06/10/08Residents Voice1 “Following the Money”. 06/10/08Residents Voice2 Review of Corporate Documents.

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Presentation transcript:

06/10/08Residents Voice1 “Following the Money”

06/10/08Residents Voice2 Review of Corporate Documents

06/10/08Residents Voice3 Trusts & Regulatory Agreement DescTrustAgmtOther Original Trust3/6/64 Original Reg Agmt – GRF & HUD3/2/64 Amendment to Orig Trust4/6/64 Original Reg Agmt – ULHM & HUD7/1/64 HUD loses funding1968/9 Amendment – Co-op & Condo = same1/9/69 Amendment – Co-op & Condo = same10/13/

06/10/08Residents Voice4 Original Trust (3/6/64) 5

06/10/08Residents Voice5 Original Regulatory Agreement (3/2/64) Original Reg Agmt – GRF & HUD 5

06/10/08Residents Voice6 Amended Original Trust (4/6/64) Amendment to Orig Trust 5

06/10/08Residents Voice7 Original Regulatory Agreement (7/1/64) Original Reg Agmt – ULHM & HUD 5

06/10/08Residents Voice8 Congress Closes HUD (1968/69) HUD loses funding Co-ops no longer funded by HUD 5

06/10/08Residents Voice9 Trust Clarification (1/9/69) Amendment to the Trust defines the terms “Co-op” & “Condo” as interchangeable. 5 5

06/10/08Residents Voice10 Further Trust Clarification (10/13/71) Additional Amendment to the Trust further defines the terms “Co-op” & “Condo” as interchangeable.

06/10/08Residents Voice Total Budget MutualMutual AmtGRF AmtTotal United$32,533,847$15,528,272$48,062,119 Third$24,467,165$14,985,532$39,452,697 Fifty$5,303,943$763,766$6,067,709 Total (GRF Op) (GRF Reserve) $62,304,955$31,277,570 $26,539,778 $4,737,792 $93,582,525

06/10/08Residents Voice12 Layout of Red Book 1st Third defines the Headcount & Costs by Division & Work Center Middle Third defines the Costs by Mutual Back Third contains the Business Plans for the Mutuals.

06/10/08Residents Voice13 Consolidated Financial Statement Defines the costs that make up the Management Fee. –The only money that is paid to PCM. –Their costs to provide Milt Johns services.

06/10/08Residents Voice14 % Increase for %

06/10/08Residents Voice15 Total $ per Year $200,000 increase

06/10/08Residents Voice16 Pension Plans Includes the Union Contract for union employees. In a 401K plan was included for non union employees. Total Cost to the Mutuals: –2006 = $1,395,000 –2007 = $1,425,000

06/10/08Residents Voice17 THE END

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