Board of Directors (PDF)

Non-profit housing organizations are governed by a group of volunteers called the Board of Directors. This fact sheet outlines the key elements for establishing a board of directors.

Conflict of Interest and Fraud (PDF)

Housing organizations should have policies to prevent conflict of interest and fraud situations from arising. This information sheet helps groups to understand and avoid these issues.

Effective Policies (PDF)

Why does a housing organization need policies? This information sheet outlines the advantages.

Developing a Housing Management Plan (PDF)

A management plan is a detailed operating plan to help a housing organization achieve their objectives. This information sheet describes the main components.

Dealing with Late Payments (PDF)

The majority of tenants or members pay their rent on time. This information sheet has some advice in cases where some tenants or members occasionally or regularly do not.

Budgeting Basics (PDF)

For housing organizations, budgeting is the process of setting of financial performance targets based on the goals and objectives of an organization for a specified period. This tip sheet outlines the key steps to developing a sound budget.

Transcript

(Visual: Argyle Park housing)

Narrator:

The main objective of a budget is to make sure you have enough revenue to cover your expenses. You should prepare a budget every year, and monitor it regularly to make sure you are on track.

Your organization’s viability should be first and foremost, even if this results in an increase in rents or housing charges in order to balance the budget.

(Visual: English Narrator)
Text on screen: “Prepare a Budget”, “Monitor Regularly”
Text on screen: Title- “Accurate Forecasting”

Narrator:

Your biggest revenue is the rent, or housing charges you collect, so it is essential you keep on top of the tenant and member payments. Supplementary revenue can also include earnings from things like laundry or parking facilities.

Common expenses include mortgage payments, property taxes, and maintenance costs. Operating costs, including utilities, are large expenses, so make sure to educate tenants to be conscious of these.

Getting quotes and looking at past expense statements can help you accurately plan for the coming year.

Text on screen: “Biggest Revenue is Rent”, ”Keep on Top of Payments”, “Common Expenses” (Bullets: Mortgage Payments, Property Taxes, Maintenance Costs), “Operating Costs Are Large Expenses”, “Educate Tenants to Be Conscious”, “Get Quotes”, “Look at Past Expense Statements”
Text on screen: Title- “Careful Planning”

Narrator:

Plan for the long term because units and buildings degrade over time. It’s a good idea to have a waiting list to fill empty units, and also to perform preventative maintenance in between tenants.

Health and Safety issues must be addressed immediately so ensure there are funds set aside for unforeseen expenses.

You should also have a healthy capital replacement fund based on your current and future needs.

Text on screen: “Waiting List”, “Fill Empty Units”, “Preventative Maintenance”, “Address Health and Safety Issues”, “Ensure Funds Are Set Aside”
Text on screen: Title- “Argyle Park Housing Co-operative, Regina, Saskatchewan”

Opening: (Argyle Park Housing)

Lorraine Schindel:

I enjoy doing the finances because to me it’s like putting together a puzzle. You’re entering income, you’re entering expenses, and then at the end of it all,  you come up with either a surplus or a deficit.

At Argyle Park Housing Co-op, the Board of Directors are the ones that are legally liable and responsible for the co-op, so we need to provide them with monthly financial statements, with comparisons to budget, so they can have a good picture of the financial stability of the housing co-op.

(Visual: Interview of Lorraine)
(Text on screen: Lorraine Schindel- Accounting)
(Visual: B-roll of Lorraine assisting tenant with debit transaction, Argyle Park Housing Co-op sign, Board of Directors meeting, Lorraine working in office)

Bruce Lotts:

Members other than the Board are involved in two ways: we have a finance committee of several members. Their particular focus is on developing the budget. We present that budget to our members in a special meeting that's held in the late spring every year.

(Visual: Interview of Bruce)
(Text on screen: Bruce Lotts- Board Member )
(Visual: B-roll of Lorraine working, Board meeting)

Lorraine Schindel:

The most important things in managing finances are that you need to have a plan, you need to practice good asset management, and keep your co-op in good repair at all times. We also need to make sure that we're keeping our housing co-op full to be able to meet all of our expenses.

(Visual: Interview of Lorraine)
(Visual: B-roll of Argyle Park housing-exterior and interior)

Text on screen: Ready to create your own budget? Visit CMHC.ca/Affordablehousing to learn more about the financial management of your organization.)

(CMHC logo on screen)
(Canada wordmark)
(Social Media Icons)

(Music ends) 

Explore related content using the tags below:

Date Published: March 31, 2018