FAQs:

Unapproved Expenditures

Q - How much may a strata corporation spend from the operating fund, if the expenditure in not an emergency and the expenditure was not approved at the time of approval of the annual budget?

A - If there is no category in the operating fund for the particular expenditure, (for example, legal costs), then the maximum that a strata corporation may spend, in total, over an entire fiscal year is:

        a) $2,000; or
        b) 5% of the current year's operating fund whichever is less.

The strata corporation may adopt a bylaw that sets a different limit.

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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.