December 3, 2020 ‘The Owner ‘Toronto Standard Condominium Corporation No. 2459 23 Glebe Road West ‘Toronto, Ontario Dear Owner(s): ‘**Reschedule Annual General Meeting (AGM) ~ Wednesday January 6, 2021 held Via Zoom** Attached please find the following: 1. Notice of Meeting on the prescribed form. Agenda. Minutes of the AGM held January 21, 2020. Audited financial statements for fiscal year ended May 31, 2020. A By-Law Authorizing Electronic Owners Meetings and Electronic Voting, Candidate Disclosure form from candidate who wishes to run for the board. Instructions for completing the Proxy form. Proxy on the prescribed form. You are invited to attend the Annual General Meeting of TSCC 2459 on January 6,2021. Registration from 7:00-7:30 pm, call to order at 7:30 pm. Join Zoom Meeting via computer, iPad, iPhone: https://us02web.zoom.us/j/89919; pwd RUIHcEZLcGhidzlINUMOQTO9 Meeting ID: 899 1925 3867 Passcode: 954081 OR Dial by your location via cell phone or landline 647 558 0588 or 647 374 4685 Canada Meeting ID: 899 1925 3867 Passcode: 954081 To ensure that we achieve quorum, please submit your proxy if you are unable to attend the AGM. Please submit your proxy in one of the following ways: Email to tse@tsems.com Fax to 905-882-0228, Drop off at the Management Office at 23 Glebe Road West or Concierge Desk after office hours, Hand to a Director on the Board. On or before January 6.2021. vvvy Sincerely, Anthony Tucci ‘TSE Management Services Inc. As Agents for TS.CC. # 2459 ‘Toronto Standard Condominium Corporation No. 2459 23 Glebe Road West. Totoato, Ontatio MSP AL Tek 416-483-4385 | Fas: 416-483-2224 | Email esce459@n>, be ic) Ministry of Government i i Ontario ma cchstimerserces Notice of Meeting of Owners Information about an upcoming meeting of owners Instruction This PDF form can be filed out electronically and then saved or printed. When filed out electronically, the form is dynamic — for example, text boxes will expand as you enter information, and checking certain boxes may cause items to ‘appear or disappear as necessary. The blank form can also be printed in full, and then filled out in hard copy. If you are filling out the form in hard copy and you need more space, you may enclose additional sheets of paper with the form, General Meeting Information ‘Gondominiumm corporation's name Toronto Standard Condominium Corporation No. 2459 ‘Section 1, Date and Time of the Meeting Wednesday January 6, 2021 at 7:30 P.M (Registration at 7:00 P.M.-7:30 P.M.) ‘Section 2. Place of the meeting HELD VIA ZOOM-LINK TO MEETING IN SECTION 3 BELOW ‘Section 3. The nature of the business to be presented at the meeting Is (@ meeting agenda may be Included with this form) Annual General Meeting-See Attached Agenda Join Zoom Meeting via computer, iPad, iPhone: hitps://us02web.z0om.usi/89919253867 ?pwd=eTRONOJ2RUINcFZL cGhjdzlINUMOQTOS Meeting ID: 899 1925 3867 Passcode: 954081 or Dial by your location via cell phone or landline 647 558 0588 or 647 374 4685 Canada Meeting ID: 899 1925 3867 Passcode: 954081 Section 4, Please describe below the quorum needed for any part of this meeting ‘The quorum needed for this meeting is the owners of 49 out of 195 units in the corporation. “The reference to “units” here does not include units that are intended for parking, storage purposes, or for the purpose of providing space for services or facilities or mechanical installations, unless all of the units in the corporation are those kinds of Units, Only owners that are entitled to vote at the meeting and are either present at the meeting or represented by proxy can ccount towards quorum. If this is a pre-turnover meeting under s. 42(8) of the Condominium Act, 1998, please see s, 42(10) of the Act to determine who counts towards the quorum. ‘Section 5. A by-law of the corporation authorizes methods of being present at the meeting, in addition to attending in person or by proxy (e.g.. by phone or online): Lives [No The methods of being present are ¥ Not Applicable Section & A bylaw ofthe corporaion authorizes voting methods, in addon to voting by a show of hands, by ball, by proxy (e.g., by phone or online), [Yes [No ‘© ceens Print for Oar, 2018 Depo on rang Paget ota‘The methods of voting are ¥ Not Applicable ‘Section 7. Ifyou wish to be present at the meeting by proxy (for purposes of quorum) or to vote on any maiters by proxy, you ‘must use the mandatory proxy form. The form is available on the Government of Ontario website. It may also be available from your corporation. ‘Section 8, Please check any of the following that apply to the upcoming meeting: Section 8. [Z) This is an annual general meeting. A copy of the corporation's financial statements and the auditor's report if any) are included with this notice Section 8.8 [Z) This is a meeting to elect one or more directors (including a meeting requisitioned under s. 46 of the Condominium Act, 1998 that may include the election of one or more directors). ‘The number of positions on the board that are or could be the subject of an election at the meeting, and the term or remaining term of each position, are ¥ ‘There is one three-year position for director to be elected at this meeting Of the remaining two directors one has two-years left on their term and one has one-year left on their term. Instruction for person filling out this form: If his is a meeting to elect one or more directors under s. 48 of the ‘Condominium Act, 1998 (ether to fil a vacancy on the board, or following the removal of any directors), please enter the ‘maximum number of positions on the board that could be the subject of an election at the meeting. The number of positions that are or could be the subject of an election at the meeting and that are reserved for voting by owners of owner-occupied units is ¥ Total number of positions on the boardis ¥ 3 Candidates ‘These are the names and addresses of each individual who has notified the board in writing of their intention to be @ candidate by the specified deadline: Name of Candidate [Address of Candidate [Position {ecect one or both if appliabe) Paul Parsons [23 Glebe Road West [7] Candidate for postion for _[-] Candidate for poston Toronto, Ontario MSP 0A1 | which all owners may vote — reserved for voting by owners of owner-occupied units ‘A copy of any disclosure statements and information provided by the candidates is included with this notice Note: For information about disclosure obligations and qualifications, see s. 29(1) of the Condominium Act, 1998 and ‘11.6 of Ontario Regulation 48/01 under the Condominium Act, 1998, copies of which are Included with this notice. Section 8.6 [Z] This is a meeting to remove or appoint an auditor. ‘The name of the aucitor proposed to be removed and the reasons for removal Name of Auditor(s) [Reasons for removal Rapkin Wein LLP [The directors recommend the reappointment of the current auditors, Poge 204Name of Auditor(s) Reasons for removal ‘A copy of any written representations made by the auditor who is proposed to be removed are included with this notice. ‘The candidates for auditor whose information was provided before the specified deadline are: Name of Auditor(s) [Address (Street Address, Postal Code, Telephone Number) Section 8.0 C1 This meeting was requisitioned by owners under s. 46 ofthe Condominium Act, 1998. Section 8 (C1 This is 2 meeting for the purpose of considering an addition, alteration, improvement to the common elements, a change in the assets of the corporation, or a change in the service of the corporation, or for the purpose of considering the installation of an electric vehicle charging system to be carried out in accordance with s. 24.3 (6) of Ontario Regulation 48/01 made under the Condominium Act, 1998. Section 8.F This is a meeting to discuss proposed changes to the declaration, description, by-laws, rules or any agreements. ‘A copy of all proposed changes to the declaration, description, by-laws, rules or agreements that are to be discussed at the meeting are included with this notice. Section 8.6 [J Thisis a meeting relating to amalgamation under s. 120 of the Condominium Act, 1996. Section 9. [5] Additional material (including any record of the corporation) in a submission from owners, made by the deadline specified in the preliminary notice, is being included with this notice. ‘Section 10. [A by-law of the corporation requires that additional material be included with this notice. Note for common elements condominium corporations: If your corporation is a common elements condominium corporation, all references in this form to "unit(s)" should be read as references to "common interest(s) in the corporation," and all references to “unit owner(s)" should be read as references to ‘the owner(s) of a common interest in the corporation’. ‘Section 11 Optional: Additional material that is not required by a by-law of the corporation is included with this notice, Page sotDated this 03, day of December + 2020 ay of month ‘month year Pages orAGENDA: ANNUAL GENERAL MEETING - T.S.C.C. NO. 2459, HELD VIA ZOOM MONDAY January 6, 2021 REGISTRATION: 7:00 P.M. CALL TO ORDER: 7:30 P.M. AGENDA: L 2, 3. 4. 9. Certification of Quorum. Call to Order. Approve Minutes of the Annual General Meeting held January 21, 2020, Presentation of Financial Statements and Audit Report for the Fiscal Year ended May 31, 2020. Appointment of Auditor for the 2020/2021 Fiscal Year. President's Report. A By-Law Authorizing Electronic Owners Meetings and Electronic Voting. Election of One Director. Election Results. 10. Question period/New Business. 11. Termination of Annual General Meeting. ‘Toronto Standard Condominium Corporation No, 2459 23 Glebe Road West. Toronto, Ontario MSP 0A ‘Tel: 416-483-4333 | Fa: 416-485-2224 | Email tsce2659@rogers comTORONTO STANDARD CONDOMINIUM CORPORATION NO. 2459 ANNUAL GENERAL MEETING “Allure Condominiums” MINUTES OF THE ANNUAL GENERAL MEETING OF THE UNIT OWNERS of Toronto Standard Condominium Corporation No. 2459 held in the Party Room at 23 Glebe Road West, Toronto, Ontario, on Tuesday, January 21, 2020 at 7:00 p.m. Representing the Board Olga Constantopoulos President Anthony Rizzo Treasurer Lisa Sinopoli Secretary Representing Property Management Malcolm Marcus President, TSE Management Services Inc. ‘Adam Bogoroch Condominium Manager, TSE Management Services Inc. Guests Carrie Stright Auditor, Rapkin Wein LLP (departed at 7:38 p.m.) Wendy Misener Recording Secretary, INaMINUTE Ltd. 1.0 CALL TO ORDER At the invitation of the Board, Malcolm Marcus of TSE Management Services Inc., presided as Chair and called the Annual General Meeting (“AGM”) to order at 7:04 p.m. The Chair introduced the head table. The Chair asked that Owners to provide their name and unit number prior to addressing the meeting and that unit-specific questions be addressed to Management after the meeting terminated. 2.0 CONFIRMATION OF QUORUM The Chair reported that 28 units were represented in person and 22 units by proxy for a total of $0 units which satisfied Quorum, in accordance with the Condominium Act, 1998. With a Quorum present and proper notice having been given, the Chair stated that the Annual General Meeting was duly constituted to conduct business. 3.0 PROOF OF NOTICE The Chair stated that the Notice of Meeting, dated January 3, 2020, was sent within the required 15 days to each registered Owner or Mortgagee, in accordance with the requirements of the Condominium Act, 1998 and the By-Laws of the Corporation, and was available to the Owners at the meeting. Minutes of the Annual General Mesting TSC HSS January 21, 2020 Page 14.0 APPROVAL OF ANNUAL GENERAL MEETING MINUTES ‘The Chair noted that the minutes of the Annual General Meeting held on October 30, 2018 were duly mailed with the Notice to all Owners/Mortgagees of the Corporation. On a MOTION by Michael Katz (Unit 412), seconded by Esther Ifrah (Unit 616), it was resolved (0 dispense with the reading of the minutes from the Annual General Meeting of Toronto Standard Condominium Corporation No. 2459 held on October 30, 2018 and to adopt them into the record, as presented. The motion was carried. 5.0 PRESENTATION OF AUDITED FINANCIAL STATEMENTS The Chair introduced Carrie Stright, Auditor from Rapkin Wein LLP, to present the audited financial statements for the period ending May 31, 2019. The Auditor directed the meeting’s attention to the Independent Auditor’s Report and explained that the Auditor’s responsibility was to the Owners of the Corporation. The Auditor did not report to the Board or the Management Company and their role was to express an opinion. The Auditor declared that the financial statements of TSCC 2549 presented fairly in all material respects, and that the financial position of the Corporation was in accordance with Canadian accounting standards for non-profit corporations. ‘The following were highlighted: # Assets totalled $1,440,000 ‘© Liabilities totalled $347,000 Net Assets totalled $1,09: )0, comy d to 2018 when they totalled $855,000, shectore. Net Assets had increased by $237,000 year-over-year. Operating Fund revenues totalled $931,000. © Operating Expenditures totalled $934,000, mainly for expenditures for the Concierge, cleaning, the Superintendent, utilities, landscaping, HVAC, insurance and management fees, resulting in a small deficit of $3,000. © The Reserve Fund balance totalled $695,000. Fee contributions totalled $270,000 and expenditures totalled $58,000 and included repairs to the boiler, the cooling tower, and the sprinkler system. The remaining balance of $211,000 in revenue contributed to the Net Assets. ‘+ The Capital Asset Operations account captured the mortgage on the guest unit. There was $21,000 paid toward the mortgage principle, which increased the Net Assets. ‘© The capital lease for the garbage recycling equipment showed an excess of revenue over expenditure of approximately $8,000, increasing the Corporation’s assets. The increase to Net Assets totalled $237,000 resulting mainly from the Reserve Fund ssets and the Capital Assets. . . insferred from the Operating Fun y ‘The floor was opened for questions to the Auditor. Minutes ofthe Annual General Medtng TSCC HSS January 21,2020 Page 2Michael Katz (Unit 412) asked why the housekeeping expense was so high compared to the budget and, additionally, why the insurance premium had increased by 50% over the prior year. The Auditor responded that of the $62,000 balance in the Housekeeping account, some of the expenses were as follows: ‘* $20,000 for general housekeeping © $6,900 for dryer vent cleaning © $2,250 to paint locker floors and kitchen $2,169 for the corner brackets for the parking garage, $1,500 for supplies. $1,057 for chairs and tables for the lounge, $5,000 for hardware and doors, $1,000 for a lock set and lever, $1,000 for party room locks, $500 for key fobs. * A$20,000 deductible was paid resulting from a damage claim. ‘The Chair added that the insurance premium increase was not unexpected as overall insurance costs for condominiums had increased significantly. M. Katz inquired about the decline in the cash flow during the current year. ‘The Auditor replied that some accrued costs could be affecting the balance and she advised that a copy of the accrual breakdown was available. The Auditor provided M. Katz with her card in order to request a breakdown of the accrued expenses via email. Navid Qaragozlou (Unit 712) inquired why the housekeeping budget for 2019 had doubled over the prior year. ‘The President replied that it was difficult to budget repairs as they had to be performed as they arose. Funds were available for upkeep so that repairs could be performed in a timely fashion to avoid building deterioration. She noted that the budget had doubled from the prior year as more repairs were required as the building was aging. N. Qaragozlou asked the Auditor to provide him with a breakdown of the housekeeping expenses for 2018 and 2019. Management responded that the Owner should send his request to him and he would forward it to the Auditor. Paul Parsons (Unit 905) asked why the AGM had not been scheduled earlier so that the financial information could have been provided to Owners in a timely fashion. The Chair responded that the scheduling of the AGM had not been as timely as they wanted due to extenuating circumstances and that, in future, they would work to have the meeting scheduled in accordance with the six (6) month post year-end Audit requirement. ‘The President added that the inability to achieve quorum on several occasions had affected the timeliness of the AGMs. ‘The Auditor added that variances could be included in her next report, which would provide over/under spending specifics. Management responded that variances would be requested for the next Auditor’s report. Sheila Flynn McGrath (Unit $04) inquired whether the individual who provided yoga classes charged fees, and, if so, if she was charged a fee to rent the room. ‘The Secretary responded that the individual lived in the building and offered the service, which ‘was limited to building Residents. A room fee was not charged as the facilities were available and were not a direct cost to the Corporation, Minutes of the Annual General Meeting FSCO 2A Jamuary 21, 2020 Page 3Ms. Molfino (Unit 205) asked whether the healthy Contingency Fund could offset a maintenance fee increase. The Chair responded that a large portion of the fees were allocated to the Reserve Fund each year, in accordance with the Reserve Fund Stud The President “deine sing ELEM vs, most common element fee in mirrored the cost of living. She noted that, as Owners, the Board strove to budget as prudently as possible. Laurie Sims (Unit 1005) inquired whether the closing Reserve Fund balance, which was lower than what was estimated in the Reserve Fund Study, was a cause for concern. The Chair advised that some expenses were unexpected, and that the Reserve Fund Study was updated every three (3) years to account for this. An updated Study had just been completed. An Owner (Unit 807) asked why the amount posted to the guest unit account was identical to the prior year. ‘The Auditor responded that it was an allocation from the common element fees into the Capital account and was used to pay the guest unit mortgage, which was constant each year. ‘The Same Owner asked whether the revenue was different from the prior year. ‘The President noted that revenue had increased by approximately $3,000 over the prior year. The Chair confirmed that two (2) Owners would receive email responses from the Auditor. There being no further questions, the Chair thanked the Auditor who departed at 7:38 p.m, 6.0 APPOINTMENT OF AUDITORS The Chair called for a motion to reappoint Rapkin Wein LLP as the Auditor for the 2019-2020 fiscal year. On a MOTION by Michael Katz (Unit 412), seconded by Sheila Flynn McGrath (Unit 504), it was resolved that in accordance with Section 62(b) of the Ontario Condominium Act, 1998, Rapkin Wein LLP be appointed Auditor of the Corporation, to hold office until the close of the next Annual General Meeting of the Owners, or until their successors are appointed, at a remuneration to be fixed by the Board and that the Board is hereby authorized to fix such remuneration at a duly called meeting of the Board. The motion was carried. 7.0 PRESIDENT’S REPORT ‘The Board President thanked the Owners for attending the meeting and providing quorum. She reported the following achievements during 2019: * The Corporation’s cleaning staff had not been treated fairly by Aragon, the previous cleaning company. As the Board did not want to lose these dedicated staff, they asked ‘them to work for another company who compensated them fairly, provided benefits and where they felt appreciated. Minutes of the Annual General Meeting TSCC RASS January 21, 2020 Page 4© Guest unit upgrades were completed, and the rental fee was increased. The Corporation obtained a commercial mortgage rate for the guest unit, which would be paid by the renewal date, eliminating interest and capital expenses. * The Party Room had been re-configured. The study desks were moved to the unused space on the 2" floor in front of the gym to provide a quiet space, and to ensure those studying would not be affected by the pool table use in the Party Room. © S 19. Concierges were instructed that if a person was unknown, they would require Resident confirmation upon entry. Unknown persons attempting to enter the building behind incoming Residents should be asked to gain intercom admittance. Paint touch ups, door kick plate and wallpaper steel border repairs were performed.to ensure a high level of building maintenance. Carpet cleaning was increased to twice annually, as was window washing, © In order to ensure that all vehicles were removed during garage cleanings, the Corporation incurred an expense to reimburse Residents for altemative parking to a maximum of $20, as the City refused to continue to accommodate the Corporation for street parking. Paid parking would be offered during future garage cleanings. «Dryer duct cleaning was performed by the Corporation as it was a fire safety measure, and not all Residents were likely to perform the procedure themselves, © The interlocking stone on the driveway required repair. The Developer had attempted repairs on five (5) or six (6) occasions and the issue had not been resolved. The Developer proposed asphalt, not concrete, as a solution, which was unacceptable to the Board. The Board decided to request the building’s Engineer meet with the Developer's contractor to perform an assessment, and to develop a method to repair the interlocking stone. Once this repair was completed, the Board would approve the final Tarion documentation. The Chair thanked TSE Management Services for their guidance and expertise, and she reiterated her appreciation for the Owners” attendance. 8.0 ELECTION OF DIRECTORS ‘The Chair advised that one (1) position for a term of three (3) years was available for election to the Board of Directors. Prior to the delivery of the Notice, Owners were requested to notify the Board if they were interested in standing for election. The following candidate informed the Corporation of their intent to stand for election: ‘© Olga Constantopoulos The Chair opened the floor for nominations and called three (3) times for nominations. On a MOTION by Barbara Aybars (Unit 802) seconded by Paul Parsons (Unit 905), it was resolved 10 close the floor to nominations The motion was carried. Minutes ofthe Annual General Meeting TSCC 2459 January 21, 2020 Page S9.0 | ELECTION RESULTS The Chair announced: Olga Constantopoulos (Unit 808) was duly elected by acclamation to the Board of Directors for a term of three (3) years or until a successor is duly elected or appointed. 10.0 QUESTION PERIOD/NEW BUSINESS A Tenant (proxy for Unit 907) inquired why concrete was not suitable to replace the interlocking stone in the front driveway as this would serve the area better than pavers. The Secretary responded that the Developer had offered asphalt as an option to replace the pavers, but not conerete, As interlocking stone was the preferred option, the Board decided that they wanted to determine why the interlocking stone in the building necessitated constant repair, when other buildings with the same stones did not. The Tenant advised that the reconfiguration of the new party room inconvenienced some Owners, and she noted that the pool table was dirty; the pockets were torn, and the bumpers were damaged and required repair. The Secretary responded that her recommendations should be forwarded to her landlord who could then forward them to the Board. She noted that as the 2nd floor space was previously unused, moving the desks helped provide separate spaces for recreation and study. The President added that pool game could only be played in a specific room, whereas other activities could be performed in various locations. The Tenant noted that the rooftop door to the outdoor space was often locked and she asked iff this was standard practice, as this could be a safety issue. ‘Management responded that it was locked during the winter. ‘The Tenant asked to have it unlocked and inquired whether the patio chairs could be repaired. Management responded that he would investigate both requests. The Tenant asked if a keypad could be installed on the guest unit door to enhance security. ‘The Chair responded that this suggestion would be considered. Ms. Shabanian (Unit 309) noted that weights were dropped in the gym on the 2" floor late at night and the noise could be heard in her unit on the 3" floor. The President replied that signs could be posted to advise those exercising in the gym to be mindful of generating noise at late hours. Patrick Cernea (Unit 509) asked about installing proper gym mats to mitigate the noise from the weights. Management responded that this would be investigated. Navid Qaragozlou (Unit 712) commended the Board on the enhanced security measures and asked whether a longer term employee could be trained and assigned to the concierge position, He asked whether the non-alcohol policy on the roof top patio could be changed to permit alcohol. The President responded that as the roof top area was significantly elevated, the non-aleohol policy was considered a safety measure. ‘Minutes of the Annual General Meeting TSCC 2459 January 21, 2020 Page 6N. Qaragozlou inquired whether the HVAC filters could be cleaned more frequently. The President responded that the Corporation replaced the filters bi-annually and that Residents could purchase filters from the Management office for $10 at any time, Management added that it was good practice to change HVAC filters every three (3) months. N. Qaragozlou reported that the P3 door into the building did not open and he reported entering without his key by taking the stairs to the back elevator and entering the building. ent responded that the repair for the P3 rogress, at_fob B. Aybars (Unit 802) reported that her front door was unaligned and asked whether the door ‘was a common element. Management responded that she should send a request for a service call to him to initiate a repair. He noted that all doors met the fire code requirements Leslie Savage (Unit 904) inquired whether signage could be posted to remind Residents to use their kitchen fans to eliminate hallway odours. Additionally, she asked why the handicapped parking space signs and the painted indicators had been removed. She noted there was a space on P3 with diagonal yellow lines that was close to the building, which could be used as a handicapped space. Management responded that he would post signs to remind Residents to use their kitchen fans. The President responded that those who owned the parking spaces previously marked as handicapped were not correctly matched and the spaces did not require the designation. ‘The space with the diagonal lines was not a designated parking space, however, handicapped spaces were available. L. Savage inquired whether EV charging stations were available in parking spots and if some Residents had them. The President responded that they had investigated installing EV charging stations, but that it was cost prohibitive. L. Savage inquired about the status of the investigation regarding the breaking of the 10" floor balcony plate glass panels. Management responded that the panels in the affected unit on the 10" floor would be replaced on January 22, 2020. He advised that a single incident where the glass had frozen and shattered caused the issue. There was no cause for immediate concern and an investigation was in progress. L. Savage requested a copy of the investigative report when it became available. M. Katz stated that, as there had been such a long interval between AGMs, Residents were left uninformed and instituting a newsletter could provide updates between meetings. The President responded that the elevator message board had been installed and that Residents could send queries to Management’s email and/or the delivery mailbox to obtain responses to questions. She noted that Townhalls and the establishment of committees had been considered. Running for the Board was another method for Owners to become involved in building matters. M. Katz inquired about expanding the Board to five (5) members. The President advised that she was in favour of increasing Board membership, however, passing a by-law would be required, which could be arranged in time for the next AGM. Minutes ofthe Annual General Meeting. TSCC 2459 January 21, 2020 Page 7Elyssa Sugar (Unit 412) stated that instituting a quarterly newsletter would be helpful. ‘The President responded that a newsletter would be considered. M. Katz noted that cars were permitted to double park at the front of the building, ‘The President requested that double parking be brought to the guards” attention immediately. M. Katz inquired where the surplus pertaining to the condominium mortgage would be posted, The Chair advised that it would be posted to the Operating Fund, Ms. Molfino (Unit 205) asked whether the metal barbecue brushes could be changed to wood to avoid safety concerns. Management responded in the affirmative. P. Parsons (Unit 905) thanked the Board for their hard work and noted that eventually the building would have to upgrade to accommodate electric vehicles and that Owners should be aware of the cost. He volunteered to serve on an Energy Committee and asked if smart metering had been made available. ‘The President responded that electric vehicle charging quotes and information would be obtained and shared with Owners. L. Sims inquired when the next Reserve Fund Study would be completed. ‘Management advised that it was completed, and once approved, Owners would receive a copy, An Owner (Unit 908) suggested that the rooftop furniture was worn out and that an additional barbecue be purchased. The President responded that when the weather improved a review of the rooftop could be performed to upgrade the area with the items that Residents had suggested. An Owner (Unit 211) asked whether the weekly fire alarm testing was mandatory. Management replied that it was required by the City, however, timing was flexible, and some testing could be performed in silent mode 11, CLOSE OF MEETING There being no further business to conduct, the Chair requested a motion to close the meeting. On a MOTION by Paul Parsons (Unit 605), seconded by Michael Katz (Unit 412), it was resolved to terminate the Annual General Meeting of Toronto Standard Condominium Corporation No. 2459 at 8:45 p.m. as there was no further business to conduct. Minutes of the Annual General Meeting TSCC RES January 21, 2020 Page 8TORONTO STANDARD CONDOMINIUM CORPORATION NO. 2459 FINANCIAL STATEMENTS WITH INDEPENDENT AUDITOR'S REPORT MAY 31, 2020TORONTO STANDARD CONDOMINIUM CORPORATION NO. 2459 May 31, 2020 Contents if Independent Auditor's Report Financial Statements ‘Statement of Financial Position Statement of General Operations and Changes in Fund Batance ‘Statement of Reserve Operations and Changes in Fund Balance ‘Statement of Capital Asset Operations and Changes in Fund Balance ‘Statement of Garbage Recycling Equipment Operations and Changes in Fund Balance Statement of Cash Flows Notes to the Financial Statements 9-13 ‘Schedule of General Fund Expenditures 14-16Rj RAPKIN WEIN LLP salina ee ic F T: 416-231-1819 F: 416-352-0171, INDEPENDENT AUDITOR'S REPORT To the Unit Owners of Toronto Standard Condominium Corporation No. 2459 Opinion je have audited the financial statements of Toronto Standard Condominium Corporation No. 2459 (the ‘orporation"), which comprise the statement of financial position as at May 31, 2020 and the statements of operations and changes in fund balances of the general fund, reserve fund, capital asset fund, garbage recycling equipment fund, and the statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the financial statements present fairly, in all material respects, the financial position of Toronto Standard Condominium Corporation No. 2459 as at May 31, 2020, and the results of its operations and its cash flows for the year then ended in accordance with Canadian Accounting Standards for Not-For-Profit Organizations. Basis for Opinion ‘We conducted our aucit in accordance with Canadian generally accepted auditing standards. Our responsibilities Under those standards are further described in the Auditor's Responsibiliies for the Audit of the Financial Statements section of our report. We ate independent of the Corporation in accordance with the ethical Tequirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ian Responsibilities of Management and Those Charged with Governance for the Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian Accounting Standards for Not-For-Profit Organizations and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Corporation's abilty to continue ‘as going concem, disclosing, as applicable, matters related to going concer and using the going concem basis of ‘accounting unless management either intends to liquidate the Corporation or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Corporation's financial reporting process. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance Is @ high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auciting standards will always detect @ material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken an the basis of these financial statements. As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: + Identify and assess the risks of material misstatements of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting @ material ‘misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, mistepresentations, or the override of intemal control, (continued) 1INDEPENDENT AUDITOR'S REPORT (continued) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Corporation's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management Conclude on the appropriateness of management's use of the going concem basis of accounting and, based on the audit evidence obtained, whether material uncertainty exists related to events or conditions that may cast significant doubt on the Corporation's ability to continue as a going concern. If we conclude that a material Uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequete, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Corporation to cease to continue as a going concern. + Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and Whether the financial statements represent the underiying transactions and events In a manner that achieves fair presentation We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit Raphin Wein LLP Chartered Professional Accountants, Licensed Public Accountants Toronto, Ontario October 14, 2020Toronto Standard Condominium Corporation No. 2459 Statement of Financial Position As at May 31, 2020 Note General Reserve 2020-2019 ASSETS Current Cash $ 20690 $321,505 $ GEAONDS 105,686 Investments Is) 300,158 300,158 300,500 Common element fees receivable 58 : 585,485 Sundry receivables 26,445 > 28.445 21,109 Interfund balance (6.891) 5,891 : = Prepaid expenses 1897 = 4697 3.095 452,766 327,396 —780,162_—_—495,845 tnvestments (I = 617,350 617,360 612,368, Capital assets (4]__331,468 = 331,488 331.468 331,468 617,350 943,818 943.838 TOTAL ASSETS 784234 944,746 1,728,980 _ 1,439,681 LIABILITIES Current ‘Accounts payable and accrued liabilities 105,222 7.283 112,485 61,463 Long-term debs, current portion (7) 255,070 ~ 255,070 221433 Capital lease, current portion (a) = : = 8378 360,292 7.233 367,525 92,274 Long-term debt a z : = 255.070 TOTAL LIABILITIES 360,292 7.233 367,525 347,344 NET ASSETS $423,942 $987,513 $ 1,361,458 $ 1,092,337 Increase (decrease) in Not Assots, m thousands ca 242 269 Net Assets represented by fund: General 47.544 § -$ 47844 § 51,507 Capital asset 76,388 =) 76398 53,965 Garbage recycling equipment - ~ (6.378) Contingency 300,000 ; een Reserve = 937,513 $423,942 $937,513 $ 1,364,455 $ 1,092,337 Approv Director Director The accompanying notes are an integral part ofthese financial statementsToronto Standard Condominium Corporation No. 2459 Statement of General Operations and Changes in Fund Balance For the year ended May 31, 2020 REVENUE ‘Common element fees Budget 2020 INote: 6] 2020 2019 § 1,227,468 $ 1,227,469 § 1,197,534 Allocation to reserve fund (2611836) (264,835) (255,448) ‘Allocation to capital asset fund (34,593) (34,593) (34,599) ‘Allocation to garbage recycling equipment fund 7) (8777) (8,794) Interest income 08228 33 Guest suite rental 17,000 © 10,750 19,875 Miscellaneous income 3.050 3.128 4.159 948.813 944,965 930,864 EXPENDITURES, Pages 14 to 16 Utilities 182,170 193,687 178,909 Contracts - on site personnel 368,556 376,320 354,407 Contracts 190,379 187,848 183,198 Building safety features 19,000 12,205 15,598 Housekeeping and maintenance 44110 85/569 62,385 Electrical 14.294 8278 12,248 Exterior 7750 58125827 Mechanical 211500 20,388 «18,047 Other operating 105.814 6670 Insurance 72,800 52,800 61,967 General and administrative 33,144 30634 34.748 948,813 949.018 934.000 Excess of Expenditures over Revenue = (4,083) 3.138) Balance, Beginning of the Year 51,597 354,793 ‘Transfer to contingency fund = (300.000) Balance, End of the Year $47,544 § 51,597 ‘The accompanying notes are an integral part of these financial statements,Toronto Standard Condominium Corporation No. 2459 Statement of Reserve Operations and Changes in Fund Balance For the year ended May 31, 2020 2020 2019 REVENUE Allocation from common element fees S$ 261,835 $ 255,448 Interest 48.138 14.085 279.974 _ 269.513 EXPENDITURES Fire safety 13,711 7,904 Heating, ventilation and air conditioning B19 13.848, Domestic water and plumbing 11,890 8.589 Water damage = 4.594 Interior repairs 1,833 6,040 Doors and locks - 3,053 Guest room = 1007 Generator = 2436 Roof anchors 4,986 - Balcony glass 2417 : Waterproofing ~ 4746 ‘Security system 4,978 5,831 37.614 58,048 Excess of Revenue over Expenditures 242,360 211,465 Balance, Beginning of the Year 695,153 483,688 Balance, End of the Year $937,513 $ 695,163 The accompanying notes are 1 integral part ofthese financial statements.Toronto Standard Condominium Corporation No. 2459 Statement of Capital Asset Oper: For the year ended May 31, 2020 ns and Changes in Fund Balance 2020 2019 REVENUE ‘Allocation from common element fees $34,593 $ 34,593 EXPENDITURES Interest on long-term debt 12,460 13.157 Excess of Revenue over Expenditures 22,433 21,436 Balance, Beginning of the Year 53,965 32,529 Balance, End of the Year $76,398 $ 53,965 The accompanying notes are an integral part ofthese financial statementsToronto Standard Condominium Corporation No. 2459 Statement of Garbage Recycling Equipment Operations and Changes in Fund Balance For the year ended May 31, 2020 2020 2019 REVENUE ‘Allocation from common element fees S877 $ 8,794 EXPENDITURES Interest 399 4110 Excess of Revenue over Expenditures 8378 7,684 Balance, Beginning of the Year (8,378) (16,062) Balance, End of the Year $ +8 (8,378) The accompanying notes are an integral part ofthese financial statementsToronto Standard Condominium Corporation No. 2459 Statement of Cash Flows For the year ended May 31, 2020 2020 2019 Cash provided by (used in) operating activities Cash received forall general operations $ 987,797 $ 979,437 Cash received for all reserve operations 279,974 269,512 Gash paid for all general operations (916,420) (961,888) Cash paid for all reserve operations (30,381) (70.794) 320,970 216.267 Cash provided by (used in) financing activities Long-term debt (22,433) (21,436) Capital lease (8.378) (7.684) (30.811) (29.120) Cash provided by (used in) investing activities (4,982) (211,485) General fund investments 342 __ (400.142) (4.640) (311.627) Net Increase (Decrease) in Cash 285,519 (124,480) Cash, Beginning of the Year 165,885 290,165 Cash, End of the Year $451,204 $165,685 Cash consists of: Cash, General fund S$ 129,699 $ 75,082 Cash, Reserve fund 321,505 90,603, $451,204 $ 165,685 The accompanying notes are an integral part ofthese financial statementsTORONTO STANDARD CONDOMINIUM CORPORATION NO. 2459 Notes to the Financial Statements May 31, 2020 1. Operations Toronto Standard Condominium Corporation No, 2459 (the “Corporation” or the "Entity’) was registered in Ontario without share capital on June 3, 2015 under The Condominium Act, 1998. The purpose of the Corporation is to manage and maintain the common elements (as defined in the Corporation's declaration and by-laws) and to provide common services for the benefit of the owners of the 195 units of the complex. For Canadian income tax purposes the Corporation qualifies as not-for-profit organization which is ‘exempt from income tax under the Income Tax Act, 2, Significant Accounting Policies ‘These financial statements have been prepared in accordance with Canadian accounting standards for not-for-profit organizations and are in accordance with Canadian generally accepted accounting principles, which are applicable to Ontario Condominium Corporations and Shared Facilities. The significant policies are: a) Fund Accounting The general fund reports common element fees from owners, budgeted allocations of those fees to other funds and expenses related to the operations and administration of the common elements, ‘The capital asset fund is a general operating fund which reports that portion of the common element fees allocated to it to acquire capital assets and the annual amortization, if any, of the acquired capital assets. In the event that capital assets have been financed by debt, the capital asset fund also reports that portion of the common element fees allocated to it to make mortgage payments, which include both principal and interest components. ‘The garbage recycling equipment fund is a general operating fund which reports the purchase of garbage recycling equipment which was financed by leases. The fund also reports that portion of common element fees allocated to it to make the lease payments, Lease payments are recorded as a reduction in the balance of lease payable, and accordingly, at al imes the deficit in the fund equals the outstanding balance of the lease payable. ‘The contingency fund is a general operating fund, which was established by the Board of Directors to pay off the mortgage related to the quest suite owned by the Corporation, ‘The reserve fund is an externally restricted fund which reports the common element fees allocated to it and expenditures for major repair and replacement of the Entity’s common elements and assets. The basis for determining the reserve fund's requirements is explained in Note 5, All major repairs and replacements of the ‘common elements must be charged directly to the reserve fund with the exception of the cost of the reserve fund study which may be charged to the reserve fund. Minor repairs and replacements must be charged to repairs and ‘maintenance of the general fund. The Entity segregates amounts accumulated for the purpose of financing future charges to the reserve fund in bank and investment accounts for use only to finance such charges. Interest earned con these amounts is included in the reserve fund, b) Common Elements The real property directly associated with the units of the Entity (he "common elements”) are owned proportionately by the unit owners, and consequently are not reflected as assets in these financial statements.TORONTO STANDARD CONDOMINIUM CORPORATION NO. 2459 Notes to the Financial Statements May 31, 2020 c) Capital Assets Units and real property not directly associated with the units are recognized as capital assets if they are purchased or received by the Entity as owner, and either: i) they can be sold, with the appropriate approvals, for consideration to be retained by the Entity, or the units or property generate significant cash flows to the Entity from their use. Units received by the Enfity at nominal cost are recognized at a nominal value. Common personal property is recognized as 2 capital asset when such property is purchased for the first time, and is used in the operating, ‘maintaining or repair of the common elements. Common personal property includes maintenance equipment and ‘work vehicles. d) Amortization ‘The amortization rate adopted by the Entity for the guest suite is 4% per annum applied on the dectining balance basis having regard to the net realizable value of the guest suite. Based on current resale values, there has been no decline in the net realizable value of the guest suite and therefore no amortization has been provided for in these financial statements. ) Transfers Transfers from the general fund to the reserve fund that are not included In the annual budget, or whiich are in excess of budgeted amounts, are not recorded in the operating section of the general fund, rather they are included in the related fund statement as additions or deductions, as applicable. ) Financial Instruments Al assets and liabilities, with the exception of prepaid expenses, are financial instruments, and are intially recorded at fair market value and are subsequently recorded at amortized cost. 9) Use of Estimates The preparation of financial statements in accordance with Canadian accounting standards for not-for-profit organizations requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates include those used when accounting for accounts payable and accrued liabilities. Actual results could differ rom management's best estimates as additional information becomes available inthe future, h) Shared Costs The Corporation is a participant in a Shared Use Agreement (reciprocal agreement) and shares in the casts related to certain shared facilities and services with the other partcipant(s) to the agreement 10.TORONTO STANDARD CONDOMINIUM CORPORATION NO. 2459 Notes to the Financial Statements May 31, 2020 1) Revenue Recognition Common element fees are recognized as revenue on a monthly basis in the statement of general operations based on the budget distributed to owners each year. Special assessments are recognized as revenue in the appropriate fund when a formal resolution dectaring the ‘assessment has been passed by the Board of Directors, and when the special assessment becomes receivable by the Entity from the owners, Interest and other revenue are recognized in the appropriate fund when eamed. i) Contributed Services Directors, committee members and owners volunteer their time to assist in the Entitys activities. While their services benefit the Entity considerably, a reasonable estimate of their amount and fair value cannot be made and, accordingly, these contributed services are not recognized in these financial statements, Investments Reserve fund and general fund the Condominium Act, 1998 (the "Act" a or notes, or term deposits which are issUed or guaranteed by the Government of Canada or any province or are issued by an institution located in Ontario insured by the Canada Deposit Insurance Corporation or the Deposit Insurance Corporation of Ontario. General fund investments have the additional feature that they must be convertible to cash within ninety days following 2 request by the Board of Directors. All investments are purchased with the intent that they will be held to maturity, and therefore are classified as long term, except for any general fund investments, which are classified as current due to their convertibility feature. Capital Assets Capital assets are recorded at cost and are comprised as follows: Accumulated Net Net Cost Amortization 2020 2019 Guest suite S.s3148s §, = S.aa1ass $354,468 "1TORONTO STANDARD CONDOMINIUM CORPORATION NO. 2459 Notes to the Financial Statements May 31, 2020 Reserve Fund ‘The Corporation, as required by the Condominium Act, 1998, has established a reserve fund for financing future major repairs and replacements of the Corporation's common elements and assets. The Board of Directors has relied on an updated reserve fund study that did not involve a site ingpection prepared on July 17, 2020 by Cion Coulter and such other information as was available to them in evaluating the adequacy of the reserve fund. The Board of Directors has accepted the recommendations of the study. The actual reserve fund Contributions including transfers, if any, during 2020 were $261,835, whichis consistent withthe reserve fund study The actual expenditufes from the reserve fund were $37 614 compared to $2,985 estimated in the study. The closing reserve fund balance was $837,513 compared to $271,063 estimated in the study. Annual reserve allocations in the study increase by 5.0% each year for three years and then increase by 2.5% each year thereafter. ‘Any evaluation of the adequacy of the reserve fund is based upon assumptions as to the future interest and inflation rates and estimates of the life expectancy of the building components and their replacement costs. These factors are ‘subject to change over time and the changes may be material; accordingly, the Condominium Act requires that reserve fund studies be updated every three years, Budget ‘The budgeted figures, which are presented for comparison purposes only, are unaudited and are those approved by the Board of Directors in 2018, Long-Term Debt Long-term debt is comprised as follows: Mortgage payable, interest bearing at 4.57%, cecured by the guest sulte, due December 1, 2020, repayable in bi weekly instalments of $1,330, which includes principal and interest. The mortgage can be repaid in full or in part with penalty providing the Corporation provides thirty days notice in writing. 2020 2019 Total S 255,070 § 277,503 Less: Current portion (255,070) 22'433) Long-term potion 3 GD 5 __ 255070 Capital Lease Capital lease is comprised as follows: The Corporation entered into a capital lease with Metro Chute Service Inc. for garbage recycling equipment in 2015. The lease Is secured by the garbage recycling equipment, bears interest at a rate of 8.7%, with monthly Payments of $647 plus tax for a term of 60 months, ending May 2020. During the year, the capital lease obligation was paid in ful, 12.TORONTO STANDARD CONDOMINIUM CORPORATION NO, 2459 Notes to the Financial Statements May 31, 2020 10, 11. 12. Contractual Obligations The Corporation has entered into contracts with various third parties to provide certain services to manage and ‘maintain the common elements. Related Party Transactions No remuneration was paid to the Board of Directors during the year. Management is reimbursed for certain administrative costs and paid a monthly management fee by the Corporation, and collects fees from owners, purchasers and others for issuing status certificates andlor lien notices, when applicable. These transactions were in the normal course of operations and were measured at the exchange amount. Contingency ‘On March 11, 2020, the World Health Organization declared COVID-19 a global pandemic, Subsequently, the Province of Ontario issued a state of emergency limiting the number of people in @ gathering and requiring the closure of non-essential businesses for an indeterminate period of time. The dynamic nature of the COVID-19 crisis makes it impossible to predict the impact this will have on the Corporation's operations, cash flows and financial position. The Board of Directors will continue to monitor the situation and reflect the impact in the financial statements as appropriate. Financial Instruments - Risk Management Interest rate risk Interest rate risk is the risk of potential financial loss caused by fluctuations in the fair value of future cash flow of financial instruments due to changes in market interest rates. The Corporation is exposed to this risk through its interest-bearing investments and its long term debt. The Corporation manages this risk through investing in fixed-rate securities of short to medium term maturity and plans to hold the securities to maturity, as well as entering into fxed- rate mortgages. Credit risk Credit risk is the risk of financial loss should 2 counter-party in a transaction fail to meet its obligations. The Corporation places its operating and reserve cash and investments with high quality institutions and believes its exposure to this risk is not significant, Liquiaity risk Liquidity risk is the risk that the Corporation will not be able to meet its obligations as they become due. The Corporation manages this risk by setting common element fees at a level which ensures that the Corporation has sufficient cash available to pay the day to day operating costs, to fund the reserve fund in accordance with the Corporation's funding plan, and to fund all other funds, as required. There has been no change to the risk profile of the Corporation during the year, 13,TORONTO STANDARD CONDOMINIUM CORPORATION NO. 2459 Schedule of General Fund Expenses For the year ended May 34, 2020 Budget 2020 2019 2020 INote: 6] Utilities Gas $ 59,220 $ 49,623 § 48,720 Hydro 251,250 283,102 244,651 Hydro, recovery (141,550) (12/516) (126.345) Water 72100 73,624 «70,658 Water shared recovery (58.850) (61.76) __(58.775) $182,170 $_ 193,657 $178,909 Contracts - on site personnel Concierge $ 26500 § 225,567 $211,617 Superintendent 83.456 62,288 57,332 Group benefits 86,600 88,467 85.458, $_ 366.556 $_ 376,320 $ 354.407 Contracts Carpet cleaning 5 4500 $ 29388 3764 Elevators 20,450 © 20,561 19,500 Fire alarm monitoring 640 624 624 Fire protection 8,000 4,749 7.535 Garage cleaning 3,800 3,722 11998 HVAC, all inclusive 18145 17,987 20,235, HVAC, fan collsiheat pumps 12,500 16,944 «11,043 Landscaping and snow removal 17970 17,397 «17,616 Management fees 83,340 83,340 80,913 Odour control 11840 1.851 1811 Pest control 1,500 1,220 1187 ‘Window cleaning 14400 14,125 14,012 Recreation services - 712 331 ‘Water filtration system 3.294 1,398 3.229 $190,379 $187,548 $ 183.198 Building safety features General 5 1,000$ 5475S 964 Emergency generator 5,000 3,262 5,105 Fire equipment 12,000 2,637 8,528 Roof anchors, ‘900 ‘31 4,000 $19,000 $ 12,205 $ 15,598 14TORONTO STANDARD CONDOMINIUM CORPORATION NO. 2459 Schedule of General Fund Expenses For the year ended May 31, 2020 Budget 2020 2078 2020 [Note: 6] Housekeeping and maintenance General 3 SBOOs Carpets 1,500 ¥ 53 leaning supplies 3,000 4,321 4224 Decorating 3,000 866 3,090 Garage 3,000 4,337 5,209 Hardware and doors 6.500 9,613 7,750 Maintenance supplies 4,500 1,227 11209 ‘Small tools 750 : . Waste disposal 17,380 17,824 16,410 Windows: 4,000 1,232 ‘eat $44,110 $ 55,569 $62,285 Electrical _ General $2,700 $ 4289S 3,009 Electrical, bulbs and parts 22344923 1,012 Elevators, inspections ‘000 = 1,082 Elevators, licenses 360 372 360, Elevators, repairs and maintenance 5,000 1.698 6.785 $_11204 $9279 $ 12.248 Exterior inigation 53000 $2628 § aaa Landscaping, extras 4,000 2,966 4.661 Miscallaneous 750 222 217 $7750 $5912 $ 5,827 Mechanical General $ 20008 7175 $ 1,268 Plumbing, catch basins and sump pumps 7500-7000 10,215 Plumbing, miscellaneous 12'000 6.208544 $21,500 $__ 20,383 $__ 18,047 Other operating CEC expense $1108 «10S 108 Technical audit : 5,701 6,562 Sito $__5.811.s__ 6.670 16,TORONTO STANDARD CONDOMINIUM CORPORATION NO. 2459 Schedule of General Fund Expenses For the year ended May 31, 2020 Budget 2020 2015 2020 [Note: 6] Insurance Building comprehensive S 52,600 $@UBABOOs 41,967 Deductibles 20,000 = 20,000 $72,800 $ 62,800 $ 61,957 General and administrative AGM expenses s 1000 $ QBROIB 70 Audit fees 3703 3,786 4,386 Telephone and communications 14,053 14,682 10,828. Bank charges 41436 1410 1.438 CAO fee 11853 1755 2.243 Legal fees 2,000 360-2410 Meeting costs 41600 882 aaa Office expenses 7°50 8561 11.618 $33,144 $30,634 § 34,746 16.SCHEDULE “A” TORONTO STANDARD CONDOMINIUM CORPORATION #2459 BY-LAW NO. 3 A BY-LAW AUTHORIZING ELECTRONIC VOTING BY UNIT OWNERS TALS: (@) WHEREAS Section 52(1)(b)(iii) of the Condominium Act, 1998, as amended (the ""Act") authorizes voting at meetings of unit owners by a recorded vote that is indicated by telephonic or electronic means, if the by-laws so permit; (b) AND WHEREAS Section 52(1..1) ofthe Actdefines "telephonicor electronic means" as any means that uses the telephone orany otherelectronic or other technological means to transmit information or data, including telephone calls, fax, e-mail, automated touch- tone telephone system, computer or computer networks; (c) AND WHEREAS Section 56(1)(c.1) of the Act provides that the board of directors may authorize, by by-law, the methods permitted for holding a recorded vote: (d) AND WHEREAS the board of directors have determined it is desirable to permit ‘owners to vote by electronic means. NOW THEREFORE BE IT ENACTED as a By-law of the Corporation as follows: 1, Notwithstanding any provision in the Corporation's by-laws with respect to the methods permitted for holding a vote or a recorded vote, votes for all questions proposed for consideration of the owners at a meeting of owners may be cast by a show of hands, personally or by proxy, or a recorded vote that is: (i) marked on a ballotcast personally or by a proxy; (ii) marked on an instrument appointing a proxy; or (iii) indicated by telephonic or electronic means if the Corporation makes available to owners a medium by which owners are able to cast a recorded vote by telephonic or electronic means (the" e-voting system"). 2. Votes cast by electronic voting shall be deemed a ballot (the "e-ballot") for the purpose of any vote conducted at the meeting at which the e-ballot was cast. 3, The e-voting system shall set forth each question proposed for consideration that will be the subject ofa vote ata meeting of owners, including the opportunity to vote in favour or against each question and/or in favour of each candidate forelection to the board of directors. 4, Thee-ballot is valid only for one meeting of the owners and exp the completion of the meeting of owners. s automatically after 110. 4 12, Only an owner of a unit may cast an ¢-ballot and the e-voting system does not authorize another person to cast votes on behalf of an owner, except where an owner entitled to vote has granted their authority to a proxyholder to cast votes on their behalf. ‘The e-voting system shall authenticate the owner's identity. ‘The e-voting system shall authenticate the validity of each electronic vote to ensure that the vote is not altered in transit. ‘The e-voting system shall separate any authentication or identifying information of the owner from the e-ballot, rendering it impossible to trace an e-ballot to a specific owner. The e-voting system shall produce an electronic receipt for each owner whocasts an e- ballot, which shall include the specific vote cast, and the date and time of submission (the "Receipt"). The e-voting system will retain an electronic record of the time and date an owner casts the e-ballot, An electronic report automatically generated by the e-voting system which tabulates votes may be relied upon and counted by the scrutineers and/or chairperson at a meeting of owners for the purpose of tabulating votes for all questions proposed for consideration of the owners at the meeting of owners (the " Electronic Voting Record"). The Electronic Voting Record shall be deemed to be a ballot for the purpose of the Corporation's obligation to maintain records in accordance with the Act. ‘The e-ballot shall be counted towards quorum as if an owner were present at the meeting This By-Law No. 3 is hereby passed by the directors of the Corporation pursuant to the Condominium Act, 1998, 8.0. 1998, c.19 as evidenced by the respective signatures hereto of all the directors. This By-Law shall be effective on the day the majority of the owners present or represented by proxy at a meeting of owners have voted in favour of confirming the By- Law with or without amendment. DATED this____day, of +2020. President SecretaryCANDIDATE DISCLOSURE FORM To: Toronto Standard ___ condominium Corporation No.2459_____ the "Corporation En urd Name: Paul Parsons | submit this Candidate Disclosure Form In support of my candidacy for election tothe Board of Directors ofthe Corporation. I make the following deciarations pursuant tos. 29(1)f) of the Condominlum Act, 1998, as amended, subject to any adctiona daclosure ablgntions ‘equited by the Carmoraton's bylaws. NE cus) Tam an occupant of a unitin the Corporation Wives Ono Corporation isa party. ‘Tiyou answered "Yes" to the above, plowso provide the name and relationship ofthe person Involved along witha brief general description of ‘the acton() Pease attach eddticna peges es necessary. [mene ane) ‘4. Within the past 10 years, Ihave been convicted of an offence under the Condominium Act, 1998, as amendedor —LJves JNO Under the regulations to the Condominium Act, £998, as amended, ‘tyou answered "Yes" to any of the above, please provide a brief general description ofthe offence(s). Please attach additionalpages as eRe \ have a material interest, ether directly or indirectly, in a material contractor vaneacton to which the Corporation L]ves (JNO isa party (ether than in my capacity as a purchaser, mortgagee, owner, or occupier of a unit) 6. have a material interest, ether rectly or indirect, ina material contractor transaction to which the declarant or L]¥es BZ]No ‘an affilate ofthe declarant is @ party (other than in my eapacky as a purchaser, mortgagee, owner, or occupler of 2 ‘fyou answered "Yes"to any ofthe above, please provide a descrintion ofthe nature and extant of the Interests). Please attach a ditional pages as necessary. CoN ‘The declarations that Ihave made abave, and in any adational pages, are true as ofthe date | have signed this form. wil [ZJYes [No out the Corpocatio in wnting immediately if any ofthe information I have provided on this form changes port the election *° October 27, 2020 [MP DLeruane. (©2017 ey Raton UPPaul Parsons Raised in Leaside, Toronto, Paul obtained a business degree from Western before embarking on a 42- year career in the cardiovascular medical device sector. Specializing in implantable cardiac products such as heart pacers, defibrillators, heart valves and coronary stents, Paul began his career as a sales representative and rose through the ranks to then spent the final 25 years of his career as the head of the Canadian division of the multi-national corporation. He retired from full-time employment at the end of 2018, and now serves as a consultant to several medical device companies. In his spare time, he loves to spend time with his 3 adult children and their families, work out, play golf, play the guitar, and explore the new opportunities that the world presents (when Covid 19 finally ends) .