The board of directors is one of the two decision-making bodies of the syndicate of co-owners. It is a mandatory decision-making body for any syndicate of co-owners. Composed of one or more directors, it is the cornerstone of any well-managed co-ownership. In principle, it is the board of directors as a group that makes the decisions and not the directors individually. Its mission is to administer and ensure the preservation of the immovable. Its operation and decision-making process are governed by the declaration of co-ownership. An overview of the various specific facets of the Board of directors.
Preparing a forecast annual budget is an unavoidable task in co ownership. Its preparation, preliminary examination and adoption will ensure the proper functioning of the syndicate of co-owners. It is up to the Board of Directors to define its terms, in view of the expenses that will have to be paid to allow a syndicate to meet its obligations. The budget also makes it possible to fix the amount of the contributions of each co-owner to the expenses of the co-ownership.
It will be prepared by the Board of Directors or property manager, based on the amounts spent in preceding financial periods, as well as anticipated non-recurring expenses. The preparation of the budget forecast requires time and rigor.