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Jain Society of Greater Cleveland Jain Center Project Update (Final) February 12, 2011.

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Presentation on theme: "Jain Society of Greater Cleveland Jain Center Project Update (Final) February 12, 2011."— Presentation transcript:

1 Jain Society of Greater Cleveland Jain Center Project Update (Final) February 12, 2011

2 JSGC – February 12, 2011 Outline of Today’s Presentation Progress report Progress report Identification of remaining tasks, costs and responsible parties Identification of remaining tasks, costs and responsible parties Project Financial status Project Financial status Acknowledgements Acknowledgements Questions, comments Questions, comments Closure Closure

3 JSGC – February 12, 2011 Progress Report It was mentioned in the last presentation on October 3 rd, 2010 that we had received the full occupancy permit as of September 28 th, 2010. The ECC conducted their own inspection and created a punch list later that month. Mostly all items on that punch list have now been completed. A few remain – they will be completed as soon as the weather permits. A listing of these items is on display and we will also talk about it here in the upcoming slides. It was mentioned in the last presentation on October 3 rd, 2010 that we had received the full occupancy permit as of September 28 th, 2010. The ECC conducted their own inspection and created a punch list later that month. Mostly all items on that punch list have now been completed. A few remain – they will be completed as soon as the weather permits. A listing of these items is on display and we will also talk about it here in the upcoming slides. An “Agreed upon procedures” audit of MJJS’s books has been conducted by the firm of Dingus and Daga, CPAs. The audit found “no exceptions”. The audit report is on display for those who wish to review it. I will also go over it briefly for everyone. An “Agreed upon procedures” audit of MJJS’s books has been conducted by the firm of Dingus and Daga, CPAs. The audit found “no exceptions”. The audit report is on display for those who wish to review it. I will also go over it briefly for everyone.

4 JSGC – February 12, 2011

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6 Progress Report (contd.) MJJS/JSGC financial transactions have been completed. They have returned the $100 K loan advanced to them at the beginning of Jain Center construction to manage their cash flow. MJJS/JSGC financial transactions have been completed. They have returned the $100 K loan advanced to them at the beginning of Jain Center construction to manage their cash flow. A title search has been conducted and it is confirmed that as of January 21, 2011 there are no liens on the JSGC property. The document is on display. A title search has been conducted and it is confirmed that as of January 21, 2011 there are no liens on the JSGC property. The document is on display. Our application for property tax exemption made a couple of years ago has been approved. Summit County will be refunding $5,762.02 of the taxes paid by us to date. The needed forms have been filled out. Our application for property tax exemption made a couple of years ago has been approved. Summit County will be refunding $5,762.02 of the taxes paid by us to date. The needed forms have been filled out. The Jain Center Sadharan account has returned $75K of the $100K loan taken from Dev Dravya on October1, 2010 to manage cash flow issues. The interest has been paid at 3.25% compounded daily up to February 15 th ($ 937.50). The Jain Center Sadharan account has returned $75K of the $100K loan taken from Dev Dravya on October1, 2010 to manage cash flow issues. The interest has been paid at 3.25% compounded daily up to February 15 th ($ 937.50).

7 JSGC – February 12, 2011

8 Progress Report (contd.) MJJS/JSGC financial transactions have been completed. They have returned the $100 K loan advanced to them at the beginning of Jain Center construction to manage their cash flow. MJJS/JSGC financial transactions have been completed. They have returned the $100 K loan advanced to them at the beginning of Jain Center construction to manage their cash flow. A title search has been conducted and it is confirmed that as of January 21, 2011 there are no liens on the JSGC property. The document is on display. A title search has been conducted and it is confirmed that as of January 21, 2011 there are no liens on the JSGC property. The document is on display. Our application for property tax exemption made a couple of years ago has been approved. Summit County will be refunding $5,762.02 of the taxes paid by us to date. The needed forms have been filled out. Our application for property tax exemption made a couple of years ago has been approved. Summit County will be refunding $5,762.02 of the taxes paid by us to date. The needed forms have been filled out. The Jain Center Sadharan account has returned $75K of the $100K loan taken from Dev Dravya on October1, 2010 to manage cash flow issues. The interest has been paid at 3.25% compounded daily up to February 15 th ($ 937.50). The Jain Center Sadharan account has returned $75K of the $100K loan taken from Dev Dravya on October1, 2010 to manage cash flow issues. The interest has been paid at 3.25% compounded daily up to February 15 th ($ 937.50).

9 JSGC – February 12, 2011

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11 Remaining items list - MJJS Item Cost Item Cost Work Related to Detention pond $ 2,500.00 Work Related to Detention pond $ 2,500.00 Main entrance parking lot grading correction – $ 2,000.00 Main entrance parking lot grading correction – $ 2,000.00 (if needed) (if needed) Jain Center Sign and mail box $ 2,000.00 Jain Center Sign and mail box $ 2,000.00 Complete installation of Samaran $ 1,000.00 Complete installation of Samaran $ 1,000.00 Total Funds needed $ 7,500.00 Total Funds needed $ 7,500.00

12 JSGC – February 12, 2011 MJJS As we have all seen: As we have all seen: –MJJS (Mohan Jain and Jignesh Shah) have completed the task they took on almost two and a half years ago. Minor remaining items have been identified and will be completed soon. –We have a beautiful facility. We have received many positive comments. –MJJS/JSGC financial transactions have been completed. –Their books have been audited and the report found no exceptions –It has been confirmed that there are “no liens” on the property –MCC recommends that we accept the facility and recognize Mohan Jain and Jignesh Shah for their tremendous efforts.

13 JSGC – February 12, 2011 Remaining items list - JSGC Item Cost Item Cost Sadharan Dev Dravya Total Sadharan Dev Dravya Total Record Deed Plat as required by $ 720 $ 280 $1,000 Record Deed Plat as required by $ 720 $ 280 $1,000 Army Corps of Enginneers (M. Dalia) Army Corps of Enginneers (M. Dalia) As built site improvement Drawing - - - As built site improvement Drawing - - - (M. Dalia) (M. Dalia) Detention Pond (M. Dalia) $ 1,800 $ 700 $ 2,500 Detention Pond (M. Dalia) $ 1,800 $ 700 $ 2,500 Curtain + Installation $ 14,000 - $14,000 Curtain + Installation $ 14,000 - $14,000 (Meena Jain, Jitu Shah) (Meena Jain, Jitu Shah) Install decorative pieces on shikhar, $12,000 $ 12,000 Install decorative pieces on shikhar, $12,000 $ 12,000 plus remaining payment on shikhar plus remaining payment on shikhar (Mohan Jain, Jitu Shah) (Mohan Jain, Jitu Shah) Remaining marble items from India, $29,300 $ 29,300 Remaining marble items from India, $29,300 $ 29,300 Receipt, installation (Nalini Shah, Jitu Shah) Receipt, installation (Nalini Shah, Jitu Shah) Contingency $3,980 $ 4,720 $ 8,700 Contingency $3,980 $ 4,720 $ 8,700 Total $20,500 $ 47,000 $ 67,500 Total $20,500 $ 47,000 $ 67,500

14 JSGC – February 12, 2011 Jain Center Project – Financial status Jain Center (Sadharan Acct.) Total collections as of February 10, 2011 $ 1,554,554.59 Total collections as of February 10, 2011 $ 1,554,554.59 From Pledges – $ 1,303,465.70 From Pledges – $ 1,303,465.70 “Buy-A-Brick” program – $ 81,981.75 “Buy-A-Brick” program – $ 81,981.75 Interest to date – $ 78,729.51 Interest to date – $ 78,729.51 Other – $ 9,355.70 Other – $ 9,355.70 Net collections in events – $ 81,021.93 Net collections in events – $ 81,021.93 Total $ 1,554,554.59 Total $ 1,554,554.59 Total uncollected event pledges - $ 36,778.75 Total uncollected Buy-A-Brick pl - $ 6,751.00 Total $ 43,529.75 Total $ 43,529.75 Total collections in Maintenance Acct. $ 67,661.00 Total collections in Maintenance Acct. $ 67,661.00 ($15,204.00 transferred to JSGC, ($15,204.00 transferred to JSGC, $ 9,568.06 spent from it) $ 9,568.06 spent from it)

15 JSGC – February 12, 2011 Income/outgo from our celebration events Event Pledges Expenses Net Gain Event Pledges Expenses Net Gain Bhoomi Poojan $ 57,232.80 $ 14,595.07 $ 42,637.73 Shilanyas $ 147,454.00 $ 43,167.09 $ 104,286.91 Upkaran Bolis $ 276,694.00 $ 13,399.22 $ 263,294.78 Pratishtha $ 965,458.00 $ 206,852.12 $ 758,605.88 Total $ 1,446,838.80 $ 278,013.50 $ 1,168,825.30 Total $ 1,446,838.80 $ 278,013.50 $ 1,168,825.30

16 JSGC – February 12, 2011 Jain Center Project – Financial status Dev Dravya Account (2/10/11) Total collections as of Feb. 10, 2011 $ 1,315,168.20 Total collections as of Feb. 10, 2011 $ 1,315,168.20 Total uncollected pledges $ 65,789.50 Total uncollected pledges $ 65,789.50 Total Commitments $ 1,380,957.70 Total Commitments $ 1,380,957.70

17 JSGC – February 12, 2011 Jain Center Project Expenses Project Expenses (As of 2/10/11): Project Expenses (As of 2/10/11): Category J/C Acct D/D Acct Total Category J/C Acct D/D Acct Total –Wetland related 37,310.00 -- 37,310.00 –Engineering Svcs, Permits 68,465.85 3,999.75 72,465.60 –Construction Payments to MJJS 1,347,098.69 583,793.51 1,930,892.20 Payments to MJJS 1,347,098.69 583,793.51 1,930,892.20 Constr. – Other 38,859.58 171,970.50 210,830.08 Constr. – Other 38,859.58 171,970.50 210,830.08 –Rangmandap/Gabhara Related Marble from India 11,839.00 90,024.87 101,863.87 Marble from India 11,839.00 90,024.87 101,863.87 Upkaran from India 1,026.00 68,092.00 69,118.00 Upkaran from India 1,026.00 68,092.00 69,118.00 –Miscellaneous 37,739.04 7,045.05 44,784.09 – Total 1,542,338.16 924,925.68 2,467,263.84 Total Project expenses to-date: 2,467,263.84 Total Project expenses to-date: 2,467,263.84 Addl. Identified Expenses: 67,500.00 Addl. Identified Expenses: 67,500.00 Total Project Expenses: 2,534,763.84 Total Project Expenses: 2,534,763.84 Compares favorably to approved Project budget of $2,640,000.00 Compares favorably to approved Project budget of $2,640,000.00

18 JSGC – February 12, 2011 Overall Financial snapshot of Jain Center Project Account Prior to the project Now Account Prior to the project Now Dev Dravya cash in hand < $250,000.00 $ 300,733.56 Dev Dravya cash in hand < $250,000.00 $ 300,733.56 Dev Dravya A/R - $ 65,789.50 Dev Dravya A/R - $ 65,789.50 J/C Sadharan - $ 12,216.43 J/C Sadharan - $ 12,216.43 J/C Sadharan A/R - $ 43,529.75 J/C Sadharan A/R - $ 43,529.75 Loan from D/D to J/C sadharan - $ 25,000.00 Loan from D/D to J/C sadharan - $ 25,000.00 Total <$250,000.00 $ 447,269.24 Total <$250,000.00 $ 447,269.24 Additionally, we have approximately $60,000.00 in maintenance account. Additionally, we have approximately $60,000.00 in maintenance account.

19 JSGC – February 12, 2011 The Charter of the Main Jain Center Committee Responsible to the General Body and the Executive Committee. Responsible to the General Body and the Executive Committee. Manage the project to build the JSGC Jain Center at the Richfield site in its entirety. Manage the project to build the JSGC Jain Center at the Richfield site in its entirety. Coordinate activities of all sub-committees. Form/dissolve sub committees as necessary. Coordinate activities of all sub-committees. Form/dissolve sub committees as necessary. Create guidelines and controls for managing fund raising and expenditures. Create guidelines and controls for managing fund raising and expenditures. Report project progress to the Executive Committee and the General Body on a regular basis. Report project progress to the Executive Committee and the General Body on a regular basis. Responsible for communication with outside communities (e.g. Richfield township, others) Responsible for communication with outside communities (e.g. Richfield township, others) The Committee will remain in place through the entire building project and up to six months after its completion to settle all contracts, payments and accounts related to the project. The Committee during its tenure, will also be responsible for maintenance aspects of the Jain Center. The Committee will remain in place through the entire building project and up to six months after its completion to settle all contracts, payments and accounts related to the project. The Committee during its tenure, will also be responsible for maintenance aspects of the Jain Center.

20 JSGC – February 12, 2011 Before we move to recognition of the various committee members - the floor is open for any questions or comments

21 JSGC – February 12, 2011 Design Sub-Committee Meena Jain - Chairperson Meena Jain - Chairperson Mitten Doshi - Secretary Mitten Doshi - Secretary Atul Shah Atul Shah Kushal Baid Kushal Baid Hasmukh Shah (Parma) Hasmukh Shah (Parma) Kanti Jain Kanti Jain Mayuri Dalia Mayuri Dalia Pragna Shah Pragna Shah Hasmukh Shah Hasmukh Shah Tushar Shah Tushar Shah

22 JSGC – February 12, 2011 Gabhara Sub-Committee Nalini Shah – Chairperson Nalini Shah – Chairperson Falgun Shah – Secretary Falgun Shah – Secretary Chandrakumar Jain Chandrakumar Jain Darshana Shah Darshana Shah Ashok Shah Ashok Shah Dipika Shah Dipika Shah Bharti Shah Bharti Shah Mayuri Shah Mayuri Shah Hansa Sutaria Hansa Sutaria

23 JSGC – February 12, 2011 Engineering and Construction Sub-Committee Dilip Maniar – Chairperson Dilip Maniar – Chairperson Pravin Mehta - Secretary Pravin Mehta - Secretary Jitu Shah Jitu Shah Mukund Dalia Mukund Dalia Shanti Jain Shanti Jain Hasmukh Shah (Parma) Hasmukh Shah (Parma) Jignesh Shah Jignesh Shah Mulchand Gala Mulchand Gala Minesh Shah Minesh Shah Dilip Maniar Dilip Maniar Arun Shah Arun Shah Noopur Jain Noopur Jain Bipin Lapasia Bipin Lapasia

24 JSGC – February 12, 2011 Fund Raising and Finance Sub-Committee Pravin Shah - Chairperson Pravin Shah - Chairperson Purvin Vakil – Secretary/Treasurer Purvin Vakil – Secretary/Treasurer Shailesh Nanavati Shailesh Nanavati Mahendra Shah Mahendra Shah Jignesh Shah Jignesh Shah Hasmukh Shah (New Philly) Hasmukh Shah (New Philly) Mohan Jain Mohan Jain Chhagan Bapna Chhagan Bapna Ashwin Turakhia Ashwin Turakhia Bryan Shah Bryan Shah Neela Adhvaryu Neela Adhvaryu

25 JSGC – February 12, 2011 Public Relations Sub-Committee Shailesh Nanavati – Chairperson Shailesh Nanavati – Chairperson Rajesh Shah – Secretary Rajesh Shah – Secretary Vinod Sutaria Vinod Sutaria Atul Shah Atul Shah Dilip Maniar Dilip Maniar Mukund Dalia Mukund Dalia Harsha Nanavati Harsha Nanavati

26 JSGC – February 12, 2011 Main Jain Center Committee Kushal Baid - Chairperson Kushal Baid - Chairperson Premal Shah - Secretary Premal Shah - Secretary Purvin Vakil – Treasurer Purvin Vakil – Treasurer Jignesh Shah Jignesh Shah Mohan Jain Mohan Jain Meena Jain Meena Jain Falgun Shah Falgun Shah Pravin Shah Pravin Shah Dilip Maniar Dilip Maniar Nalini Shah Nalini Shah Minesh Shah Minesh Shah Ashwin Turakhia Ashwin Turakhia Shailesh Nanavati Shailesh Nanavati Hansa Sutaria Hansa Sutaria Jitu Shah Jitu Shah

27 JSGC – February 12, 2011 Resolution Resolution It is resolved that with the completion of the Jain Center project, the Jain Center Main Committee (MCC) and its sub- committees be herewith dissolved. It is resolved that with the completion of the Jain Center project, the Jain Center Main Committee (MCC) and its sub- committees be herewith dissolved.

28 JSGC – February 12, 2011 Thank you for your kind attention! With all the best wishes to our Society and the Jain Center Jai Jinendra !!


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