of replacement of various items is projected or forecast.  This helps determine the annual amount which should be deposited to the condominium corporations reserve fund account.
Maria Psofimis is a realtor with CIR Realtors.
She may be reached for questions at 294-1500
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