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
205 Bolton St for appartments on sale or recently sold in
205 Bolton St the Byward Market (Sept 2008)
205 Bolton St
152 York St

124 Guigues Av

0.04 0.06 0.08 0.1 0.12 0.14 0.16 0.18 0.2

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

Balance Sheet, End of year Projected reserve fund balance

Balance/deficit Balance/deficit - end of year
$210,000

$182,807
about
$150,00
$160,000

$110,000
$86,474
$77,484

$60,000
$47,064

$10,000

- $10,088
- $13,916
-$40,000
2006 2007 2008 2009 Year to date

Source: own elaboration based on Gallery Court Audit Report 2007, 2008, 2009.
 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, $70,000
doors
Light fixtures $12,000
Extension of marble in lobbies $5,000
Total $112,000
Contingency 15% $16,800
Total including contingency $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, $80,000
doors
Light fixtures $10,000
Total $120-130,000
Contingency 10% $13,000
Total including contingency $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