Why it's important to understand the financial statements of your owners corporation
Every owners corporation is charged with the responsibility of managing common properties. From apartment complexes to condos, owners corporations carry out important functions such as repairs and maintenance, dispute resolution, the management of insurance and the preparation of financial statements. Financial statements are an important part of any owners corporation. They show how member contributions are being used for the maintenance of common spaces, service delivery and other relevant projects. This is why it's important to have a basic understanding of how to read your owners corporation's financial statements.