Agm 2009-board Report
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Gallery Court: AGM 2009
Annual Board Report
Board of Directors Alessandro Alasia, President Wednesday .. October, 2009
Gallery Court: AGM 2009
Board of Directors • • • • •
Alessandro Alasia, President Maria Lo, Treasurer Michael Shaikin, Secretary Henri Proux / Jean-Baptiste Minchelli Jack Cadieux (resigned Aug. 2009)
Gallery Court: AGM 2009
Moving forward • Strengthen the financial situation of the Corporation • Ensure quality of services • Bring the condo fees in line with those prevailing on the market and keep them at a competitive level
Gallery Court: AGM 2009 180 York 309 Cumberland St 180 York Gallery Court 180 York 180 York St 383 Cumberland St 179 George St 700 Sussex Dr 700 Sussex Dr 383 Cumberland St 700 Sussex Dr 700 Sussex Dr 700 Sussex Dr 205 Bolton St 205 Bolton St
Condo fees as percentage of asking price for appartments on sale or recently sold in the Byward Market (Sept 2008)
205 Bolton St 205 Bolton St 205 Bolton St 152 York St 124 Guigues Av
0.04
0.06
0.08
0.1
Source: own elaboration based on data avaialbe at www.condosottawa.com.
0.12
0.14
0.16
0.18
0.2
Gallery Court: AGM 2009
Financial results 2008/09 • Reserve Fund balance end of FY08/09: $77,484 • Surplus end of FY08/09: $10,738 • The Corporation’s reserve fund is approximately to $150,000 as of August 31st, 2009
Gallery Court: AGM 2009
Projected reserve fund balance Balance/deficit - end of year
Balance Sheet, End of year Balance/deficit $210,000
$182,807 about $150,00
$160,000
$110,000
$86,474 $77,484 $60,000
$47,064
$10,000
- $10,088 -$40,000
2006
2007
- $13,916 2008
Source: own elaboration based on Gallery Court Audit Report 2007, 2008, 2009.
2009
Year to date
Gallery Court: AGM 2009
Some achievements • Strengthen reporting – Conducted an extensive expenditure review and produce a report available to owners – Tabulate expenditures
• Completed an Inventory 2009 • Established an annual schedule of activities, to be made available to owners online
Gallery Court: AGM 2009
Repairs and maintenance • Introduce a Request for Services form • Introduced a tracking system for expenditures and commitments
Gallery Court: AGM 2009
Reserve Fund Study • BPL Engineering Inc. contracted to conduct a comprehensive reserve fund study • The study is under way
Gallery Court: AGM 2009
Communication • Web page for communication with owners and for owners – Improve communication and reduce costs become (a bit) more environmentally friendly – Non-searchable through the Internet – Password protected files – DO SUBSCRIBE to the distribution list
Gallery Court: AGM 2009
New management approach • The corporation is entering the 20 years renovation cycle, this requires a focus on project planning, monitoring and reporting • A management approach that emphasizes – – – – –
Transparency Accountability Prompt response Equity Accessibility
Gallery Court: AGM 2009
Hallway renovations • Revised carpet options • Wall options • Logistic: Your collaboration and patience will be much appreciated. Thanks!
Gallery Court: AGM 2009
Hallway renovations costs – MAY 2009 Item
Estimated cost
Carpet
$25,000
Wallpaper, moldings, ceilings, doors
$70,000
Light fixtures
$12,000
Extension of marble in lobbies Total Contingency 15% Total including contingency
$5,000 $112,000 $16,800 $128,800
Important note: all costs are based on estimates made by potential contractors, retailers and suppliers. All cost estimates are for complete installation of the material (for instance, the carpet cost estimate includes removal of old carpet, materials, and complete installation). All cost estimates are inclusive of taxes and shipping costs. Contingency includes: possible contracting and supervision costs, possible unforeseen costs all of which will be documented to owners.
Gallery Court: AGM 2009
Hallway renovations costs – Update October 2009 Item
Estimated cost
Carpet
$30-40,000
Wallpaper, moldings, ceilings, doors
$80,000
Light fixtures
$10,000
Total Contingency 10% Total including contingency
$120-130,000 $13,000 $140-150,000
Important note: all costs are based on estimates made by potential contractors, retailers and suppliers. All cost estimates are for complete installation of the material (for instance, the carpet cost estimate includes removal of old carpet, materials, and complete installation). All cost estimates are inclusive of taxes and shipping costs. Contingency includes: possible contracting and supervision costs, possible unforeseen costs all of which will be documented to owners.
Gallery Court: AGM 2009
Where are we going next • Continue to make a responsible use of the resources of the corporation • Strengthen maintenance and work planning, reporting • Increase and encourage participation of owners
Gallery Court: AGM 2009
Thank you for your attention
Annual Board Report
Board of Directors Alessandro Alasia, President Wednesday .. October, 2009
Gallery Court: AGM 2009
Board of Directors • • • • •
Alessandro Alasia, President Maria Lo, Treasurer Michael Shaikin, Secretary Henri Proux / Jean-Baptiste Minchelli Jack Cadieux (resigned Aug. 2009)
Gallery Court: AGM 2009
Moving forward • Strengthen the financial situation of the Corporation • Ensure quality of services • Bring the condo fees in line with those prevailing on the market and keep them at a competitive level
Gallery Court: AGM 2009 180 York 309 Cumberland St 180 York Gallery Court 180 York 180 York St 383 Cumberland St 179 George St 700 Sussex Dr 700 Sussex Dr 383 Cumberland St 700 Sussex Dr 700 Sussex Dr 700 Sussex Dr 205 Bolton St 205 Bolton St
Condo fees as percentage of asking price for appartments on sale or recently sold in the Byward Market (Sept 2008)
205 Bolton St 205 Bolton St 205 Bolton St 152 York St 124 Guigues Av
0.04
0.06
0.08
0.1
Source: own elaboration based on data avaialbe at www.condosottawa.com.
0.12
0.14
0.16
0.18
0.2
Gallery Court: AGM 2009
Financial results 2008/09 • Reserve Fund balance end of FY08/09: $77,484 • Surplus end of FY08/09: $10,738 • The Corporation’s reserve fund is approximately to $150,000 as of August 31st, 2009
Gallery Court: AGM 2009
Projected reserve fund balance Balance/deficit - end of year
Balance Sheet, End of year Balance/deficit $210,000
$182,807 about $150,00
$160,000
$110,000
$86,474 $77,484 $60,000
$47,064
$10,000
- $10,088 -$40,000
2006
2007
- $13,916 2008
Source: own elaboration based on Gallery Court Audit Report 2007, 2008, 2009.
2009
Year to date
Gallery Court: AGM 2009
Some achievements • Strengthen reporting – Conducted an extensive expenditure review and produce a report available to owners – Tabulate expenditures
• Completed an Inventory 2009 • Established an annual schedule of activities, to be made available to owners online
Gallery Court: AGM 2009
Repairs and maintenance • Introduce a Request for Services form • Introduced a tracking system for expenditures and commitments
Gallery Court: AGM 2009
Reserve Fund Study • BPL Engineering Inc. contracted to conduct a comprehensive reserve fund study • The study is under way
Gallery Court: AGM 2009
Communication • Web page for communication with owners and for owners – Improve communication and reduce costs become (a bit) more environmentally friendly – Non-searchable through the Internet – Password protected files – DO SUBSCRIBE to the distribution list
Gallery Court: AGM 2009
New management approach • The corporation is entering the 20 years renovation cycle, this requires a focus on project planning, monitoring and reporting • A management approach that emphasizes – – – – –
Transparency Accountability Prompt response Equity Accessibility
Gallery Court: AGM 2009
Hallway renovations • Revised carpet options • Wall options • Logistic: Your collaboration and patience will be much appreciated. Thanks!
Gallery Court: AGM 2009
Hallway renovations costs – MAY 2009 Item
Estimated cost
Carpet
$25,000
Wallpaper, moldings, ceilings, doors
$70,000
Light fixtures
$12,000
Extension of marble in lobbies Total Contingency 15% Total including contingency
$5,000 $112,000 $16,800 $128,800
Important note: all costs are based on estimates made by potential contractors, retailers and suppliers. All cost estimates are for complete installation of the material (for instance, the carpet cost estimate includes removal of old carpet, materials, and complete installation). All cost estimates are inclusive of taxes and shipping costs. Contingency includes: possible contracting and supervision costs, possible unforeseen costs all of which will be documented to owners.
Gallery Court: AGM 2009
Hallway renovations costs – Update October 2009 Item
Estimated cost
Carpet
$30-40,000
Wallpaper, moldings, ceilings, doors
$80,000
Light fixtures
$10,000
Total Contingency 10% Total including contingency
$120-130,000 $13,000 $140-150,000
Important note: all costs are based on estimates made by potential contractors, retailers and suppliers. All cost estimates are for complete installation of the material (for instance, the carpet cost estimate includes removal of old carpet, materials, and complete installation). All cost estimates are inclusive of taxes and shipping costs. Contingency includes: possible contracting and supervision costs, possible unforeseen costs all of which will be documented to owners.
Gallery Court: AGM 2009
Where are we going next • Continue to make a responsible use of the resources of the corporation • Strengthen maintenance and work planning, reporting • Increase and encourage participation of owners
Gallery Court: AGM 2009
Thank you for your attention
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