Which of the following is a duty of the strata corporation?

• A. Keep records (Minutes/Budget/Financial Statements)
• B. Issue Mortgage Documents
• C. Collect Fines
• D. Set Local Taxes

Answer: (A)

Keeping records such as minutes, the annual budget, and financial statements addresses a fundamental governance duty of a strata corporation. These records ensure transparency and accountability, showing owners how decisions are made and how money is spent. They support smooth AGM processes, enable proper budgeting, and provide fodder for audits and regulatory compliance. Without solid records, owners can’t verify actions, and the strata can’t demonstrate financial stewardship.

Issuing mortgage documents isn’t a function of the strata corporation; those are arrangements between owners (or lenders) and financial institutions, not a governing duty of the strata. Local taxes are determined and collected by the municipal government, not by the strata. While fines can be part of enforcing bylaws, the essential ongoing duty that aligns with governance and accountability is maintaining those records and financial reports.