Annual Report 2008

Moving Forward in Confidence

Juniper Housing Corporation

 

Juniper reached a major milestone in 2008 as our construction project attained substantial completion in December. We were able to start moving our residents in following occupancy clearance from the City.

 

While our official Grand Opening ribbon cutting ceremony was deferred until January 15, 2009, we launched our Open House event on November 22, at which more than 120 people attended. We received encouraging comments from those attending the event congratulating us on our achievements.

 

The construction phase of the project was generally on track in 2008. With the exceptions of some deficiency items which needed to be addressed in the spring of 2009, we anticipate finalizing the project in the first quarter of 2009. Final construction costs will be established at that time.

 

Over the course of the construction, there were a number of change orders which resulted in price changes to the contract. These adjustments will be reflected in the final numbers. While we maintained a tight budget control at all time, the final costs are expected to exit the cost estimates due to building code issues.

 

By the end of 2008, our capital campaign fund raising drive reached a level of $ 534,575      which is short of our target goal of $700,000. While we will continue our fund raising efforts in 2009 and beyond, we have a challenge to creatively come up with a solution in financing the shortfall in the capital account.

 

Juniper achieved high community visibility in 2008. We are well connected with the community and government agencies. We will continue this path and strive to strengthen our relations with our supporting community organizations having mutual interest in serving the Juniper community.

 

We recognize the organizations and individuals who have contributed their time, their energy and their financial and other resources to Juniper in 2008. Without their unselfish support, our Juniper project would never be a reality.

 

We thank the Directors of the Board, Committee members and Volunteers for their unfailing services to this project. The community is thankful for their dedications and sacrifices.

 

Now Juniper has a solid foundation to build on. We are moving forward in confidence.

 

 

Abraham Yuen

President

 

 

 

Enclosure: Juniper 2008 Financial Statements