Thursday, August 7, 2014
No Cents
At an All Members Meeting held on January 20, 2014 a Proposed Budget for 2014-2015 was passed. When I asserted that legal fees would certainly be more than the $1,500. allotted for same, a Director piped up, 'Not with these lawyers' - meaning, I suppose, that the Board of Directors intended to charge back any and all legal fees to targeted members.
Unit Maintenance & Repair budget line was $2,400., but our Maintenance Contractor's budget was $34,800. - an incongruity there.
Property Management went up from $61,500. to $63,000. in 2014.
Our Financial Audited Statements presented (and passed) at our July 20, 2014 meeting stated that our legal fees are expected to be $15,692., General Unit Repairs are slated at $41,292.
Property Management was actually $62,559. in 2013.
Bad debt recovery came in at a loss in 2013 at $11,141., expected to rise to $16,262. in 2014. These are the real legal costs to the co-op, not the airy-fairy budgeted line of $1,500.
The Property Manager upheld a Priority Chart presented at our January and July meetings. It states that 3 of 60 back decks in Phase I have been completed. We do not have 60 back decks in Phase I - we have 9. Nevertheless $10,000. is budgeted for Phase I and $15,000. for Phase II for 2014-15. Balconies are budgeted at $15,600. And the list goes on.
Vacancy losses for 2013 were $34,212. and are expected to rise to $42,979. in 2014.
The co-op is now stating that they have no money. The Proposed Budget passed on January 20, 2014, together with the Priority Chart puts the blame squarely on the shoulders of our very highly paid Property Manager, who clearly has no expertise in financial matters whatsoever.
Sunday, August 3, 2014
WITHOUT NOTICE
A Notice of our Annual General Meeting was distributed 10 days before the meeting, but the package, including the audited Financial Statements were delivered only 2 days before the meeting.
At the meeting I read out Section 75 (1) of the Co-operative Corporations Act, which states that 10 days notice of the meeting is required. Our By-law 3.7 (b) states:
This was not convenient to the Property Manager or to the Treasurer of our co-op, so they simultaneously belted out that the CCA took precedence. The reason why the entire package was not delivered to members 10 days prior to the meeting was to quell any discussion of the Minutes of previous meetings or the three Resolutions being presented.
Ten minute discussions were allotted for each Resolution on the Agenda. A motion was made to defer the three Resolutions to a future meeting. Members must have succumbed to the Property Manager's rolling of her eyes or her petulant pouting, as this motion did not pass.
Three minutes each were allotted for the approval of two sets of minutes - more to come in that regard.
The Auditor presented the Financial Statements. As no one had had time to peruse the statements in that they were distributed two days before the meeting, the Financial Statements were approved without discussion.
Elections then followed. The member who had been on the Board since 2009 finally stepped down. (According to the Property Manager's re-writing of history, this member had only been on the Board for two years.) Six members were elected to the Board of Directors, two of them previous Directors.
At the meeting I read out Section 75 (1) of the Co-operative Corporations Act, which states that 10 days notice of the meeting is required. Our By-law 3.7 (b) states:
In the case of the Annual Meeting, such notice shall be accompanied by a copy of the financial statement and auditor's report for the previous fiscal year.
This was not convenient to the Property Manager or to the Treasurer of our co-op, so they simultaneously belted out that the CCA took precedence. The reason why the entire package was not delivered to members 10 days prior to the meeting was to quell any discussion of the Minutes of previous meetings or the three Resolutions being presented.
Ten minute discussions were allotted for each Resolution on the Agenda. A motion was made to defer the three Resolutions to a future meeting. Members must have succumbed to the Property Manager's rolling of her eyes or her petulant pouting, as this motion did not pass.
Three minutes each were allotted for the approval of two sets of minutes - more to come in that regard.
The Auditor presented the Financial Statements. As no one had had time to peruse the statements in that they were distributed two days before the meeting, the Financial Statements were approved without discussion.
Elections then followed. The member who had been on the Board since 2009 finally stepped down. (According to the Property Manager's re-writing of history, this member had only been on the Board for two years.) Six members were elected to the Board of Directors, two of them previous Directors.
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