Minutes – 01 December 2014

  Board, Director, Minutes

Dalhousie Non-Profit Housing Co-operative
Board of Directors Meeting, 1 December 2014
755 Somerset Street West, Ottawa, ON

Present:  Guillermo Camacho, Krishna Bera, Ignacio Rodriguez, Wendy Dixon
Regrets:      Robert Brown, Shannon Balla
Others:  Penelope Winter, Fazeela Jiwa, Hedra Saparno, Chad Atton, Ashley Atton
__________________________________________________________________________

The meeting was called to order at 7:10pm.  Krishna Bera chaired the meeting.  Penelope Winter took the minutes.  Quorum was established with four directors present.

  1. Adoption of the agenda

Moved by/Seconded by                   Wendy Dixon/Guillermo Camacho              Adopted
BE IT RESOLVED THAT the agenda be approved as circulated.

  1. Minutes from meeting November 17, 2014

Moved by/Seconded by                   Guillermo Camacho/Ignacio Rodriguez       Adopted

BE IT RESOLVED THAT the minutes of the meeting of November 17, 2014 be approved.

  1. Resignation of Director

Office staff read a letter of resignation from the treasurer on the Board of Directors, Paula Jean Louis.
Moved by/Seconded by                   Guillermo Camacho/Ignacio Rodriguez       Adopted
BE IT RESOLVED THAT the Co-op accept the resignation of Paula JeanLouis as a board member.

  1. Management Contract

Krishna Bera reported that CHASEO has suggested the Co-op use Marie-José Houle as a consultant to work with the Co-op on the management options project.  The cost will be the standard CHASEO rate of $50 per hour.
Moved by/Seconded by                   Ignacio Rodriguez/Guillermo Camacho       Adopted
BE IT RESOLVED THAT the Dalhousie Non-Profit Housing Co-operative proceed with the first phase of the management review as per the CHASEO proposal.

  1. Draft Audited Financial Statements

Hedra Saparno from Collins Barrow introduced himself and gave an overview of the role of the auditor.
He explained that the threshold of materiality of 20% meant that any transaction over $18,000 was reviewed and that for transactions that were less than the threshold, a sample review was undertaken.
He presented the auditor’s letter (clean audit) and then proceeded to review the Balance Sheet and Statement of Operations and reviewed some of the key notes.
In particular, he raised the issue of the HST rebate recent moves by Canada Revenue Agency to disallow some of the claims.  He also drew directors attention to the note on related party transaction.

  1. AGM Date:

The board tentatively set the date of the AGM for January 20, 2015.

  1. Next Meeting

The next meeting of the board will be on December 9, 2014.
The meeting was adjourned at 9:15pm.
CERTIFIED to be the minutes of an in-camera meeting of the Board of Directors of Dalhousie Non-Profit Housing Co-operative Inc. held on December 1, 2014.

Signed
Guillermo Camacho, President                                                          Date
Krishna Bera, Corporate Secretary                                                    Date