Post on 29-Jun-2020
Katherine Sanford Housing Society & Sanford Property Management Ltd.
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KATHERINE SANFORD HOUSING SOCIETY
AND
SANFORD PROPERTY MANAGEMENT LTD.
2010 ANNUAL REPORT
Katherine Sanford Housing Society & Sanford Property Management Ltd.
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Mandate
To provide quality affordable housing to
people with mental illness and/or addictions.
Vision Statement
We believe that all individuals with a mental
illness have a right to decent, affordable
housing that gives them dignity and
independence.
Highlights
The provincial government announced capital funding
of $205 million to develop 1,006 new supported hous-
ing units on the eight remaining sites donated by the
City of Vancouver. Two KSHS projects—62 units at
1601 West 7th Avenue and 147 units at 215 West 2nd
Avenue were included in the announcement held at our
Smith Yuen Apartments on May 25th, 2010.
(Photos page 3)
Katherine Sanford Housing Society & Sanford Property Management Ltd.
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Dane Jansen, President Dennis Dineen, Vice President Lilly Woo, Treasurer Judy Lindsay, Secretary Marguerite Ford, Director
Judy Newman, Director Darlene Marzari, Director Dale McClanaghan, Director Anthony Robinson, Director
Katherine Sanford Ron Yuen Gordon Gram Marilyn Kerfoot Louise Lee Marleen Morris Peter Withers
Sheila Smigarowski Arleen Paré Patti Schom-Moffatt John Currie Christine Judd Janet Flowers
Honourary Members
2009/2010 Board of Directors
Bonnie Rice Paul Loo Stevo Vranjes Mike Brealey Mark Baillie Christina Fong Rebecca Lall
Staff
Executive Director Financial Manager Managing Broker, Property Manager Property Manager Assistant Property Manager Administrative Assistant Office Assistant
Katherine Sanford Housing Society & Sanford Property Management Ltd.
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Activities at KSHS this past year can best be
described in three words – ―getting shovel
ready‖. In 2007 the society was selected to
develop two of the 14 sites donated by the
City of Vancouver; however only six projects
received a capital funding commitment in
2009. Since then our goal has been to en-
sure we were ready to start construction as
soon as the provincial government an-
nouncement came to fund the remaining
projects.
The planning and design phases of our two
projects required close collaboration with
our partners and development team. The
62 units of supportive housing to be devel-
oped at 1601 West 7th
Avenue is a partner-
ship with MPA Society. They will provide
support services to tenants and operate the
Community Resource Centre (CRC) incorpo-
rated into the project. Vancouver Coastal
Health will fund the ongoing operating
costs for the CRC which will serve mostly
local area residents with a mental illness.
Our second project on West 2nd
is a partner-
ship with Raincity Housing and Service Soci-
ety for 147 new supportive housing units at
215 West 2nd
Avenue. Approximately half
the units are designated to house people
with a mental illness and/or in various
stages of recovery from addictions.
The Katherine Sanford Housing Society and
Sanford Property Management offices will
eventually move to the West 2nd
Avenue pro-
ject, occupying approximately 1,975 square
feet of commercial space on the ground
floor. This larger office space will accom-
modate the extra staff needed to manage
our expanded portfolio. The location within
the West 2nd
project should improve our op-
erating efficiency.
When the Society was established in 1989
we chose to specialize in developing and
managing property, requiring partnerships
with other agencies that provide support
services. Every opportunity the Society has
to develop a new project and form a new
partnership builds our capacity. We are al-
ways seeking ways to apply the knowledge
and our 21 years of development and man-
agement experience towards improving the
livability and cost effectiveness of the next
project.
Our 20th
anniversary year ended with more
cause for celebration. In May of this year
BC Housing selected our Smith Yuen Apart-
ments as the venue for Premier Gordon
Campbell to announce a capital funding
commitment for the remaining eight sites
donated by the City of Vancouver. The
province will provide $205 million and the
Streetohome Foundation $20 million to
build 1,006 new supported apartments
which includes 209 units for our two pro-
jects. Thanks to the hard work of staff, the
board of directors and the rest of our devel-
opment team this past year we are ready to
get our shovels into the ground.
We wish to extend our gratitude to all our
funding partners, BC Housing, Vancouver
Coastal Health, and the City of Vancouver,
whose ongoing support allows us to carry
out our mandate of providing quality hous-
ing for people with mental illness and/or
addictions.
Respectfully submitted by
Dane Jansen Bonnie Rice
President Executive Director
PRESIDENT & EXECUTIVE DIRECTOR’S MESSAGE
Dane Jansen President
Bonnie Rice, Executive Director
Katherine Sanford Housing Society & Sanford Property Management Ltd.
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Provincial Government Announcement
Left to right: John McLernon, Streetohome, Rich Coleman, Minister of Housing and Social Development,
Premier Gordon Campbell, Bonnie Rice, Katherine Sanford Housing Society and Mayor Gregor Robertson
7th Avenue West and Fir Street
62 Units
215 West 2nd Avenue
147 Units
Katherine Sanford Housing Society & Sanford Property Management Ltd.
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TREASURER’S REPORT
During the 2010 fiscal year, overall reve-
nues were $26,000 lower than last year
mainly due to lower subsidies and organi-
zation fees paid by BC Housing. Overall
operating expenses were up by $58,000 as
a result of increased staffing and benefits.
The increase in Other Income was mainly
due to investment income of $87,000
which is a direct result of the stock market
rebound. Most of the Society’s investments
are Replacement Reserve Funds which have
averaged 5.7% per annum return over the
past five years.
The Society ended the year with a $38,000
administrative surplus primarily as a result
of interest income and organization fees
earned. This surplus was transferred to the
Society’s property acquisition reserve.
Following a review of community contracts,
Vancouver Coastal Health established a cap
on administration costs at 10% of total ex-
penditures effective April 1, 2009. Kathe-
rine Sanford Housing Society was not af-
fected since our administrative costs came
in below 10% of total expenses.
Total assets increased by $0.26 million to
$21.12 million mostly due to increased Re-
placement Reserve Funds. Total liabilities
increased by $0.20 million to $17.58 mil-
lion as a result of Proposal Development
Funding loans received from BC Housing
for the preliminary design and develop-
ment phases of our two new projects on
West 7th and West 2nd Avenue. Despite
cost pressures and budgetary constraints,
the Society has been able to maintain a
healthy financial position.
We gratefully acknowledge our funding
partners BC Housing, Vancouver Coastal
Health and the City of Vancouver whose
support helped us fulfill our mandate. We
extend our gratitude once again to our
auditors, Dale Matheson Carr-Hilton La-
Bonte, our legal counsel, Barbeau, Evans &
Goldstein, our development consultants,
Terra Housing, and architects Neale
Staniszkis Doll Adams and dysarchitecture.
Without their commitment we could not
serve the community effectively in develop-
ing quality housing for people with mental
illnesses and/or addictions.
Finally, on behalf of the Board, I would like
to express our sincere gratitude for the
continued commitment and professional-
ism shown by the management and staff
over this past year that enabled our suc-
cess.
Respectfully submitted by,
Lilly Woo
Treasurer
Lilly Woo Treasurer
Katherine Sanford Housing Society & Sanford Property Management Ltd.
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Totals
2010 2009
Consolidated Statement of Financial Position
Assets
Current Assets 1,436,010.00 1,413,642.00
Restricted Cash and Investments 1,703,366.00 1,480,816.00
Property, Plant & Equipment 17,982,419.00 17,971,503.00
21,121,795.00 20,865,961.00
Liabilities and Fund Balances
Current Liabilities 2,890,165.00 2,315,372.00
Mortgage Payable, current portion 4,180,040.00 575,940.00
Total Current Liabilities 7,070,205.00 2,891,312.00
Mortgage Payable 10,506,687.00 14,485,079.00
17,576,892.00 17,376,391.00
Fund Balances 3,544,903.00 3,489,570.00
21,121,795.00 20,865,961.00
Revenue and Expenses
Revenue
BCHMC Funding 1,027,737.00 1,190,451.00
VCH Funding 1,017,191.00 1,001,918.00
Rental Income 401,284.00 397,042.00
Donations 100.00 150.00
Other Income 179,131.00 61,643.00
Total Revenue 2,625,443.00 2,651,204.00
Expenditures
Project Operations
Operating Costs 1,340,433.00 1,362,037.00
Amortization 608,538.00 607,572.00
Wages & Benefits 239,548.00 222,785.00
2,188,519.00 2,192,394.00
Administration
Operating Costs 153,217.00 121,260.00
Wages & Benefits 174,893.00 144,747.00
328,110.00 266,007.00
Total Expenditures before prior year Adjustment 2,516,629.00 2,458,401.00
BC Housing Rent Subsidy Adjustment 45,818.00 (2,240.00)
Total Expenditures 2,562,447.00 2,456,161.00
Excess of Revenue over Expenditures 62,996.00 195,043.00
Fund Balance, Beginning 3,489,570.00 3,261,027.00
Prior Year Adjustment (7,663.00) 33,500.00
Fund Balance after Adjustment 3,481,907.00 3,294,527.00
Fund Balance, Ending 3,544,903.00 3,489,570.00
FINANCIALS
Katherine Sanford Housing Society & Sanford Property Management Ltd.
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Granville House Kitchen
With our two biggest developments to date looming on the horizon and a continued initiative
to grow our property management services we have good reason for entering our third decade
with optimism.
Our focus this year was to prepare for future growth and plan for the integration of the new
projects into our portfolio. Working with the development team to arrive at specifications for
our new buildings is more challenging than ever as mechanical and other building systems
become increasingly complex. We strive to make the best choices from an operational and
cost perspective without knowing what technology changes will occur in the future.
Funding for special projects has become more difficult
to access, however, we were able to complete several
renovations and upgrades:
Energy Upgrades at Francis – Granville - Westminster
and Pender
Renovated Granville House Kitchen
Numerous re-flooring, re-painting and re-roofing
projects
BC Housing approved new replacement reserve sched-
ules we submitted. The increase in replacement re-
serve funding will allow us to carry out our annual
capital planning more efficiently.
The PHS Community Services Society, our service provider partner at the Smith Yuen Apart-
ments have been operating a program from our kitchen to prepare 1000 much needed meals
a day to residents in the Downtown Eastside. The meal program was recently featured in a
documentary film.
Our subsidiary, Sanford Property Management Ltd., achieved another significant milestone this
year as it became a fully licensed property management company. On April 1st
the Real Estate
Council of BC licensed Sanford Property Management Ltd. to provide Rental Property Manage-
ment Services.
As we embark on our third decade we want to offer a special thanks to our service provider
partners for helping us maintain the quality of our buildings and for the hard work they do
making each one a home.
PROPERTY MANAGERS’ REPORT
Stevo Vranjes Managing Broker Property Manager
Mark Baillie Assistant Property Manager
Mike Brealey Property Manager
Katherine Sanford Housing Society & Sanford Property Management Ltd.
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Pin # Property Name Service Provider # of Residents Licensed Care (Group Homes) 1 Banyan House MPA Society 6 2 Birchwood House Emerald Health Care 10 3 Bridge House Coast Foundation Society 7 4 Byron House MPA Society 7 5 Chester House Coast Foundation Society 6 6 Emerald House Emerald Health Care 6 7 Francis House Independent 9 8 Granville House Independent 10 9 Magnolia House Emerald Health Care 6 10 Pender House Coast Foundation Society 8 11 Shaw Place Coast Foundation Society 7 12 Sophia House MPA Society 6 13 Tamarack House MPA Society 7 14 Tilikum House MPA Society 7 15 Westminster House Independent 10 Licensed Care (Short Term Emergency Care) 16 Venture Vancouver Coastal Health 20 Supported Apartments 17 East 16th Apts. PHS Community Services Society 18 18 Smith-Yuen Apts. PHS Community Services Society 52 19 Triumph Apts. Kettle Friendship Society 15 Projects Under Development 20 1601 West 7th Avenue MPA Society 62
21 215 West 2nd Avenue RainCity Housing and Support Society 147
PROPERTY MANAGEMENT
Vancouver Houses Richmond Houses
20
21
Katherine Sanford Housing Society & Sanford Property Management Ltd.
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Established in 1998, the society’s social enterprise Sanford Property Manage-
ment has been providing a full range of property management services for the
past 12 years. All profits are redirected to the society to assist us to fulfill our
mission of developing housing for people with mental illness and/or addic-
tions.
Tel: 604.732.5105
Fax: 604.732.5127
info@sanfordpm.com
www.sanfordpm.com
PROPERTY MANAGEMENT
Katherine Sanford Housing Society & Sanford Property Management Ltd.
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Katherine Sanford Housing Society gratefully acknowl-edges support from Vancouver Coastal Health and BC Housing as well as the City of Vancouver and Streetohome Foundation.
Katherine Sanford Housing Society & Sanford Property Management Ltd.
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Katherine Sanford Housing Society
Suite 228—2211 West 4th Avenue
Vancouver, BC V6K 4S2
Tel: 604.732.5105
Fax: 604.732.5127
info@kshs.ca
www.kshs.ca