Forecast reference period or financial results during which the syndicate of co-owners carries out its activities. The duration of the financial period is 12 months aligned or not in the calendar year.
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.
Whatever building chosen, all co-owners, without exception, are expected to participate to the Meetings of co-owners. Thus they can vote on the questions on the agenda, and take various decisions necessary for the sound operation of the co-ownership. These Meetings will vary according to circumstances. This factsheet is an overview of the various types of Meetings that may be held in a co-ownership: