965 Inverhouse Manor Financial

PEEL CONDOMINIUM CORPORATION NO. 98
FINANCIAL STATEMENTS AND AUDITOR'S REPORT

McDaniel
& Bushnell

CHARTERED ACCOUNTANTS

7100 WOODBINE AVENUE
SUITE 206
MARKHAM, ONTARIO
L3R 5J2

TEL. (905) 513-8913
FAX. (905) 513-5745
E-MAIL: mb@mbca.ca

AUDITOR'S REPORT

To The Owners
Peel Condominium Corporation No. 98

"We have audited..."
"We conducted our audit in accordance with Canadian generally accepted auditing standards."
"...in accordance with Canadian generally accepted accounting principles."

(Signature) McDaniel & Bushnell

CHARTERED ACCOUNTANTS,
Licensed Public Accountants

TORONTO, CANADA

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EXHIBIT A

PEEL CONDOMINIUM CORPORATION NO. 98
STATEMENT OF FINANCIAL POSITION

ASSETS

Bank
Investments, Note 4
Accounts Receivable, Owners
Prepaid Expenses

LIABILITIES

Accounts Payable and Accrued

FUND BALANCES

_____________

APPROVED BY THE BOARD:

(Signature) F. William Booth - Director

(Signature) James O'Brien - Director

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EXHIBIT B

PEEL CONDOMINIUM CORPORATION NO. 98
STATEMENT OF RESERVE FUND OPERATIONS

Revenue

Owner's Assessment - Budget, Note 3

Special Assessment

Interest Income

Expenditure

Domestic Hot Water Riser Replacements and
Engineers, Note 5 (B)

Exterior Cladding Repairs and Engineers

Roof Repairs

Plumbing Repairs

Reserve Fund Study Update

Garage Repairs

Weatherstripping

Elevator Modernization

Chiller and Cooling Towers

Excess (Deficit) of Revenue over Expenditure

Fund Balance, beginning of year

Fund Balance, end of year, to Exhibit A, Note 3

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EXHIBIT C

PEEL CONDOMINIUM CORPORATION NO. 98
STATEMENT OF GENERAL FUND OPERATIONS

Revenue

Owners' Assessment

Contribution to Reserve Fund, Note 3

Transfer from Operating Surplus

Parking Income

Interest and Sundry

Expenditure

Administration, Schedule 1

Contract Services, Schedule 2

Repairs and Maintenance, Schedule 3

Mechanical Services, Schedule 4

Building Exterior, Schedule 5

Utilities, Schedule 6

Access Controls System Improvements

Excess (Deficit) of Revenue over Expenditure

Transfer of Surplus to Current Year

Fund Balance, beginning of year

Fund Balance, end of year, to Exhibit A

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EXHIBIT D

PEEL CONDOMINIUM CORPORATION NO. 98
STATEMENT OF CASH FLOWS

Operating Activities

Source of Cash

Excess (Deficit) of Revenue over Expenditure

Prior Years' Surplus

Change In Accounts Receivable

Change in Rebates Receivable

Elevator Project Deposit

Change In Prepaid Expenses

Change In Accounts Payable

Increase (Decrease) in Cash

Cash - at beginning of year

Cash - at end of year

Cash Consists of:

Bank

Investments

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PEEL CONDOMINIUM CORPORATION NO. 98
NOTES TO THE FINANCIAL STATEMENTS

1. Purpose of the Corporation

2. Significant Accounting Policies

(A) Fund Accounting

(B) Accrual Basis of Accounting

(C) Common Elements

(D) Use of Estimates

3. Reserve Fund

4. Investments

RES - Province of Ontario
CPN - Province of British Columbia
CPN - Province of Ontario
CPN - Province of Ontario

5. Major Commitments

(A) Bulk Cable Services

(B) Domestic Hot Water Riser Replacements

(C) Management Fees

6. Budget

7. Remuneration Fees

8. Financial Instruments

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SCHEDULE 1

SCHEDULE OF ADMINISTRATION EXPENDITURES

AUDIT FEES
INSURANCE
OFFICE EXPENSES
PRINTING / POSTAGE / AGM EXPENSES
TELEPHONE and COMMUNICATIONS
CONSULTING FEES
SUPERINTENDENT SALARY
ASSISTANT SUPERINTENDENT
BENEFITS

SCHEDULE 2

SCHEDULE OF CONTRACT SERVICES EXPENDITURES

MANAGEMENT FEE
PEST CONTROL
CLEANING SERVICES
WINDOW CLEANING
MECHANICAL PREVENTIVE MAINTENANCE
ELEVATOR SERVICE
FIRE PROTECTION
GARAGE CLEANING
AIR CONDITIONING
POOL and RECREATION
LANDSCAPING / SNOW REMOVAL
CABLE TELEVISION
INTERCOM
GENERATOR

SCHEDULE 3

SCHEDULE OF REPAIRS & MAINTENANCE EXPENDITURES

SECURITY
FURNITURE / DRAPES / CARPETS
GENERAL BUILDING
MATERIALS and SUPPLIES
LIGHTING FIXTURES and SUPPLIES
DOORS and HARDWARE
PAPER and PAINT MAINTENANCE

SCHEDULE 4

SCHEDULE OF MECHANICAL SERVICES EXPENDITURES

GARBAGE DISPOSAL
GENERAL MECHANICAL
ELECTRICAL
GARAGE DOORS
PLUMBING
HEATING SERVICE

SCHEDULE 5

SCHEDULE OF BUILDING EXTERIOR EXPENDITURES

BUILDING EXTERIOR
ROOFS and FLASHING
WINDOWS, GLASS and SCREENS
PAVING and CONCRETE
POOL SUPPLIES
LAWN SPRINKLERS
LANDSCAPE IMPROVEMENTS
FENCING

SCHEDULE 6

SCHEDULE OF UTILITIES EXPENDITURES

HYDRO
WATER
GAS

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