HomeMy WebLinkAbout11-12-97 TSHC Min MINUTES AND CERTIFICATION
On November 12, 1997 the Board of Directors (the`Board") of the Texas Student
Housing Corporation convened in a public meeting at the designated meeting place in
Westlake, 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
Annette Bush Treasurer
Dr. Forrest Watson Member
Dr. John Brooks Member
Dr. Ted Gillum Member
Dr. Patsy Sharp Member
Dr. Charles Bradberry Member
Carroll Schubert Member
all of whom were present except the following absentee(s): Dr. Forrest Watson, Dr. Ted
Gillum and Carroll Schubert, thus constituting a quorum. Also present were: Allen
Moon, Bill Moon, Scott Bradley, Charles Haynes, Bill Davis, Manny Farahani and
Ginger Crosswy.
President Carter called the meeting to order and asked that everyone introduce
themselves since there were several people present for the first time. President Carter
told the Board that Mr. Davis has an appointment later and we would hear his
presentation first.
Mr. Davis of SSRS, Inc., the Boards' management company in College Station,
presented the budget for the three properties, the Colony, the University Tower and the
Forum. Mr. Davis also apprised the Board of an upcoming occupancy problem with
these properties. Texas A&M University has stated that in the summer of 1995 they will
not be sending any rejection letters to students wanting to lease dorm rooms from the
University. Therefore the private dorm providers will have some difficulty leasing their
rooms. Mr. Davis covered several ways in which SSRS, Inc. is working to overcome
this problem. There was a lengthy question and answer session held regarding the
proposed budget and the situation with the University. There were several questions
concerning the fact that the minimum debt payment would not be met this year and
whether the Board needed a waiver letter from Leonard Ross. It was decided that since
the Board is a public body, we should obtain a written waiver. There was a motion by
Worth Blake, seconded by Dr. Sharp, to accept the budget as presented. Motion carried
unanimously.
President Carter then turned the meeting over to Mr. Farahani of A. S. C.
Management, Inc., the Boards' management company in Austin, who presented the
budget for Madison House. Mr. Farahani told the Board that with the audit that Mr.
Haynes is beginning the Madison House is having to change its accounting system since
they have been operating on the calendar year. Therefore these are preliminary figures
that will be corrected after the audit is completed. During a question and answer session
Mr. Farahani told the Board that they would be receiving reports from the operations at
Madison House quarterly, starting with the end of the current year. Motion by Dr.
Brooks, seconded by Dr. Sharp, to accept this preliminary budget with the understanding
that there will be a more accurate budget once the audit is completed. Motion carried
unanimously.
There was a motion by Annette Bush, seconded by Dr. Sharp, to accept the
minutes of the meeting held on September 23, 1997, as presented. Motion carried
unanimously.
Charles Haynes, the Boards' auditor updated the Board as to the ongoing audit of
the properties in College Station and Austin. There was much discussion concerning the
current audit and how the previous audit was done.
There being no other business to come before the Board the meeting was
adjourned at 9:34 p.m.
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 11`" day of March, 1998.
/ f
r—Ja es P. Carter, Presi nt
[SEAL]
ATTEST:
bingfoCrosswy, Secreta