FAQs:

Budgets

Q - Our strata corporation has money left over in the operating fund. May we give it back to the owners?

A - If funds are not required to meeting operating expenses in a fiscal year, a strata corporation may do one or more of the following:

    1) put the surplus in the contingency reserve fund;
    2) carry the surplus forward as a surplus in the operating fund;
    3) reduce the next year's strata fees.

To do anything other than the foregoing requires a 3/4 vote of the owners.

 

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This FAQ section is for informational purposes only, for the convenience of our visitors. While these questions and answers are about legal issues, they are not a substitute for consultation with a lawyer, and should not be relied on as a basis for any legal decision. As with anything of a legal nature, different circumstances can create different results.