Tuesday, June 29, 2010

Kim Kerr was right -- added to on 02 July 2010

I cannot dismiss Kim's claim that BC Housing did not give him enough money to manage the buildings (see Statement of Defence). Lily also said that every accountant Kim hired also came to the conclusion that BC Housing did not give him enough money. Only Kim and BC Housing were privy to the financial statements. What right did Kim have to withhold this information from the directors of DERAH and the DTES community. The community could have save DERAH if it knew the truth.
In 2007 - monthly
Income from rentals $100,000
Income from BC Housing (subsidies) $100,000
Total income $200,000
Mortgage payments $110,000
Wages $45,000
Insurance $10,000
Utilities $14,000
only four items total $174,000
So what is left to pay everything else $ 26,000 that is less than $100 per unit
Non-profits should not be using the accrual method of accounting. It should be cash-in cash-out. The old fashion way. Simple.

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