Which group is responsible for overseeing the management of a condominium?

The group responsible for overseeing the management of a condominium is the Board of Directors. This governing body is typically elected by the unit owners and is tasked with making important decisions regarding the operation and management of the condominium.

The Board of Directors has a fiduciary duty to act in the best interests of the condominium and its owners. They are responsible for setting policies, approving budgets, engaging and supervising property management staff, and ensuring that the condominium operates in compliance with applicable laws and regulations. Their leadership is crucial in maintaining the condominium's financial health and operational efficiency.

In contrast, while property managers may assist in the day-to-day management and implementation of policies set by the Board, they do not have the authority to oversee the entirety of condominium management. Committees, like the Finance Committee, may focus on specific areas of management, such as financial oversight, but the ultimate responsibility rests with the Board of Directors. The General Assembly refers to the collective gathering of unit owners and is not involved in the direct oversight of management; instead, they participate in decision-making processes, typically during annual meetings where the Board may report on their activities.