What is a yearly plan for managing condominium operations called?

The term used for a yearly plan for managing condominium operations is referred to as the Annual Operating Plan. This plan outlines the strategic approach and specific actions that will be taken to ensure the effective management and operation of the condominium throughout the year. It includes budgeting, revenue projections, expense planning, and outlines key operational goals and benchmarks.

The Annual Operating Plan serves as a critical document that helps condominium management teams coordinate their activities, allocate resources efficiently, and communicate priorities to all stakeholders. It typically supports decision-making processes and ensures that the condominium operates smoothly in alignment with the expectations of owners and residents.

In contrast, while an Annual Operating Report is a document that reviews the performance of the condominium against the prior year's plan, it does not serve as a forward-looking operational strategy. An Operational Strategy might encompass broader goals and long-term visions for the condominium but does not typically refer to a specific yearly plan. A Maintenance Schedule, although important for the upkeep of the property, focuses specifically on maintenance tasks and timelines rather than the comprehensive management of operations for the entire year.