Individual information needs, by contrast, reflect the particular interests of specific owners who seek detail in addition to that included in the audited financial statements and footnotes. Their concerns include, but are certainly not limited to such matters as; why expenditures are different from budget and/or last year; what is the detail of specific expenditures; what are future fee increases likely to be; and concerns over the quality and quantity of services (such as security, cleaning and la ndscapi ng) a nd how various decisions were made.
questions on the balances in the financial statements and the information in the footnotes. Directors and management respond to questions outside the scope of the audit, most often questions related to quality and lifestyle concerns. Even with the best of preparation, however, it is not possible to have at the AGM all the information necessary to be able to answer every question that might be posed. When this happens, either the Auditor, Directors or Management, as appropriate to the question, will arrange to provide the details requested subsequent to the AGM.
Almost all individual information needs can be addressed at the AGM or shortly thereafter. The auditor presents the financial statements and answers questions related to them, providing details of account groupings that are significantly different from budget or last year and answers owner’s
In addition, under the Condominium Act, owners have access to corporate records not subject to privacy or other constraints and if there is a dispute over what information can be provided, owners can submit the matter, at nominal cost, for adjudication by the Condominium Authority Tribu-
To satisfy their individual information needs, owners can pose questions at the AGM; have access other information throughout the year and have access to corporate records not subject to privacy or other legal constraints
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nal, an agency of the Government of Ontario. It is worthy of note that, in addition to the information discussed above, further information is provided to or available to owners throughout the year through such vehicles as: newsletters and websites, the Notice of Future Funding of the Reserve Fund (issued with every reserve fund study update), budget documents for the next fiscal year; Periodic Information Certificates, New Owner Information Certificates and information contained in AGM Notices and Status Certificates. In summary, annual financial statements provide common information to enable owners to evaluate the financial position and operations of the corporation and the stewardship of the Board and Management. To satisfy their individual information needs, owners can pose questions at the AGM; have access to other information throughout the year and have access to corporate records not subject to privacy or other legal constraints. In our opinion, when viewed in its totality, the annual audited financial statements and other information provided to or available to owners meets all common and individual needs for financial information and “transparency� is indeed possible. C V