Hello Everyone,
Please take notice that the 2021 Annual General Meeting of the Members of the EDMONTON AURORA RESIDENTS ASSOCIATION, will be held at The Orchards Residents Association, 4059 Orchards Drive SW, Edmonton, AB on Wednesday November 17, 2021 @ 6:30 PM (MST). Please refer to their website regarding COVID precautions: https://www.orchardsra.com/archives/news-articles/covid-update.
PRESIDENT’S REPORT FOR THE AGM
Overview
The Edmonton Aurora Residents Association (EARA) was incorporated as a non-profit society and registered under the Alberta Societies Act on February 8th, 2012.
The EARA consists of every homeowner within the community of Aurora. The purpose of the EARA is to own and maintain various features and amenities within the community, for the benefit of its members. These features and amenities are in addition to what the City of Edmonton owns, maintains, and is responsible for.
Management Transition
Prior to January 2020, the Board of Directors of the EARA was a blend of Resident Directors who were elected by the EARA members and Melcor employees who were appointed by the company. As of January 1st, 2020, the Resident Directors became the Board of Directors as Melcor no longer had any holdings in the community.
The newly formed Board of Directors voted to manage the EARA themselves, without the assistance of a management company. Everyone was aware of the increased time commitment that would be required but volunteered their time willingly. The reasoning for this was twofold; to understand the amount of effort truly needed to manage the EARA and to gain a deeper understanding of the operating costs required to maintain the community. No compensation was given to the Directors for their time and efforts, but they achieved their goals.
In February of 2021, the Board elected to hire Ayre & Oxford Inc. as a management company, due to the time commitment required to successfully manage the EARA. Subsequently, the Board has now elected to hire a new management company. Starting in 2022, Cosgrave Management will be taking over these responsibilities. We thank Ayre & Oxford Inc. for their time and service.
Financial
The annual operating costs of the EARA, which includes maintenance of the various subdivision features/amenities, is the responsibility of its members through the payment of mandatory fees. These fees are pursuant to a “rent charge” Encumbrance registered on each Certificate of Title for every property within the community of Aurora. Fees were levied in 2018 for an annual amount of $200. For the years 2019, 2020, and 2021, the fees were $100. For the upcoming 2022 year, fees will be $100.
The Board of Directors has traditionally appointed an independent third-party agency to audit the financial statements of each year, and this year was no exception. The audited financials will be available on our website when completed. As in previous years, the audit of 2021 will take place in 2022 and will be disclosed to the members of the EARA.
Appointment of Auditor
The Board of Directors proposes to appoint Cass & Fraser as Auditor for the Society for the 2021 fiscal year.
Respectfully submitted,
Paul Rosich, President of the EARA