Acceptance of agenda
Acceptance of previous meeting notes
Report of the property manager
Follow-up from meeting with the auditor
Report of treasurer
- Rent supplement: the treasurer sent a follow up email on March 27, 2022, to the Rent Supplement Office, was informed that the issue had been sent to a superior for review.
- Contract renewal: currently awaiting contract proposal from Brydges.
At its March meeting the board approved:
- Proposed Financial Management Policy Changes
- MCC Housing Agreement
- Unit Share Contribution Assistance Policy
- Participation in CHF Risk Management
- Proposed Changes to Occupancy Rules, including changes to Arrears Rules (Article 11)
Review of financial reports
The February reports were circulated. You access the consolidated report here.
The February reports have been compared to the CHF checklist here.
Monthly tasks for March
- Five rent supplement agreements expire in April. Members have been sent reminders.
- Audit reviewed by Finance Committee and presented to the Board.
- Auditor files File Federal Income Tax as part of their contract.
- Review Mortgage before anniversary date of April 16. Keep ACU abreast of any difficulties in getting them a final audit by April 1.
Budget Survey
- Click here for draft copy of Survey report. We should review the following suggestions.
· Developing worst-case projections for 2023,
· Developing contingency plans for worse case scenarios: cuts/fundraising
· Developing plans for the use of surplus funds if the surplus becomes too large.
· No fundraising as long as we have a substantial surplus.
· Using the surplus to address funding issues created by the government-imposed housing charge fees.
· Including additional notes in the quarterly reports that would act as heads up for the rest of the year and the next year’s budget.
· A vehicle for members/ groups of members to identify some costs or projects they would like the co-op to take on. These are things that won’t necessarily come from an existing committee.
· A budget for co-op activities. Costs tend to be covered by individual donations, coffee time proceeds, etc.
Annual report to the Board
- 2021 is over. We will have to present an annual report to the board at the next membership meeting. I have received no responses to the draft report that I circulated.
Investments
- Following a decision at our last meeting the treasurer transferred $20,000 from our community builder account to our monthly high-rate saving savings account.
- We could earn much better interest on the “restricted funds” account (our capital reserve) if we switched it from an accoun on which interest is calculated daily (at a low rate) to a monthly high rate savings account. When this account was established it was for externally restricted funds that were intended for construction and there was frequent movement into and out of the account. As such, it made sense to have interest calculated on a daily rate. That no longer applies. I am making the following recommendations:
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We switch the “Restricted Funds” account it to a Monthly High Rate Savings account. I would also recommend that we change the name of the Restricted Funds Account to “Replacement Reserve Account.”
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We change the name of the Community Builder Account to “Transit Account.” It would be an account into which we transfer received money ($50 member shares, payments from the federal government–which seem to be automatically made to this account) and from which the money can be transferred.
Coming/deferred issues
These are issues that cannot be addressed at the current moment, but we should consider in the future.
- Equity in rent. The reversing the rollback on the three- and four-bedroom units. Analyzing and addressing any other equity issues.
- Wiband surplus carried forward: This figure will be added to report once year end is completed.
- See if the two Financial Assistance Agreements with the province can be merged into a single agreement.
- Investigate buying out the lease.