Alberta Condo Terminology Glossary
Plain-language definitions of terms your board will encounter under Alberta's Condominium Property Act — written for volunteers, not lawyers.
Condo Finances
Reserve FundMoney set aside for the major repair and replacement of shared components.Reserve Fund StudyA professional assessment that tells your board how much to save.Special LevyA one-time charge to owners when existing funds fall short.Condominium ContributionThe regular fees owners pay to fund the corporation.Operating FundThe account for recurring day-to-day expenses.Capital ReplacementThe major component renewals your reserve fund pays for.
Running Your Board
Annual General Meeting (AGM)The yearly owners' meeting where budgets are approved and the board is elected.QuorumThe minimum participation a meeting needs to make valid decisions.Ordinary ResolutionA decision passed by a simple majority of votes.Special ResolutionA decision needing a supermajority, like amending bylaws.ProxyA written authorization to vote on an absent owner's behalf.Board of DirectorsThe owners elected to manage the corporation's affairs.MinutesThe official written record of a meeting.BylawsThe registered rules that govern how your corporation operates.
More terms — owner & compliance — are being added. Need a number? Try the free Reserve Fund Calculator.