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HomeMy WebLinkAbout12-19-05 TSHA Min TEXAS1W STUDENT '�' HOUSING MINUTES OF THE BOARD OF DIRECTORS OF THE TEXAS STUDENT HOUSING AUTHORITY (AN INSTRUMENTALITY OF THE TOWN OF WESTLAKE) DECEMBER 14, 2005 PRESENT: President Jinn Carter and Board Members Jac Irvine, Crary Fickes, Chuck Schultz, Jill McKean, and Larry Darlage ABSENT: Board Member Becky Rogers OTHERS PRESENT: Executive Director Hank Smyth, Finance Manager Pete Ehrenberg, Secretary Jean Dwinnell, Julie Bonin with Asset Campus Housing, Bill Haycraft with Easley, Endres, Parkhill, & Brackendorff, P. C., and Bob Loritz with Weaver& Tidwell, L.L.P. 1. CALL TO ORDER. President Carter called the meeting to order at 5:45 p.m. 2. DISCUSS AND CONSIDER APPROVAL OF CAMBRIDGE PROPERTY ANNUAL AUDIT FOR FY 2004-2005 PRESENTED BY EASLEY,ENDRES, PARKHILL, & BRACKENDORFF, P.C. Mr. Bill Haycraft, CPA, representing Easely, Endres, Parkhill, & Brackendorff, P.C., reviewed the proposed audit. Mr. Haycraft commended Asset Campus on their working relationship with the auditors and advised the Board that Asset Campus keeps "clean records," and is a good group to work with. He recommended the Board consider a formal agreement regarding the forgiven interest on construction loans. Ms. Julie Bonin representing Asset Campus Housing, advised the Board that Cambridge is 18% pre-leased for the fall of 2006, that an approximate 5% rate increase was effective November 1, 2005, and that several summer camps, sponsored by the University, have been planned for 2006. Mr. Fickes moved, Ms. McKean seconded the motion to accept the annual Audit of the Cambridge Property for FY 2004-2005 as presented. There was no discussion and President Carter declared the motion carried unanimously. 3. DISCUSS AND CONSIDER APPROVAL OF AUTHORITY ANNUAL AUDIT FOR FY 2004-2005 PRESENTED BY WEAVER AND TIDWELL,L.L.P. Mr. Bob Lawrence, representing Weaver and Tidwell, L.L.P., reviewed the proposed audit and advised the opinion is unqualified (good). Mr. Lawrence suggested there be more oversight regarding the finances. Executive Director Hank Smyth explained the recent appointment of Board member Jac Irvine as Treasurer was for the purpose of more financial oversight. Mr. Irvine moved,Mr. Darlage seconded the motion to accept the annual Audit of the Authority for FY 2004-2005 as presented. There was no discussion and President Carter declared the motion carried unanimously. 4. DISCUSS AND CONSIDER APPROVAL OF SECURITY CONSULTANT. Executive Director Hank Smyth explained the need for a Security Consultant and reviewed the proposals he received. He advised that there are three police officers living on site at the Denton property and two at Ballpark in Austin. Mr. Smyth recommended hiring Don Underwood Security and advised that there are no monies for this endeavor except in the Authority (Home Office) budget. Mr. Schultz moved, Ms. McKean seconded the motion to hire Don Underwood Security to provide an oral report through the Board's legal counsel prior to the preparation of a written report. There was no discussion and President Carter declared the motion carried unanimously. S. COMPENSATION COMMITTEE REPORT. Board member Jac Irvine reviewed the discussion and action of the Committee meeting held November 11, 2005. It was the consensus of the Board to use the Committee's recommendations regarding compensation levels for the TSH Director and Chief Financial Officer: 6. EXECUTIVE DIRECTOR'S REPORT. Executive Director Hank Smyth reviewed his report as presented, advised that the 2006 scholarship applications had begun to arrive, and advised that he had presented the Texas Student Housing Scholarship program in several locations across the State. 7. FINANCE DIRECTOR'S REPORT. There was nothing to report. S. DISCUSS AND TAKE ANY NECESSARY ACTION ON EXECUTIVE DIRECTOR'S AND/OR FINANCE DIRECTOR'S REPORT. There was no action to be taken. 9. CONSENT AGENDA: All items listed below are considered routine by the Board and will be enacted with one motion. There will be no separate discussion of items unless a Board member or citizen so requests, in which event the item will be removed frorn the general order of business and considered in its normal sequence. A. Review and approve minutes of meetings held on September 27, 2005 and November 7, 2005 B. Review and approve any outstanding bills. Mr. Darlage moved, Mr. Schultz seconded the motion to approve the minutes of the Board held on September 27, 2005. There was no discussion and President Carter declared the motion carried unanimously. Mr. Fiches moved, Ms. McKean seconded the motion to approve the minutes of the Compensation Committee meeting held on November 7, 2005. There was no discussion and President Carter declared the motion carried unanimously. There were no bills to consider. 10. ADJOURN. There being no further business,President Carter declared the meeting adjourned at 7:40 p.m. The Minutes are approved and certified to be a true and correct reflection of the actions of the officers and members of the Board, and is hereby certified to be an official copy thereof, on file among the official records of the Board, on this the day of 12006. J' r, President ATTEST: Je winnell, Secretary