ALMONTE CONDO FOR SALE

Statement of financial position

Every year the condo corporation must produce an independent auditor's report at its Annual General Meeting (AGM) so condo owners confirm the financial status of the condo corporation. Below is the Statement of Financial position as reviewed and accepted by the condo's Board of Directors at the April 22, 2025 AGM. The statement shows that the Reserve Fund total $249,311 and the General Fund totals $20,237. It is worth noting that the Thoburn Mill's condo corporation has never issued a "Special Assessment", which is an extra one-time charge added to the owners’ common expenses. Poorly run condo corporations use Special Assessments to cover shortfalls in their yearly budgets.