START TIME PAGE NO. AGENDA ITEM LEAD TIMING 6:10 p.m. 1. Call to Order and Opening Remarks M. Gallagher 1 min. 6:11 p.m. 2. Approval of the Agenda Motion 1 M. Gallagher 1 min. 6:12 p.m. 3. Conflict of Interest Declarations M. Gallagher 1 min. 6:13 p.m. 4. Approval of the Minutes 4.1 February 20, 2019 Motion 2 M. Gallagher 3 min. 6:16 p.m. 5. Action Items 5.1 Follow Up Chart V. Fowler 0 min. 6:36 p.m. 6. 1 st Quarter Results Motions 3-9 V. Fowler 20 min. 6:56 p.m. 7. Wentworth Condoes 7.1 Notice to Reader Motion 10 V. Fowler 5 min. 7:01 p.m. 8. Date/Time of Next Meeting: August 28, 2019 M. Gallagher 1 min. 7:02 p.m. 9. Adjournment Motion 11 M. Gallagher 1 min. Finance Committee Meeting VPCON (VPCHI and VPAHC) Wednesday, May 15, 2019 AGENDA Page 1 2 4 2 8 2 9 31` 3 3
Transcript
START TIME
PAGE NO.
AGENDA ITEM LEAD TIMING
6:10 p.m. 1. Call to Order and Opening Remarks M. Gallagher 1 min.
6:11 p.m. 2. Approval of the AgendaMotion 1
M. Gallagher 1 min.
6:12 p.m. 3. Conflict of Interest Declarations M. Gallagher 1 min.
6:13 p.m. 4. Approval of the Minutes4.1 February 20, 2019Motion 2
M. Gallagher 3 min.
6:16 p.m. 5. Action Items5.1 Follow Up Chart
V. Fowler 0 min.
6:36 p.m. 6. 1st Quarter ResultsMotions 3-9
V. Fowler 20 min.
6:56 p.m. 7. Wentworth Condoes7.1 Notice to Reader Motion 10
V. Fowler 5 min.
7:01 p.m. 8. Date/Time of Next Meeting: August 28, 2019 M. Gallagher 1 min.
7:02 p.m. 9. AdjournmentMotion 11
M. Gallagher 1 min.
Finance Committee Meeting VPCON (VPCHI and VPAHC)
Wednesday, May 15, 2019
AGENDA
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# Meeting Date Agenda Item
Motion
1 2019-05-15 2 Be it moved that the Committee approve the agenda, as presented.
Mover: Seconder: CARRIED 2 2019-05-15 4.1 Be it moved that the Committee approve the minutes of February 20,
2019 as presented.
Mover: Seconder: CARRIED 3 2019-05-15 6 Be it moved that the Committee accept the report for the 1st Quarter
Results for VPCON, as presented.
Mover: Seconder: CARRIED 4 2019-05-15 6 Be it moved that the Committee recommend approval of the Source
Deductions from January – March 2019 for VPCHI, as presented.
Mover: Seconder: CARRIED 5 2019-05-15 6 Be it moved that the Committee recommend approval of the Cheques
Signed by Staff from January – March 2019 for VPCHI, as presented.
Mover: Seconder: CARRIED 6 2019-05-15 6 Be it moved that the Committee recommend approval of the Cheques
Signed by Staff from January – March 2019 for VPAHC, as presented.
Mover: Seconder: CARRIED 7 2019-05-15 6 Be it moved that the Committee recommend approval of the Bad Debts
Write off in the amount of $28,313 for VPCHI for the first quarter, as presented.
Mover: Seconder: CARRIED 8 2019-05-15 6 Be it moved that the Committee recommend approval of the Bad Debts
Write off in the amount of $5,653 for VPAHC for the first quarter, as presented.
Mover: Seconder: CARRIED
LIST OF MOTIONS
Committee Finance VPCON Meeting Date May 15, 2019
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# Meeting Date Agenda Item
Motion
9 2019-05-15 6 Be it moved that the Committee acknowledge receipt of the Bank Reconciliation Attestations for December 2018 and January to March 2019 for VPCHI, as presented. Mover: Seconder: CARRIED
10 2019-05-15 7.1 Be it moved that the Board accept the Notice to Reader for Wentworth Condo No. 49 for the year ending December 31, 2018, as presented. Mover: Seconder: CARRIED
11 2019-05-15 9 Be it moved that as there was no new business, the meeting adjourned at __________. Mover: Seconder: CARRIED
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In Attendance Telecon M. Gallagher (Chair) L. BurchettD. Montini M. ForthS. Holman D. Filice
Staff Regrets L. Gagne K. VadivaleV. FowlerV. Wall, Recorder
Agenda Item and Minutes
1. Call to OrderM. Gallagher called the meeting to order at 6:04 p.m.
2. Approval of the AgendaBe it moved that the Committee approve the agenda, as presented.
Mover: D. Montini Seconder: S. Holman CARRIED 3. Conflict of Interest
None were declared.
4. Approval of the MinutesBe it moved that the Committee approve the minutes of November 1, 2018 and November28, 2018, as presented.
Mover: D. Montini Seconder: S. Holman CARRIED 5. Business Arising from the Previous Meeting Minutes
5.1 Follow up ChartAll items have been completed, however, we are awaiting statements from WFM.
Finance Committee Meeting Victoria Park Community Homes
February 20, 2019
Minutes
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6. 4th Quarter Preliminary ResultsV. Fowler presented the Financial Report which included the 4th Quarter preliminary results,source deductions, cheques signed by staff, bank reconciliation attestations, servicemanager correspondence, update on the strategic plan, updates on investments and theclosing of the KACHI operating account.• We are expecting a surplus of just over $2M for VPCON.• With the AIR reconciliations and insurance reserve we expect a surplus of $1.7M.• There was a NEER (New Experimental Experience Rating Plan) adjustment in 2018
which related to workplace incidents in 2017. This is the first time we have beenassessed a cost. VPCHI is new at NEER costs reporting and this is first time we did notreceive a rebate.
• There were a high number of cheques signed by V. Fowler due to staff availability andone cheque was requested after the cheque run after board members had already beenasked to come back twice. There was also one cheque with only one (1) signature andone (1) that was signed by the payee.
• The bank attestations are for two months only. The final reconciliation will be completedin conjunction with the audit. Once we receive information from WFM on the gain andloss on sale of and purchases of investments we will be able to finalize the bankreconciliation for December.
• Service manager correspondence is included which covers the HSA 2019 AnnualSubsidy Entitlements.
• V. Fowler updated the committee on the investment approval from the prior meeting.The investment was spilt in two (2) for CDIC reasons.
• V. Fowler provided interest rates for another investment that had since matured.• Staff are proposing and investment from VPAHC of up to $150K to cover the start up
costs for the Roaming Maintenance Division. Initially, the person hired would work onprocess mapping, learning the Mobile Maintenance Module in Yardi, hiring and training ateam. We expect there to be 4 on the pilot team. The team will use VPAHC properties tostart as this is where the investment is coming from. We may need to include VPCHIproperties at a later date to ensure there is enough work for the team. We do not expectthis to be a revenue generating division. We expect it to be revenue neutral, improveturnaround times and improve customer service to our residents. It would also allow usto hire and train youth through Threshold’s program. We would bill back to theproperties on a cost recovery basis. We will provide regular updates on the outcomes,challenges during the pilot phase. The Committee noted that it may be difficult tomeasure some of the outcomes.
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• The KACHI operating account has been reconciled and staff are requesting a motion toclose the account.
Be it moved that the Committee accept the report for the 4th Quarter Preliminary Results for VPCON, as presented.
Mover: D. Montini Seconder: S. Holman CARRIED
Be it moved that the Committee recommend approval of the Source Deductions from October to December 2018 for VPCHI, as presented.
Mover: D. Filice Seconder: M. Forth CARRIED
Be it moved that the Committee recommend approval of the Cheques Signed by Staff from September to December 2018 for VPCHI, as presented.
Mover: S. Holman Seconder: D. Montini CARRIED
Be it moved that the Committee recommend approval of the Cheques Signed by Staff from September to December 2018 for VPAHC, as presented.
Mover: M. Forth Seconder: D. Montini CARRIED
Be it moved that the Committee acknowledge receipt of the Bank Reconciliation Attestations for October and November 2018 for VPCHI, as presented.
Mover: D. Filice Seconder: S. Holman CARRIED
Be it moved that the Committee acknowledge receipt of the Service Manager correspondence from Brantford, Halton, Waterloo and Hamilton regarding Annual Subsidy Estimates, as presented.
Mover: D. Montini Seconder: M. Forth CARRIED
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Be it moved that the Committee recommend approval to invest $96,000 in a 2 year GIC at the best rate, as presented.
Mover: S. Holman Seconder: M. Forth CARRIED
Be it moved that the Committee recommend approval of starting the Mobile Maintenance Department with start-up funds not to exceed $150,000 from Victoria Park Affordable accumulated surplus, as presented.
Mover: D. Filice Seconder: S. Holman CARRIED
Be it moved that the Committee recommend closing the KACHI account and transferring the balance of funds to the RBC operating account, as presented.
Mover: D. Montini Seconder: S. Holman CARRIED
7. New BusinessNone at this time.
8. Next MeetingsApril 24, 2019
9. AdjournmentBe it moved that as there was no further business, the meeting adjourned at 6:34 p.m.
Mover: M. Forth Seconder: D. Filice CARRIED
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FOLLOW UP ITEMS FROM FINANCE COMMITTEE (VPCON) MEETING As of May 2019
ITEM #
MEETING DATE
FOLLOW UP ITEM(S) ACTION TO BE
TAKEN BY
STATUS TARGET DATE
COMPLETED
1 2019/02/20 Invest $96,000 in 2 year GIC.
V. Fowler
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Victoria Park Community Homes 155 Queen St. North Hamilton ON L8R 2V6 P: 905.527.0221 T: 1-866-780-7275 F: 905-527-3181 E: [email protected] www.vpch.com
ReportDate: May 13, 2019 To: Finance Committee, VPM From: Veronica Fowler, CPA, CGA Subject: Victoria Park Community Homes (VPCON) 1st Quarter Results
Purpose
1. To review the 2019 1st Quarter results.2. To approve 1st Quarter Bad Debt Write Offs3. To recommend approval of the Source Deductions (January ‒ March 2019)4. To recommend approval of the Cheques Signed by Staff (January ‒ March 2019)5. To receive the Bank Reconciliation Attestations (December 2018, January ‒ March 2019)6. To review any Service Manager Correspondence7. Update on the Strategic Plan
1. 2018 2nd Quarter Result Summary
Please find attached a comprehensive 1st Quarter Update for VPCON.
The consolidated surplus at March 31st, 2019 is $1,200,062. With the Insurance reserve and AIR
potential adjustments the adjusted or revised surplus at March 31, 2019 is $1,013,281.
Victoria Park Community Homes 155 Queen St. North Hamilton On L8R 2V6 P: 905.527.0221 T: 1-866-780-7275 F: 905-527-3181 E: [email protected] www.vpch.com
We are still working on correcting some of the amortization issues that came out of the audit. The
Deprecation Expense on the Regulated Properties is too high. This will be corrected for the next
quarter report.
2. 1st Quarter Bad Debts Write off
Please find attached the Bad Debt Write Off Report.
We are recommending to write-off the following:
Write Off Q1 VPCHI 28,313 VPAHC 5,653 Total 33,966
3. Source Deductions for January to March 2019
All source deductions were submitted at their appropriate due dates during this time. Please see the attestations attached for each month.
4. Cheques signed by Staff January to March 2019
Date Cheque# Contractor Amount Corp. 25-Mar-19 50065 Clean-Getaway $1,050.90 VPCHI 25-Mar-19 50141 Woodhouse Group $1,352.27 VPCHI 26-Mar-19 11204 Itʼs New Again Painting $3,090.55 VPAHC
All remaining cheques were signed within the Policy D2.3 ‒ Signing Authority for the months of January to March 2019 for both VPCHI and VPAHC.
We missed December 2018 due to missing WFM statements and year end work; therefore, I have included December 2018 and January 2019 to March 2019.
6. Service Manager Correspondence
None
7. Update on Strategic Plan
As most of our time has been dedicated on the audit we have not made too much progress with the Strategic Plan. However, we do have two (2) very big projects that we will be working on over the summer which include the property by property assessments which we will elicit D. Robertson help.
This will include analysis of the negative subsidy issue under the HSA portfolios. The negative subsidy issue is something you will hear more and more about in the upcoming months. We are sitting on a working committee with ONPHA.
The second project is the new band subsidy program. We need to flush out more of the correspondence to tenants and how it will be rolled out.
Prepared by: Veronica Fowler, CPA, CGA
Manager, Finance & Administration
Approved by:
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Balance Beginning NetCurrent Period Balance Change
ASSETS
CURRENT ASSETS
CASH AND CASH EQUIV. 3,357,732 3,188,287 169,444
RENTS RECEIVABLE 237,298 318,074 -80,776
PREPAID RENT -366,544 0 -366,544
ALLOWANCE DOUBTFUL ACCOUNTS -117,932 -117,932 0
ACCOUNTS RECEIVABLE OTHER 1,986,023 2,198,440 -212,418
HST RECEIVABLE 396,643 765,448 -368,804
PREPAID EXPENSES 508,236 602,865 -94,629
TOTAL CURRENT ASSETS 6,001,456 6,955,183 -953,726
FIXED ASSETS
LAND 737,632 737,632 0
LAND AND BUILDING 123,867,140 123,867,140 0
CAPITAL IMPROVEMENTS 16,190,373 15,651,108 539,265
=SUMIFS(sum_rng, crit_rng1, crit1, crit_rng2, crit2)ALLOWANCE FOR DOUBTFUL ACCOUNTS AND BAD DEBT EXPENSES
Between Janaury 1 and December 31, 2019Victoria Park Community Homes Inc.
RESERVES WRITE OFF WRITE OFF WRITE OFF WRITE OFF RESERVES BAD DEBT EXPENSE BUDGETADDRESS 31-Dec-18 31-Mar-19 30-Jun-19 30-Sep-19 31-Dec-19 31-Dec-19 31-Dec-19 2019
Quarters 1 2 3 4
af05 2344 BARTON STREET EAST (2,367.47) 3,253.47 0.00 0.00 0.00 0.00 886.00 0.00255 KENORA AVENUE
SIGNED:Maggie Gallagher - Treasurer Steve Holman - Chair V.Fowler -Manager of Finance & Administration
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Hamilton, ONJune 7, 2019
I have not performed an audit or a review engagement in respect of these Financial statements and, accordingly, I express no assurance thereon. I am an officer of Victoria Park Community Homes Inc. and therefore not independent.
Readers are cautioned that these statements may not be appropriate for their purposes.
Manager, Finance & Admin.
NOTICE TO READER
On the basis of information provided by Victoria Park Community Homes Inc., I have compiled the balance sheet of Wentworth Condominium Corporation No. 49 as at December 31, 2018 and the statement of income, Replacement reserve, Insurance reserve and Contingency reserve for the year then ended.
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Wentworth Condominium Corporation No. 49
Balance Sheet 2018 2017
Current Assets
Accounts Receivable 17,576$ 17,576$
17,576 17,576
Current Liabilities
Accounts payable and accrued liabilities 4,484$ -$
Net Assets
Replacement reserve, per schedule 3,878 3,878 Insurance reserve, per schedule 4,000 4,000 Contingency reserve, per schedule 5,214 9,698
13,092 17,576
17,576 17,576
Approved by the Board
Chair, Audit
Treasurer
December 31, 2018
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Wentworth Condominium Corporation No. 49
Statement of Reserve for Future Replacement 2018 2017
Balance beginning 3,878$ 3,878$
Balance December 31 3,878 3,878
Statement of Insurance Reserve
Balance Beginning 4,000 4,000
Balance December 31 4,000 4,000
Statement of Contingency Reserve
Balance Beginning 9,698 3,507
Add (deduct)Surplus (deficit) (4,484) 6,191
Balance December 31 5,214 9,698
December 31, 2018
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Wentworth Condominium Corporation No. 49
Statement of Operations 2018 2017
Revenues
Maintenance Fees40 units x $ 105 x 12 mo 50,400$ 50,400$
Total Revenues 50,400$ 50,400$
Expenses
Management fees 10,200 9,123 Grounds 9,388 9,331 Repairs and maintenance 6,302 3,626 Electricity 898 1,052 Water and sewage 25,053 18,880 Insurance 3,044 2,197
Total Expenses 54,884 44,209
(4,484) 6,191 Excess (deficiency) of Revenue over Expenses Transferred to Contingency Fund
