Meetings, Records & Management Accountability
Community Situation Records, Financial Transparency & AGM AccessNo Audited Financials, No AGM, and a Pending Assessment
Nearly a year after a management-company change, audited financial statements still hadn't been produced, no AGM had been held, and a special assessment was described as pending, already affecting a unit sale.
- Time elapsed
- Roughly eleven months since management company changed
- Missing
- Audited financial statements and AGM
- Pending
- Special assessment with no amount yet stated
- Impact
- Unit sale already affected by missing financials
An owner reported that roughly eleven months after a change in management company, audited financial statements for the more recent fiscal year still had not been produced. No annual general meeting had been held in that time. A special assessment was described as pending, with no amount yet stated.
The lack of current financial information had already interfered with the sale of the owner's unit. A buyer's lender or lawyer typically wants to see recent financials and confirmation of the corporation's meeting history before closing. The owner asked what steps were available when a corporation goes this long without meeting basic statutory reporting obligations.
Documents an owner in this situation should gather
- The date of the last completed audited financial statement
- The date of the last AGM actually held, and any notice for one that was promised but not delivered
- Any correspondence about the pending special assessment, even before an amount is set
Questions to ask management or the board
- 1What is the statutory timeline for producing audited financials and holding an AGM, and how far past it is this corporation?
- 2Is a formal records request the right next step, or is there a faster escalation route when a corporation appears to be in breach of its own reporting obligations?
- 3How should a pending, unquantified special assessment be disclosed during a unit sale?
Facing something like this?
Read the plain-language guidance for this exact situation, or run your own documents through the Free Notice Decoder.
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Curated and maintained by Alexander Baraz, Condo Owner Advocate.
This is a Community Situation: a real situation shared publicly by a condo owner, most often in an Ontario Facebook community group. It is an illustrative community case. It is not a Condo Owner Advocate client, not COA casework, not a testimonial, and not legal advice.