Part of Groupe Engitec’s mission is to ensure on our customers’ behalf of a healthy financial situation of their properties.
We are hereby enclosing some financial statements of three buildings under our managements, all of them located in Montreal area. For confidentiality reasons we can not identify the condominiums by name.
In the first building, we were mandated to take over the management of the building in August 31, 2000. In our first year (as of August 31, 2001) we managed to reduce the expenses by over $30,000.
Some of the items that contributed to the decrease in expenses were the salaries, repairs, maintenance and equipment.
These major savings were the results of the implementation of preventive maintenance and constant supervision of employees and suppliers as well as tight cost controls.
The enclosed document reflects some of the above statements : < Batiment # 1 Financial Doc . >
Groupe Engitec took over the management of this building in April of 1996.
As it can be seen from the financial statements the reserve funds was at $92,278 and the expenses were higher than the revenues by $5,910 (the association was running a deficit of $ 5,910) as of January 31, 1996.
At that time the balance left in the mortgage for the superintendent’s apartment was $72,000.
Within six years (see financial statements as of January 31, 2003) the reserve fund more than doubled to $215,392, the expenses decreased to $240,814 (the expenses in 1996 were $256,430), the balance left in the superintendent’s apartment is at $10,000 and investments of over $300,000 have been made to upkeep the building.
The enclosed document reflects some of the above statements : < Batiment # 2 Financial Doc . >
** Please note that the downloading time of this document may be relatively long eventhough you have a high debit rate connection.
Groupe Engitec’s mandate for management of this building started in September 2003.
The funds in the reserve fund increased from $180,393 in 2003 to $248,371 in 2004 an increase of $67,978 which represents 38% over a period of 9 months (since we took over in Septemebr 2003 and the financial year end is May 31).
During the same period the excess of income over expenses increased from $30,870 in 2003 to $77,135 in 2004. This was achieved by reducing the repairs and maintenance costs by using our building expertise.
The enclosed document reflects some of the above statements : < Batiment # 3 Financial Doc . >
** Please note that the downloading time of this document may be relatively long eventhough you have a high debit rate connection.
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