Following the AGM held on October 6^th, 2019, a written request was made to the Board of Directors regarding the finances of the Corporation and that an informational meeting be held to explain numerous unaddressed issues and questions of residents. Some of the issues included the following:

1. The Board refused to hold a required general meeting to consult with residents and properly obtain a resolution via a private polled vote to spend more than $100,000 for permanent roof anchors clearly not required. The Board has refused to respond as to why they clearly avoided a meeting with residents and refused to permit a private polled vote on this matter.
2.  The Board was questioned as to why the notes to the financial statement presented at the AGM stated that “during the year ended June 30, 2016 the organization made a motion for a special assessment of $950,000 to be placed into the Reserve”. The Board has refused to provide a copy of this supposed resolution and explain why the word organization was now being used to replace the word corporation as defined and required by our Bylaws. 
3. The Board proceeded with a major capital expenditure for landscaping, once again refusing the presentation to residents or any effort seeking their required approval for both the expenditure and how it is to be funded.
4. The Board proceeded with a capital expenditure for front signage again with no consultation with residents or effort to seek their required approval. Further, the Board proceeded in direct contradiction to a signage resolution passed at a previous AGM with the support of residents. Again, the Board has refused to respect this resolution.
5. The Board insisted upon (with no consultation with residents) penalizing residents or their visitors for parking in resident visitor parking for more than four hours. This as a result of parking violations by our resident president and contractors. Again, the Board refuses to ensure enforcement and contractor violations continue every day. The commercial owner and tenants continue to illegally park in commercial visitor parking as well.
6. The AGM was advised of the most recent resident review of invoices and its findings which revealed amounts owing to the Corporation by the commercial owner ($11,625.85) which they have refused to pay. This amount includes costs of their renovations paid by Spadina and their share of common expenses that they have refused to pay. The resident review of a one year period also included a further $13,000 of illegitimate expenditures paid by the property manager. Why did NO RESIDENT BOARD member question this illicit and illegitimate use of resident funds? Who knows how much more will be revealed upon the next resident review? Residents must not permit the commercial owner, management and the Board to refuse resident access to invoice and related documents that they are fully entitled to. At the time of the resident review of invoices, the Board was presented by the commercial owner with an invoice for their new front door entrance for their condo unit 1. The Board has refused to confirm who in fact paid for this door and entrance way.
7. The Board was provided with a resident assessment of the financial position of the Corporation which portrayed a very troubling situation due to careless spending on unnecessary expenditures including the totally unnecessary $100,000 plus on permanent roof anchors where fully safe, certified and compliant temporary anchors would have continued to serve well as they have for more than 40 years. The Board continues to reject any resident request to halt the totally irresponsible spending and rapid depletion of our Reserve Fund. Why are Reserve Fund financial reports not provided monthly instead of once a year?
8. Operating expenses can be reduced dramatically. Yet, the Board refuses to allow residents an opportunity to express their thoughts and comments on this matter at a general meeting.

Before going to another Annual General Meeting, residents should be given an opportunity to become much more informed through mutual consultation with the Board of Directors rather than the usual avoidance and rejection they experience at AGM’s. The Board should no longer be permitted to shy away and avoid a town meeting promised long ago by the Board.  

A general meeting must be held very soon to hear about how and why our money is being spent! A resident review of invoices and other source documents must take place prior to the meeting in order that all residents have an opportunity to receive assurance that no further illicit or illegitimate use of their funds has taken place since the last resident review. Financial mismanagement of the Corporation has dramatically reduced the level of our Reserve Fund which will be totally depleted in the next 2-3 years. This has resulted in a severe negative impact upon property values at Spadina Towers where market values have been reduced by 15 – 30%.  

You will be asked in the near future to support a general meeting to discuss these and other issues that residents may have. This is no time for silence. It’s time to speak up!