As accountants who specialize in condominium audits, we are asked to present audited financial statements at hundreds of Annual General Meetings each year. Before the pandemic, these AGM were typically held in person. With restrictions on gatherings, the industry was required to find a new way to have AGM meetings… the solution was virtual! We have found these virtual meetings to be quite successful as they have resulted in higher attendance, and unit owners can attend the meeting from the comfort of their own homes.
In order to adhere to the Condominium Act, a corporation must hold its annual general meeting within 6 months of its year-end and notice for the meeting must go out to the owners 15 days prior to the AGM date. For all those that have December year ends, that time is fast approaching, and this can be a particularly busy time of year for property managers, auditors, and lawyers.
Scheduling AGMs can be a challenge, logistically. But we have some helpful tips that can help to streamline the process.
Notify your guests
Firstly, please let the auditor, lawyer, or any other guests you may want to have at the meeting know as soon as the date is finalized. Ideally, they should be notified at the same time as the unit owners. Last-minute notice for professionals exposes you to the risk that they might not be available.
For AGMs where RLB is your auditor, we can be notified online. When you book your AGM using this link, we will send you an email to confirm that it has been added to our schedule. You are also able to upload the AGM package to the notification. Remember to bookmark this link for easy access!
Ensure we have all the information
- Link to the meeting. It can be helpful to know what platform is being used (Zoom, Microsoft Teams, etc.)
- Cell phone number. Technology can be challenging and if there are problems, we may need to get a hold of you quickly!
- AGM package. This allows us to confirm the details of the meeting and review the previous meeting’s minutes.
- Level of presenter. RLB offers different levels of presenters:
- Non-Senior – this presenter is for meetings when questions or issues are not anticipated
- Experienced – this presenter has presented at many AGMs and is able to handle large crowds with some questions
- Senior – this presenter has knowledge of the Condominium Act, and has experience in contentious meetings
Did you know that RLB offers three options for AGM support? You can choose one of the following options:
- Written summary. This can be distributed to all the unit owners in the meeting package and/or read out at the AGM. This can be valuable as it can be made available to all unit owners (not just the ones who attend the meeting) and the owners can take their time to read through and understand the statements.
- Pre-record video presentation. The video can be distributed to all the unit owners and/or shown at the AGM
- Virtual presence. One of our staff can present at the virtual AGM
At RLB, we are passionate about helping condominium owners understand their financial statements.
We look forward to seeing you at your next Annual General Meeting!