How to prepare for your Condo’s AGM in Alberta

Attending an Annual General Meeting (AGM) for the first time can be daunting, especially if you’re unfamiliar with the processes and the financial information presented. In fact, the majority of condo owners never attend their AGMs!

It doesn’t have to be that way. AGMs are an important part of condo living, whether you’re a condo owner, resident or board member. They’re an opportunity for you to be part of the decision-making process and understand more about the management of your community.

Here’s an easy list of things to know before your AGM so you’ll feel super prepared:

1 – Budget and Financials

Take a peek at these to see if your community spent more than it had coming in. If it did, was there a heads-up given about why that happened? What’s the plan to avoid it next time?

2 – Annual Report

Look through it for insight into your Condo Corporation’s operations, achievements, and challenges over the past year.

3 – Operating Budget

Noticed any big changes in costs going up or down? If there’s a big shift, was there any talk about how your board is handling it? Make sure you know what to expect financially.

Just a few minutes looking through your financials can help you understand your AGM discussion and help make sure you can ask great questions if you need to.

Question: Do you feel prepared going into your Condo’s AGM? Why or why not?

—

Checklist for Attending Your Condo’s AGM

Here’s a simple checklist and some strategies to help you feel prepared and comfortable at your AGM, even if it’s your first time ever attending:

1. Confirm the Date, Time, and Location

Ensure you know when and where the AGM is taking place. Check if there’s an option to attend virtually, especially if you’re unable to be there in person.

Show Up Early: If possible, try to arrive early to settle in, review posted materials, and chat with neighbours. This can help you feel less rushed and more comfortable.

2. Examine the Agenda

Review the current AGM agenda. This will outline what will be discussed, including financials, board elections, and other key topics. You can also read the minutes from the last AGM to understand what was discussed previously and any outstanding issues.

3. Understand Financial Documents

Review the financial statements and budget in advance. Familiarize yourself with basic financial terms like “reserve fund,” “operating budget,” and “capital expenses.”

Tips:

  • Consider seeking clarification from a more experienced board member or a neighbour who understands condo finances before the meeting.
  • Don’t hesitate to ask for explanations during the meeting. If something isn’t clear, chances are others are confused too.

4. Prepare Questions

Write down any questions you have about the agenda items. This could include questions about budget allocations, future projects, or community rules.

Take Notes: Keep notes on discussions and decisions. This can help you track what’s going on and follow up on matters after the meeting.

5. Know Your Voting Rights

Understand what decisions require a vote and whether you’re eligible to vote. Check if you can submit a proxy vote if you cannot attend in person.

6. Review Governing Documents

Look over your condo’s bylaws, rules, and regulations to better understand the scope of discussion and decision-making at the AGM.

7. Participate (if you want to)

You’re welcome to just listen, even if you don’t actively participate or ask questions.

—

By following this checklist, you’ll be well-prepared to attend your AGM. We hope you’ll give it a try this year!

Scroll to Top