Does the Condominium Corporation need to prepare and submit financial statements every year?
Yes. All Corporations must have annual financial statements prepared that show its assets and liabilities, as well as its income and expenses. At least ten days before the annual owners’ meeting, the Corporation must file a copy of the statements with the Director of Condominiums and mail or deliver a copy to each owner. If the condominium complex has more than 10 units, a qualified person (usually an accountant) must review the statements before being filed with the Director.
