UNAPPROVED DOWNTOWN STUDENT FACILITY TRUST 25 September 2003 MINUTES OF THE ELEVETH MEETING OF DOWNTOWN STUDENT TRUST held on 25 September 2003 at 6pm at Peter Robinson College, Townhouse 21, 3rd Floor Trent U, Peterborough, Ontario. P R E S E N T: Marisa Barnhart. Dwayne Collins, Catherine Dickinson, John K Muir, Matt Naylor & Fraser Smith. Also Present: Scott Douglas Notice of this Meeting having been made to all the Trustees, and quorum of the Trustees being present in person, the Meeting was declared duly constituted and called to order at 6:05 p.m., with Catherine Dickinson acting as Chair and John Muir acting as Secretary. The Chair made some opening remarks and discussion followed. The minutes of the two previous meetings were presented. UPON A MOTION duly made seconded and carried unanimously the Minutes of the Trust meetings held on 26 August 2003 and 16 September 2003 were approved Offer to purchase: Mr. Douglas presented the signed offer of purchase, and discussion followed. It was noted that the offer could not be accepted and needed to be amended pursuant to clarifying conditions of financing. This was duly done by the Chair. Appointment of Derrick McIntosh: The recommendations of a committee made up of Catherine Dickinson, Matt Naylor and John Muir who met with Derrick McIntosh pursuant to a contract of employment with Mr. McIntosh, were reported to the Trustees. UPON A MOTION duly made seconded and carried unanimously, it was decided that Derrick McIntosh be hired at the rate of $500 per week commencing 29 Sep 03 for a term of thirty-one weeks, ending to 30 Apr 2004, and that he is to be delegated and possessed of the responsibility and authority to manage the day- to-day affairs and development of the Trust and the Corporation to be Incorporated. There was some inconclusive discussion as to as title for the position. Financial Statements to 31 August 2003. The Secretary/Treasurer reported that Susan Newman had been hired as the bookkeeper for the Trust at the rate of $20 per hour, to provide the Trust with timely financial information. Since then Ms. Newman has prepared a chart of accounts for the Trust and reconciled financial statements to 31 August 2003. In addition is was recommended that the Trustee open bank account with ING direct to maximise interest income. These financial statements were then presented to the Trustees. UPON A MOTION duly made seconded and carried unanimously, the Secretary/Treasurer's report and recommendations as well as the financial statements were accepted. Some discussion followed regarding planning on what to do next. There being no other business the meeting was adjourned and discussion on this matter continued informally. ____________________________ ______________________ Catherine Dickinson, Chair JK Muir, Secretary **** Report of Interview with Derrick McIntosh Report for Trust Meeting 25Sep03 prepared John Muir / 25 Sep 2003 A committee made up of Catherine Dickinson, Matt Naylor and John Muir met with Derrick McIntosh pursuant to a contract of employment with Mr. McIntosh. After some discussion it was agreed to recommended to the Trust that; Derrick McIntosh be hired at the rate of $500 per week commencing 29 Sep 03 for a term of thirty-one weeks, ending to 30 Apr 2004, and that he is to be delegated and possessed of the responsibility and authority to manage the day-to-day affairs and development of the Trust and the Corporation to be Incorporated. Sincerely, John K Muir *** Treasurer's Report After discussing the matter with Catherine Dickinson, I am recommending that we hire Susan Newman to act as Bookkeeper for the Trust. To that end, Ms. Newman and I worked on setting up the Trust’s books and compiling our accounting information. Reconciled financial statements to the Trust's proposed fiscal year-end (31 August 2003) follow this report. Sincerely, John K Muir DSFT Secretary/Treasurer *** Downtown Student Facility Trust Balance Sheet As At 03-08-30 - unaudited & subject to adjustment ASSETS LIABILITIES CURRENT ASSETS CURRENT LIABILITIES Chequing Bank Account 2,664.52 Accounts Payable 0.00 Saving Bank Account 0.00 Bank Loan - Current Portion 0.00 Petty Cash 0.00 Mortage - Current Portion 0.00 --------- Contributors - Current Portion 0.00 Total Cash 2,664.52 Deferred Income 0.00 Investments 0.00 Accrued Liability 100.00 Accounts Receivable 0.00 Vacation Payable 0.00 Miscellaneous Receivable 0.00 EI Payable 0.00 Employee Advances 0.00 CPP Payable 0.00 Allowance for Doubtful Accounts 0.00 Income Tax Payable 0.00 --------- --------- Total Receivable 0.00 Total Receiver General 0.00 Prepaid Expense & Deposits 10,000.00 WSIB Payable 0.00 ----------- PST Payable 0.00 TOTAL CURRENT ASSETS 12,664.52 GST Charged on Sales 0.00 GST Receivable (2.53) FIXED ASSETS GST Rebate (Remittance) 0.00 Furniture & Equipment 0.00 --------- Vehicle 0.00 GST Owing (Refund) (2.53) Building 0.00 ----------- Land 0.00 TOTAL CURRENT LIABILITIES 97.47 Accumulated Depreciation 0.00 ----------- LONG TERM LIABILITIES TOTAL FIXED ASSETS 0.00 Bank Loans 0.00 Mortgages 0.00 OTHER ASSETS Loans from Contributors 0.00 Deferred Charges 0.00 Loans from Directors 13,070.00 Incorporation Cost 0.00 Deferred Contribution 0.00 ----------- ----------- TOTAL OTHER ASSETS 0.00 TOTAL LONG TERM LIABILITIES 13,070.00 ----------- ----------- TOTAL ASSETS 12,664.52 TOTAL LIABILITIES 13,167.47 ========== EQUITY Retained Earnings - Previous Year 0.00 Current Earnings (502.95) ----------- TOTAL EQUITY (502.95) ----------- LIABILITIES AND EQUITY 12,664.52 =========== Downtown Student Facility Trust Income Statement 02-09-01 to 03-08-30 - unaudited & subject to adjustment REVENUE EXPENSE GOVERNMENT GRANTS PAYROLL & CONTRACT EXPENSE Federal Grants 0.00 Wages & Salaries 0.00 Provincial Grants 0.00 EI Expense 0.00 Municipal Grants 0.00 CPP Expense 0.00 ----------- WCB Expense 0.00 TOTAL GOVERNMENT GRANTS 0.00 Employee Benefits 0.00 --------- FUND RAISING REVENUE Total Payroll Expense 0.00 Corporations 0.00 Contract Staff 100.00 Foundations 0.00 ----------- Individual 0.00 TOTAL PAYROLL & CONTRACT EXPENSE 100.00 Leadership 0.00 Donations "In Kind" 0.00 GENERAL & ADMIN EXPENSES --------- Education & Conference 80.00 Net Donations 0.00 Travel & Per Diem Expense 0.00 Trent Student Memberships 0.00 Hospitality & Reception 0.00 Commercial & Non-profit 0.00 Memberships & Subscriptions 0.00 Individual Memberships 0.00 Telephone & Internet 0.00 Discretionary M'ship Exp 0.00 Postage & Courier 0.00 --------- Publicity & Promotion 250.00 Net Memberships 0.00 Printing 0.00 Special Events Revenue 0.00 Design & Layout 0.00 Special Events Expense 0.00 Office Supplies & Equipment Purchas 0.00 --------- Office Equipment Rental & Maintenan 0.00 Net Special Events 0.00 Professional Fees 0.00 Fundraising Revenue 0.00 Library & Archive 0.00 Fundraising Expense 0.00 Licences & Permits 0.00 --------- Building Repair & Maintenance 0.00 Net Fundraising 0.00 Grounds 0.00 Gaming Revenue 0.00 Utilities 0.00 Gaming Expense 0.00 Insurance & Security 0.00 --------- Bank Charges & Interest 74.99 Net Gaming 0.00 Mortgage Interest 0.00 ----------- Contributors Interest 0.00 TOTAL FUND RAISING REVENUE 0.00 Mortgage Amortisation 0.00 Municipal Taxes 0.00 EARNED REVENUE Depreciation 0.00 Residential Rental Income 0.00 Bad Debts 0.00 Facility Rental Income 0.00 Miscellaneous Expense 0.00 Event Rental 0.00 ----------- Equipment Rental 0.00 TOTAL GENERAL & ADMIN EXPENSES 404.99 Workshop Fees 0.00 ----------- Sponsorship 0.00 TOTAL EXPENSE 504.99 Sales 0.00 ----------- Services 0.00 NET INCOME (502.95) ----------- =========== TOTAL EARNED REVENUE 0.00 MISCELLANEOUS REVENUE Interest Income 2.04 Discounts Taken 0.00 Micellaneous Revenue 0.00 Amortisation Deferred Contributions 0.00 ----------- TOTAL MISC REVENUE 2.04 ----------- TOTAL REVENUE 2.04 [end]