HomeMy WebLinkAbout10-05-96 TSHC Min MINUTES AND CERTIFICATION
On October 5, 1996 the Board of Directors (the "Board") of Texas Student Housing
Corporation convened in public meeting at the designated meeting place in College Station,
Texas. The roll of the duly constituted officers and members of the Board was called, which
are as follows:
Name Title
James P. Carter President
Worth Blake Vice President
Abe A. Bush Secretary/Treasurer
John Brooks Member
Forrest Watson Member
Gary G. Wall Member
Carroll Schubert Member
vacant Member
vacant Member
all of whom were present except the following absentee(s): John Brooks, Gary G. Wall,
Forrest Watson thus constituting a quorum.
Executive Session: The Board conducted a closed session pursuant to Chapter 551 of
the Texas Government Code with its Finance Attorney and its Financial Advisor to discuss the
possible purchase of additional real properties, as permitted by Section 551.472 of the Texas
Government Code.
No action was taken.
President Carter turned to Mr. Bill Davis to present the budget. Mr. Steve Ross
updated the Board on the rooms and facilities stating there is an increase in the occupancy this
year over last. Parking is a tremendous demand therefore Mr. Ross rented twenty eight spaces
from the Bank and Realty office across the street for the University Tower.
Mr. Davis then presented the budget for the three properties, the Colony, the
University Tower and Forum. A question and answer period was held regarding the budget.
Mr. Davis was directed to send a copy of the monthly bank statements to Treasurer Bush.
Board member Schubert made a motion to accept the budget as presented and the
budget be attached to and made a part of these minutes. Vice President Blake seconded;
motion passed unanimously.
The next item for consideration was to consider the retention of an audit firm.
President Carter presented proposals from three audit firms, Coopers & Lybrand, Ernst &
Young LLP and Thompson Derrig & Slovacek. A discussion ensued. After a review of the
audit proposals Treasurer Bush made a motion to use the local firm based upon President
Carter interviewing the firm. Board member Schubert seconded; motion passed unanimously.
The cost of the audit is paid from the operating budget.
President Carter noted the Texas Student housing Corporation will award seven new
applicants scholarships in 1996-1997 school year. Mr. Davis will present a proposal to the
Board on the upgrade differential regarding room space at a discount.
There being no further business to discuss, the meeting was adjourned.
MINUTES APPROVED AND CERTIFIED TO BE TRUE AND CORRECT and to
correctly reflect the duly constituted officers and members of the Board, and is hereby certified
to be a correct copy of an official copy thereof, on file among the official records of the
Board, on this 5' day of October, 1996.
B
Authorized Offi5w
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