ANNUAL GENERAL MEETING MINUTES Date: June 27 th 2017 ENGLEWOOD VILLAGE HOMEOWNERS CORPORATION

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1 ANNUAL GENERAL MEETING MINUTES Date: June 27 th 2017 ENGLEWOOD VILLAGE HOMEOWNERS CORPORATION BOARD OF DIRECTORS PRESIDENT Jan Fuhr VICE PRESIDENT Jim Duff TREASURER Val Scott SECRETARY Dolores Brewer MEMBERS AT LARGE Finn Pedersen Pat Dickey PROPERTY MANAGER Greg Flack (604) Fax: (604) HOMELIFE GLENAYRE REALTY CHILLIWACK LTD., PROPERTY MANAGEMENT DIVISION Keith Wilson Road, Chilliwack, B.C. V2R 5S1 Phone: (604) Tuesday, June 27 th 2017 at 7:00 p.m. Sardis Community Church South Sumas Way Chilliwack, BC Board of Directors : Jan Fuhr, Val Scott, Finn Pedersen, Dolores Brewer, Pat Dickey. Absent: Jim Duff Property Manager: Greg Flack Jan Fuhr, President of the Board of Directors, welcomed everyone and stated the purpose of the Annual General Meeting is to report on the financial status of the Village, vote on the Budget for the coming year, and vote in a new Board of Directors. With only two hours scheduled for this meeting, we were reminded to stay on purpose and adhere to the agenda. An open discussion period would take place towards the end of the meeting as time permits. Shareholders were advised that the voting required would be done by show of hands by raising the green voting card. 0.0 Certification of Proxies, and Establishment of Quorum Prior to the start of the AGM, in accordance with the requirements of the Company Articles, Part 9, Section 9.3, it was confirmed that a quorum consisting of 10% (14) of Shareholders in good standing present either in person or by proxy was established in order for the meeting to proceed. Of a total of 131 shareholders eligible to vote, 53 were present in person or by proxy

2 1.0 Proof of Notice of the Meeting Part 9, Section 8.6 of the Company Articles states that the Corporation must give 21 day notice of an Annual General Meeting, specifying the place, date, time and nature of the business. The notices of this evening s meeting were either hand delivered or mailed to each Shareholder s last known address on or about June 5 th in accordance with the time frame set out in the Company Articles. 2.0 Select Chair of the Meeting Under the Company Articles, as President, Jan Fuhr agreed to chair the meeting. There were no objections. 3.0 Call to Order Jan called the meeting to order at 7:06 pm. 4.0 Adopt the Standing Rules of Order It was MOVED by Marge Ashdown and SECONDED by Shirley Pedersen to adopt the Standing Rules of Order. 5.0 Adopt the Agenda for the Meeting It was MOVED by Barb Stewart and SECONDED by Ray Taylor to adopt the Agenda for the 2017 Annual General Meeting as distributed. 6.0 Approve Minutes from Last Annual General Meeting of June 28 th 2016 and the 2017 Special General Meeting It was MOVED by Dwight Williams and SECONDED by Bobbie McGregor that the Minutes of 2016 Annual General Meeting and the 2017 Special General Meeting be approved as distributed. 7.0 Insurance Report Greg Flack reported than an insurance appraisal had been performed in 2016 as the Village had been completed and our insurance appraisal was updated this year. The commercial insurance policy coverage under HUB Barton is now 100% coverage. With regards to our private residential insurance, this year Envision Financial pulled their offer to quote at the last minute as they could not get underwriters in place. Unfortunately HUB Barton increased our rates by 5% again this year, so we will definitely continue our endeavours to find an insurance broker that can offer a competitive bid.

3 8.0 Review of April 2017 Year End Financials TREASURER S REPORT Though our income from maintenance fees from 131 homes has met budget, the RV fees have been slightly below budget. However, our financial performance throughout the past year has been strong and we have ended the year in a sound financial manner showing a Net Income of $8, A large part of this excess is due to being under budget with our Professional Fees. The Head Lease Holder, as per the Head Lease and Sub Lease Agreements, covered expenses for the ratification of the new Bylaws and the Village expense was minimum. Our Contingency Fund continues to grow providing future replacement coverage for long term depreciating assets. The majority of our expenses, both Administrative and Maintenance Expenses were on or below budget. Billing to Courtyard Management and the Courtyard Condos continues under the Common Facilities Expenses Agreement (CFEA). This includes billing for shared water and sewer expenses. Sewage Lift Station: Some expense accounts were slightly over budget however the overall expenses remained under budget. There were a couple of items that went over budget. Snow Removal Expense: Like the amount of snow we received this past winter, the snow removal expense was higher than expected. Please note the $700 holdback in the Liability Suspense account. The Works Committee Chair determined that part of the work billed, was not completed, hence the holdback. The Contractor was advised of the Boards decision not to pay the $700 and was given ample opportunity to dispute the hold back. As there has been no response from the Contractor, the holdback will be not be paid and this amount will be cleared in the near future. Insurance Expense: With 131 homes occupied, the insurance policy was adjusted to raise the insurance coverage on Village common areas from 90% to 100% It should be noted that all financial transactions were carefully reviewed by the Treasurer, the Board of Directors and the HomeLife Management Team. HomeLife is randomly audited on a regular basis and we are confident that generally accepted accounting principles are followed. Any resident can review the Village books maintained at HomeLife by contacting Greg Flack.

4 Resolution to Waive Requirement of an Audit in 2017 It was MOVED by Harry Kleisterlee and SECONDED by Brian Earle that the requirement for an audit in 2017 by waived. UNANIMOUSLY 9.0 Presentation of the Proposed Operating Budget for It was MOVED by Bobbie McGregor and SECONDED by Trudi Kloepper that the Operating Budget for the fiscal year starting May 1 st 2017 and ending April 30 th 2018 be adopted as presented. Surplus Income The Board recommended that the surplus funds be retained in the Operating Account to meet any emergency or unexpected expenses that may arise in the current fiscal year. The surplus income is due mainly to less professional fees having to be paid out regarding the Bylaw Ratification process, and some items that were not completed during the last fiscal year such as storage sheds and repair of the drainage pipe. The Board recommended that the surplus funds of $8, be retained in the Operating Account to finance these items that will be completed in the current fiscal year. It was MOVED by Tage Eriksson and SECONDED by Harry Kleisterlee that the surplus income be retained in the Operating Account Resolutions There were no other resolutions to vote on at this AGM New Business Jan Fuhr thanked the present Board, the Committees, and the Village Residents for working together to create such a strong and vibrant complex. Bobbie McGregor thanked the Board on behalf of the Village for a job well done. Shareholders were reminded that they are welcome to attend the monthly Board meetings where time is set aside for open discussion. A shareholder can the Board requesting that an item be added to the Agenda. Questions or concerns may also be ed to the Board at evhc@englewood.ca.

5 12.0 Introduction of Candidates Greg Flack introduced Dennis Fuhr, John Ashdown, Val Scott, Pat Dickey, Mick Walker and Rose Dufek (who was not able to attend the AGM) as nominees for the Board of Directors. As there were no objections, the nominees were welcomed as the new Board of Directors for the term Adjournment There being no further business, the Annual General Meeting was adjourned at 7.45 pm. ADDENDUM Following the adjournment of the Annual General Meeting, the newly elected Board of Directors held a Board meeting. The elected Board is composed of the following members: President: Dennis Fuhr, Vice President: John Ashdown, Treasurer: Val Scott, Secretary: Rosemary Dufek, Members at Large: Pat Dickey and Mick Walker. The trust account signatories from the Board will be Val Scott, Treasurer and Mick Walker, Member at Large. The next meeting of the Board of Directors will be held on Tuesday, July 25th, 2017 at 7:00 pm at the Clubhouse. As there was no further business, the meeting was adjourned at 8:15 pm.

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