(This article originally appeared in the Condo Connection, Volume 4, Issue 1, released in Spring, 2012. Minor edits have been made from the original.)
By Wayne Klem, Executive Director of Property Management – Toronto
In our personal lives we all go through the day, week, month and year with certain expectations and need to plan events whether they are birthdays, anniversaries, seasonal functions, vacation, regular social events, business functions and / or meetings. Generally these events are set out on our home calendars, day timers and of course our smart phones.
The planning of events is no stranger to the operation of a condominium. This management function has been enhanced over the years to develop a more detailed task list that is more meaningful to management and the Board of Directors in the management of condominiums. Albeit the planning is geared to business and operational issues and not so much for social functions, condominiums can certainly plan, track and enjoy social functions with their owners during the course of a fiscal year. The planning of tasks for a complete year in condominium management is called the ANNUAL PLAN.
The ANNUAL PLAN documents and highlights all the operation, business and social activities that drive a condominium throughout its fiscal year.
The ANNUAL PLAN assists the property manager and the Board of Directors to ensure monthly, semi-monthly, semi-annual and annual administrative and operational tasks and functions are not lost through the cracks.
The ANNUAL PLAN is best developed with the property manager and the Board of Directors and once completed and approved is copied for all board members to use as a guide for the year. If required, the plan can be expanded to monitor 2, 3, 4 and even 5 year or longer projects. This is most important at budget time to ensure that everything previously discussed isn’t lost in a busy year of managing the affairs of your corporation.
Wilson, Blanchard works with each of the condominiums under our management to ensure the corporation has an ANNUAL PLAN in place for each fiscal year.