Over the last 10 years, there has been a boom in new condominiums in the Brandon market. Each new condominium corporation has a board of directors, with the majority being volunteer positions. These volunteers come from a variety of backgrounds, some will have an excellent understanding of how to read financial statements and others may not have any experience at all. Since the maintenance of a condominium complex is so important, managing the financial health of a corporation is one of the most important roles of the board members. Here are five tips on what to look for when reviewing the financial statements: Focus on Comparative Figures — When the Statement of Operations (Income Statement) is presented, most are prepared with comparative figures. This allows board members to compare each line item for the current quarter to the budgeted performance, and last year’s results for the same quarter. It also allows a comparison for the year-to-date numbers. If the numbers vary, ask questions related to those specific items. For example, if snow removal increased by $5,000 for this year compared to the prior year and exceeds the budget by $2,000, what is the reason for the increase? Is the corporation on track for a surplus or deficit? — In most cases condominium corporations are unable to borrow money from financial institutions, therefore if there is a deficit, it would have to be funded through increased collection of condominium fees or operating fees. If you are reviewing the second quarter financial statements and there is a budget shortfall (causing a potential deficit), you should inquire as to whether the deficit will be erased through normal operations by the end of the year. If not, an increase in condo fees might be warranted to prevent a special assessment in the future. If the corporation is on track for a surplus, chances are the operating fees are set at an appropriate level. Reserve Fund - All condominium corporations in Manitoba are required to complete a reserve fund study. These reports look at replacing major items (driveways, roofs, etc.) that are the corporation’s responsibility. This includes an estimate of the replacement cost and a timeline for replacement. It is important to compare this information to the current balance in the reserve fund, and if necessary make recommendations for continued contributions to the fund so that the corporation is prepared when major items require replacement. In the audited financial statements, there is often a note that states the percentage of the estimated future cost at the year-end date. It is important to know what that percentage is and what the strategy is to properly allocate money to the reserve fund. Corporations with reserve funds over 80 per cent funded are regarded as well-prepared for capital replacement. Be aware of where your reserve fund balance is at and what the strategy is to make sure the corporation is well-prepared for large expenses in the future. Working Capital – Review the liquidity of the corporation from the balance sheet (current assets minus current liabilities). Simply, take the operating bank balance then add accounts receivables and prepaid expenses, from there subtract accounts payable and accrued liabilities. That calculation will show the balance of the corporation’s working capital. If you take that number and divide it by the annual budget (divided by twelve), you will determine how many months of operating funds are currently available. In this example, assume that the annual operating budget is $550,000. Working capital available today is 105K + 3K +18,000 – 35K – 5K = $86,000. Since the annual budget is $550,000, the monthly budget would be $45,800. This means there are 1.8 months of operating cash in the corporation. In this situation, it is likely that the corporation will be able to meet its financial obligations as they come due. If there is negative working capital, it is time to do a special assessment or raise fees so the corporation can meet financial obligations as they come due. Additional Projects – Board members are often asked to approve expenditures that are either not budgeted for or exceed the amount in the budget. Here are some questions to ask to help deal with these situations. How much does the expenditure cost and how much will it put us over budget? Is there another budgeted item that we can cut to fund this expenditure? Is it something that can be deferred to next year, and properly budgeted for? If we are going to go over budget how are we going to pay for it (condo fee increase or special assessment)? Vionell Holdings Partnership (VHP) provides rental housing and property management for an array of residential and commercial customers, including Condominium Management. VHP currently has over 4,000 units under management in Manitoba.  For more information please visit www.vhproperties.ca.

Test your limits like never before! Grim Acres Scare Away Cancer will be sure to take you beyond the limits of fear! Featuring three on site, indoor haunt attractions, including a new addition: "Phobia", a blackout maze located in 2000 sq feet of closed off, panic inducing, soul shattering darkness! You may survive the maze, but will you survive what awaits you at the end of the tunnel? Phobia is now located on the east side half of the kids CarnEVIL barn. Also, be sure to revisit their original abandoned haunt, "The Awakening", a three floor, terror filled house that is guaranteed to make you scream! You never know what is lurking around each corner. "Beyond Darkness", their biggest, brain busting, gut wrenching, panic inducing fearfest, featuring 13 theme rooms! Each one complete with your biggest nightmares come to life! On site, they also have a cemetery, a graveyard, outdoor kids laser tag zone provided by Muddy River Enterprises, live music entertainment on stage, concessions area, photo area, and so much more! Admission is free, donations to the Canadian Cancer Society are accepted and greatly encouraged. On site security will be there, no alcohol or drugs are permitted. Grim Acres is not responsible for any loss of property, and visitors assume all risks on site. Event dates: Oct 24th to the 27th, from 6-11pm. No scare hour from 6-7pm only! Kids CarnEVIL from 6-9 pm.

BOB Mornings with Mike & Matt | 96.1 BOB FM Brandon Brandon Manitoba, September 27th, 2019 – There’s no turning back now. Everyone is gone for the weekend… iHeartRadio Canada’s 96.1 BOB FM is officially thrilled to reveal a brand new way to wake up in the Wheat City! BOB Mornings with Mike & Matt will take over weekday mornings starting Monday, September 30th at 6AM. “What could possibly go wrong?” questioned BOB program director Troy Scott, “who wouldn’t want M & M’s every morning?” Matt Gates joins Mike Lamb in the morning, moving from the drive slot after losing a bet he was pretty sure he’d win. Together Mike and Matt will wake up Westman with hits from 80’s, 90’s and whatever on the historic CKX-FM, the 1st FM stereo station in Manitoba. After Mike & Matt kick off BOB’s broadcasting day, the boys are followed by Amanda Navid on middays, and Darrian Wrightson who has failed upwards to drive from weekends. “We are so excited to be finally sharing a microphone (or two, if the budget is approved) in the mornings together. It’s going to be so much fun, and waking up to go to work with someone who’s already a great friend is a dream come true!” – Mike and Matt.

The weather cleared just in time for the Childhood Dreams Car Show held today at Meadows School. Hundreds of spectators had turned out by 1:00 pm to check out all the vehicles on display. Smoked & Sauced Mobile BBQ is on-site and they have DJ cranking out some tunes. The show goes today until 4:00 pm.

Brandon, MB - On Thursday, September 26th at 7:30pm, the Art Gallery of Southwestern Manitoba will host a public reception for the launch of two exhibitions. Featured in the Main Gallery, “Okasan and Papi: Remixing Hybridity” by Kevin Ei-Ichi deForest, and in the Community Gallery, “Inter5ections,” by the participants in the 2018-19 Manitoba Arts Network's Rural Artists Mentorship Program. Kevin Ei-ichi deForest is a visual and multimedia artist. He was born in Winnipeg, Manitoba to Japanese and Swiss parents. He is Associate Professor and Chair of the Department of Visual and Aboriginal Art at Brandon University in Brandon, Manitoba. In the exhibition, a series of paintings pay homage to the memory of the artist’s late father, a Swiss-Canadian, and honour the influence of his Japanese mother who immigrated to Canada in the 1950s. Following the opening reception on Thursday evening, we will be hosting a free tour of the exhibition on Friday, September 27th at 12 noon. The artist will be present to discuss his work. Inter5ections, selected work of five artists from four Manitoba communities, all participants in the 2018-19 Manitoba Arts Network's Rural Artists Mentorship Program with mentor, Elvira Finnigan. The artwork of Inter5ections reflects five different approaches each artist has developed to express an individual point of view - as a woman, as a member of a community and in response to the physical and psychological world they live in.The group of five artists came together without knowledge of each other's practice. Through the mentorship process, they have become artist colleagues with a greater understanding of each other’s work. The Art Gallery of Southwestern Manitoba is located at 710 Rosser Avenue, and can be accessed either from the Town Centre parkade, or from the first floor of the Town Centre Mall through the elevators near the library. Parking in the Town Centre is free for AGSM visitors. Gallery hours are: Monday 4:00PM - 9:00PM, Tuesday to Friday 10:00AM-5:00PM; Thursday 10:00AM - 9:00PM; and Saturday 12:00-5:00PM. (article submitted)