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VISION
A world where everyone has a safe and decent place to live.
MISSION
To mobilize volunteers and community partners in building affordable housing and promoting homeownership as a means to breaking the cycle of poverty.
VALUES
HOUSING FOR ALL: We believe that access to safe, decent and
affordable housing is a basic human right that should be available to all.
Jonathan Reckford (HFHI CEO) and Dr Anna Kajumulo Tibaijuka, the Under-Secretary-General of the United Nations and Executive Director of the United Nations Human Settlements Programme (UNHABITAT), at the Burnaby build site.
Vancouver Mayor Sam Sullivan, Anneke Rees, David Hughes (CEO Habitat Canada) and Mark Crozet (Senior Vice President Development HFH International) at the World Urban Forum. 5
BUILDER $5,000+
Macdonald Realty Tonko Realty Advisors Ltd
Special Thanks to CMHC and Roofing Contractors Association of BC for their ongoing support And to the Chris Spencer Foundation for their support of the Habitat for Humanity ReStore
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1822 West 2nd Avenue, Vancouver, B.C. V6J 1H9 Tel: (604) 732-1466 Fax: (604) 732-3133
2006 ASSETS Cash $ Term deposit Accounts receivable Prepaid expenses and deposit Property under construction (Note 2) Equipment, less accumulated depreciation of $58,082 (2005 - $39,513) Mortgages receivable (Note 4) 138,864 5,714 29,873 28,593 1,394,626 45,300 446,062 2,089,032 LIABILITIES Accounts payable and accrued liabilities Mortgages payable (Note 5) 38,526 150,375 188,901 NET ASSETS $ 1,900,131 $ $
2005 93,075 105,714 12,571 11,146 1,525,972 50,550 218,611 2,017,639 42,209 186,893 229,102 1,788,537
2006 REVENUE Contributions, grants and donations Contributions to Operation Home Delivery Sale of constructed properties (Note 4) ReStore revenue (Notes 1 and 3) ReStore yard rental Rents Interest $ 324,012 64,817 263,800 589,311 18,850 1,260,790 EXPENDITURES Administration Fund raising expenses Cost of constructed properties Mortgage interest ReStore operations Operation Home Delivery Depreciation 236,695 13,198 438,879 6,682 333,112 102,062 18,568 1,149,196 EXCESS OF REVENUE OVER EXPENDITURES NET ASSETS, Beginning of Year NET ASSETS, End of Year $ 111,594 1,788,537 1,900,131 $ $
2005 243,946 565,524 12,000 5,380 13,800 840,650 199,250 2,982 6,377 291,646 17,191 517,446 323,204 1,465,333 1,788,537
2006 CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts Cash payments for supplies and services Interest received $ 960,827 $ (717,033) 21,416 265,210 CASH FLOWS USED FOR INVESTING ACTIVITIES Property under construction Purchase of equipment (285,467) (13,318) (298,785) CASH FLOWS USED FOR FINANCING ACTIVITIES Mortgage repayment Mortgage payments received Mortgage interest paid (36,518) 22,564 (6,682) (20,636) DECREASE IN CASH Cash and term deposit, Beginning of Year Cash and term deposit, End of Year $ (54,211) 198,789 144,578 $
2005 829,982 (500,727) 13,800 343,055 (298,728) (41,819) (340,547) (68,023) 16,693 (6,377) (57,707) (55,199) 253,988 198,789
1.
1.
2.
PROGRAM ACTIVITIES During 2000 the Society commenced construction of a multiple unit housing project at 8745 Government Street, Burnaby, B.C. The Society incurred design and construction costs on this project of $285,467 during the year (2005 - $298,728). The Society had purchased the land for $194,250 in 2000. The Society intends to construct a total of 27 units in this project, and completed and sold 4 units in June 2002 and additional 4 units in April 2006. The Society is expecting to complete construction and the sale of 4 additional units during 2007.
3.
RESTORE The Society opened ReStore, a retail outlet that accepts donation of new and used building materials and resells those goods to the public, on October 5, 2002. A second Restore outlet opened in January 2007. All proceeds from the sales through the ReStores are used to support the activities of the Society.
4.
MORTGAGES RECEIVABLE The Society sold four strata lot units during 2002 and another four during 2006 for total proceeds, respectively, of $375,200 and $462,560. On the sale, the Society assumed interest-free first and second mortgages, secured by the strata title lots located at 8745 Government Street, Burnaby, B.C., for the same amount. Since these mortgages are interest-free and the total payments on the mortgages will equal the original principal amount, the Society has, in accordance with generally accepted accounting principles, recorded them at an imputed annual interest rate of 4.5%. The Society may forgive part or all of the second mortgages if the purchasers of the homes do not sell the homes prior to the last payment being made on the first mortgage. The Societys expectation is that the purchasers will occupy the homes until the first mortgages are fully paid and that it will forgive the full amount of the second mortgages and therefore does not record the second mortgages as receivable. The first mortgages receivable at December 31, 2006 are:
4.
MORTGAGES RECEIVABLE (continued) 2006 #1 $98,000 mortgage, net of estimated interest of $31,165, due in August 2011, receivable in monthly amounts of $976 #2 $98,000 mortgage, net of estimated interest of $28,789, due in June 2021, receivable in monthly amounts of $415 #3 $98,000 mortgage, net of estimated interest of $32,634, due in March 2027, receivable in monthly amounts of $338 #4 $99,620 mortgage, net of estimated interest of $27,509, due in June 2017, receivable in monthly amounts of $524 #5 $114,880 mortgage, net of estimated interest of $36,867, due in December 2024, receivable in monthly amounts of $479 #6 $114,880 mortgage, net of estimated interest of $60,151, due in April 2050, receivable in monthly amounts of $210 #7 $114,880 mortgage, net of estimated interest of $60,151, due in May 2050, receivable in monthly amounts of $210 #8 $117,920 mortgage, net of estimated interest of $41,591, due in February 2029, receivable in monthly amounts of $429 $ $ 48,455 $ 52,793 53,793 52,236 2005 43,221 57,858 60,935 56,597
72,037 446,062 $
218,611
5.
MORTGAGES PAYABLE A first mortgage for $194,240 was provided to the Society by the British Columbia Housing Management Commission (the BCHMC). Interest was charged at the BCHMCs borrowing rate plus 1/16% (to a maximum of the Royal Bank prime rate plus 1%). The BCHMC also provided the Society with a $150,000 second mortgage for the purposes of construction at the 8745 Government Street, Burnaby, B.C. project. The $150,000 was advanced to the Society on April 9, 2002, $50,000 of which was used to repay a promissory note. Advances under the second mortgage were interest-free for six months from the date of the first advance. Interest after that was charged at the same rate as the first mortgage.
5.
MORTGAGES PAYABLE (continued) Both mortgages were due on December 31, 2002. However, on February 28, 2003 the BCHMC confirmed its intent to renew and combine the first and second mortgages. Monthly payments on the combined mortgages are to be for interest only until such time as strata lots are sold. Principal payments of $12,750 are to be made for each strata lot as it is sold and subsequently payments of $450 per month are to be made for each strata lot sold. The monthly payments will first be applied to interest and the balance, if any, to principal. All unpaid principal and interest is due on the combined mortgages on December 31, 2007. The Society sold four strata lots in 2002 and four in 2006 and has made the required payment of $51,000 in each of those years to the British Columbia Housing Management Commission. Monthly mortgage payments of $3,600 are being made on the mortgage. The interest rate on this mortgage at December 31, 2006 was 4.24%.
6.
IN-KIND DONATIONS During the year ended December 31, 2006 the Society recorded in-kind contributions of $nil (2005 - $nil), representing the fair value of donated goods donated for the Societys construction activities.
7.
CONTINGENCY
The Society has granted the Province Rental Housing Corporation (PRHC) an option to purchase the land, and any buildings constructed to that time, at 8745 Government Street, Burnaby, B.C. PRHC has waived its right to exercise the option except if the Society fails to commence construction on the site by December 1, 2003, declares insolvency or defaults in performing the terms of an agreement with PRHC to provide affordable housing. Should PRHC become entitled to exercise its option, the purchase price will be equal to the cost of the land less stipulated amounts based on the number of months between the exercise date and December 31, 2000.
8.
COMMITMENTS
The Society has the following lease commitments for premises occupied by the ReStore outlets and its office: 2007 2008 2009 2010 2011 $ 311,352 311,352 314,571 251,865 177,054
Habitat for Humanity Society of Greater Vancouver Mailing address - PO Box 60577 Granville Park PO, Vancouver, BC V6H 4B9 Office Address: 69 West 69th Avenue, Vancouver, BC V5X 2W6 Phone: 604.681.5618 Fax: 604.326.0122 Email: info@vancouverhabitat.bc.ca www.vancouverhabitat.bc.ca