AGM 2009-Board Report

8/14/2019 AGM 2009-Board Report

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Gallery Court: AGM 2009

Annual Board Report

Board of DirectorsAlessandro Alasia, President

Wednesday .. October, 2009


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Board of Directors

Alessandro Alasia, President

Maria Lo, Treasurer

Michael Shaikin, Secretary

Henri Proux / Jean-Baptiste Minchelli

Jack Cadieux (resigned Aug. 2009)


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Moving forward

Strengthen the financial situation of theCorporation

Ensure quality of services

Bring the condo fees in line with those

prevailing on the market and keep them ata competitive level


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0.04 0.06 0.08 0.1 0.12 0.14 0.16 0.18 0.2

124 Guigues Av

152 York St

205 Bolton St

205 Bolton St

205 Bolton St

205 Bolton St

205 Bolton St

700 Sussex Dr

700 Sussex Dr

700 Sussex Dr

383 Cumberland St

700 Sussex Dr

700 Sussex Dr

179 George St

383 Cumberland St

180 York St

180 York

Gallery Court

180 York

309 Cumberland St

180 York

Condo fees as percentage of asking price

for appartments on sale or recently sold inthe Byward Market (Sept 2008)

Source: own elaboration based on data avaialbe at www.condosottawa.com.


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Financial results 2008/09

Reserve Fund balance end of FY08/09: $77,484

Surplus end of FY08/09: $10,738

The Corporations reserve fund is approximatelyto $150,000 as of August 31st, 2009


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-$40,000

$10,000

$60,000

$110,000

$160,000

$210,000

Projected reserve fund balance

Balance/deficit - end of year

Source: own elaboration based on Gallery Court Audit Report 2007, 2008, 2009.

2006 2007 2008 2009 Year to date

$47,064

- $10,088- $13,916

$86,474

Balance Sheet, End of year

Balance/deficit

$77,484

$182,807

about

$150,00


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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, tobe made available to owners online


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Repairs and maintenance

Introduce aRequest for Servicesform

Introduced a tracking system for

expenditures and commitments


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Reserve Fund Study

BPL Engineering Inc. contracted toconduct a comprehensive reserve fund

study

The study is under way


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Communication

Web page for communication with ownersand for owners

Improve communication and reduce costsbecome (a bit) more environmentally friendly

Non-searchable through the Internet

Password protected files

DO SUBSCRIBE to the distribution list


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New management approach

The corporation is entering the 20 years renovationcycle, this requires a focus on project planning,monitoring and reporting

A management approach that emphasizes Transparency

Accountability

Prompt response

Equity

Accessibility


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Hallway renovations

Revised carpet options

Wall options

Logistic: Your collaboration and patience

will be much appreciated. Thanks!


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Hallway renovations costs MAY 2009

$128,800Total including contingency

$16,800Contingency 15%

$112,000Total

$5,000Extension of marble in lobbies$12,000Light fixtures

$70,000Wallpaper, moldings, ceilings,doors

$25,000Carpet Estimated costItem

Important note: all costs are based on estimates made by potential contractors, retailers andsuppliers. All cost estimates are for complete installation of the material (for instance, thecarpet cost estimate includes removal of old carpet, materials, and complete installation). Allcost estimates are inclusive of taxes and shipping costs. Contingency includes: possiblecontracting and supervision costs, possible unforeseen costs all of which will be documentedto owners.


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Hallway renovations costs Update October 2009

$140-150,000Total including contingency

$13,000Contingency 10%

$120-130,000Total$10,000Light fixtures

$80,000Wallpaper, moldings, ceilings,doors

$30-40,000Carpet

Estimated costItem

Important note: all costs are based on estimates made by potential contractors, retailers andsuppliers. All cost estimates are for complete installation of the material (for instance, thecarpet cost estimate includes removal of old carpet, materials, and complete installation). Allcost estimates are inclusive of taxes and shipping costs. Contingency includes: possiblecontracting and supervision costs, possible unforeseen costs all of which will be documented

to owners.


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Where are we going next

Continue to make a responsible use of theresources of the corporation

Strengthen maintenance and workplanning, reporting

Increase and encourage participation ofowners


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Thank you for your attention

AGM 2009-Board Report

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