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Gallery Court: AGM 2009
Annual Board Report
Board of DirectorsAlessandro Alasia, President
Wednesday .. October, 2009
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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)
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Gallery Court: AGM 2009
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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Gallery Court: AGM 2009
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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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 Corporations reserve fund is approximatelyto $150,000 as of August 31st, 2009
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Gallery Court: AGM 2009
-$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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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, tobe made available to owners online
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Gallery Court: AGM 2009
Repairs and maintenance
Introduce aRequest for Servicesform
Introduced a tracking system for
expenditures and commitments
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Gallery Court: AGM 2009
Reserve Fund Study
BPL Engineering Inc. contracted toconduct a comprehensive reserve fund
study
The study is under way
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Gallery Court: AGM 2009
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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Gallery Court: AGM 2009
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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Gallery Court: AGM 2009
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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Gallery Court: AGM 2009
Thank you for your attention