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Home My WebLink About02-24-09 TSHA Agenda Packet TEXASIW STUDENT s AGENDA BOARD OF DIRECTORS OF THE TEXAS STUDENT HOUSING AUTHORITY (AN INSTRUMENTALITY OF THE TOWN OF WESTLAKE) February 24,2009 5:30 P.M. TOWN OF WESTLAKE 3`TILLAGE CIRCLE,SUITE 207 COURTROOM 1. CALL TO ORDER. 2. EXECUTIVE DIRECTORS' REPORT. 3. FINANCE REPORT. 4. DISCUSS AND CONSIDER APPROVAL OF THE USE OF OVERFLOW HOUSING FACILITIES IN AUSTIN AND COLLEGE S'T'ATION, TEXAS, AND ESTABLISH A MAXIMUM NUMBER OF SCHOLARSHIPS RECIPIENTS TO HOUSE AT EACH FACILITY. 5. CONSIDER APPROVAL OF NEW INCREMENTAL SCHOLARSHIP OFFERS FOR THE 2009-2010 SCHOOL YEAR. 6. CONSIDER APPROVE OF FULL HOUSING SCHOLARSHIPS FOR THE 2009-2010 SCHOOL YEAR. 7. REVIEW AND APPROVE MINUTES OF JANUARY 20,2009. S. ADJOURN. CERTIFICATION If you plan to attend this public meeting and have a disability that requires special needs, please advise the Town Secretary 48 hours in advance at 817-490-5710 and reasonable accommodations will be made to assist you. Kim Sutter,TRMC, Town Secretary I certify that the above notice was posted at the Town Hall of the Town of Westlake, 3 Village Circle, Westlake, Texas, by Friday, February 20, 2009, by 5 p.m. under the Open Meetings Act, Chapter 551 of the Texas Government Code. TEXASIW STUDENT , HousING MINUTES OFT E BOARD OF DIRECTORS OFT E TEXAS STUDENT HOUSING AUTHORITY (AN INSTRUMENTALITY OF THE TOWN OF WESTLA ) January 20, 2009 PRESENT: Chairman Jim Carter and Directors Jac Irvine, Jill McKean, and Chuck Schultz. ABSENT: Directors George Ledak and Melanie Lekkos. TITERS PRESENT: President Pete Ehrenberg, Secretary Kim Sutter, and General Counsel Scott Bradley 1. CALL TO ORDER. Chairman Carter called the meeting to order at 6:09 p.m. 2. DISCUSS AND CONSIDER APPROVAL OF TEXAS STUDENT HOUSING AUTHORITY AUDIT FOR FY 2007-2008 PRESENTED BY PATILLO BROWN & MILL, L.L.P. Mr. John Manning, Partner with Patillo, Brown & Hill, L.L.P., presented the draft audit to the Board, and cited no concerns. Board discussion ensued regarding the audit. There being no further questions, Chairman Carter asked for a motion. MOTION: Director Schultz made a motion to accept the 2007-2008 TSH Authority audit for FY 2007-2008. Director McKean seconded the motion. The motion carried by a vote of 4-0. 3. DISCUSS AND CONSIDER APPROVAL OF BALLPARK PROPERTY ANNUAL AUDIT FOR FY 2007-2008 PRESENTED BY PATILLO BROWN&HILL,L.L.P. Mr. John Manning, Partner with Patillo, Brown & Hill, L.L.P., presented the draft audit to the Board. Discussion ensued regarding the audit, specifically the status of payments to the bond holders. TSHA Board of Directors Page 3 of 4 Minutes January 20,2009 MOTION: Director Irvine made a motion to approve the amended bylaws as presented and with the recommended change to Section 3.9. Director Schultz seconded the motion. The motion carried by a vote of 4-0. 7., EXECUTIVE DIRECTORS' REPORT. Executive Director Ehrenberg addressed the Board regarding the status and cost of an overflow facility in College Station Mr. Ehrenberg requested direction from the Board with regard to the number of scholarships to be awarded and number of recipients placed in an overflow facility in College Station and San Marcos. Discussion ensued with regard to the scholarship offers and the use of overflow facilities in College Station and San Marcos. It was the consensus of the Board to renew all current qualified scholarship recipients at the San Marcos-property. The Board directed Executive Director Ehrenberg to attempt to negotiate a reasonable rate with a facility in the College Station area for the purpose of offering housing scholarships, and also to evaluate the San Marcos area for a potential housing facility. 8. CONSIDER APPROVAL OF A SCHOLARSHIP CONSULTANT AGREEMENT FOR THE 2009-2010 SCHOLARSHIP CYCLE. Executive Director Ehrenberg presented the proposed scholarship consultant agreement to the Board, and advised the Board that the fee per scholarship application is $50.00. Additionally, Mr. Ehrenberg advised the Board that staff will screen the applications for applicability and completeness before submitting the documents to the scholarship consultant for scoring. MOTION: Director Irvine made a motion to approve the scholarship consultant agreement with Mr. Henry Smyth. Director Schultz seconded the motion. The motion carried by a vote of 4-0. 9® CONSIDERATION OF RENEWAL SCHOLARSHIPS FOR 2009-2010. Executive Director Ehrenberg presented the scholarships eligible for renewal for 2009- 2010 school year. MOTION: Director Schultz made a motion to approve the renewal of scholarship offers as presented by the Executive Director. Director McKean seconded the motion. The motion carried by a vote of 4-0. TEXAsi1w STUDENT '-'. Hous1NG INUTES OF THE BOARD F DIRECTORS OF THE TEXAS STUDENT HOUSING AUTHORITY (AN INSTRUMENTALITY OF THE TOWN OF WESTLA ) February 24,2009 PRESENT: Chairman Jim Carter and Directors Jac Irvine, George Ledak, and Chuck Schultz. ABSENT: Directors Jill McKean and Melanie Lekkos. OTHERS P SENT: President Pete Ehrenberg and Secretary Kim Sutter. 1. CALL. TO ORDER. Chairman Carter called the meeting to order at 6:03 p.m. 2. EXECUTIVE DIRECTORS' REPORT. Executive Director Ehrenberg advised the Board that a total of 121 current scholarship recipients qualify for renewal of the scholarship for the 2009-2010 school year and of the 121 applicants, 22 are full scholarship recipients. Mr. Ehrenberg updated the Board on the cost to house students at an overflow facility in College Station. Mr not raising rates or offering concessions or incentives. Wanted 4800 per student, agreed to $4200 per student. If carry 50, will take hit for 500 applications, 375 in db, hank has approx 125 to grade. Meeting in cs on 3/17 with GM's of four properties to review expenses and payments. PE—need to decide on 200 and 30 full? JI — need to do prelim budget at this point and time. And Board strives for a balanced budget. JC—what will our budget support? PE—50 in CS. JC — purpose is to try and give as many scholarship as possibly can. But can justify cutting a little bit. Keep at 50. TSHA Board of Directors Page 2 of 4 Minutes February 24,2009 CS —at some point and time we should be looking at a shut down scenario. PE—hold joint session with joint council. PE — wld suspect next close look at by had 1.5 millin debt svc reserve use .5 last month. In another year to 18 month — no money. — TL going in to debt serve reserve to 50 to 60K month. Have one year in debt service reserve. Discussion ensued regarding the debt service reserve related to the TownLake, College Station and Denton properties. 3. FINANCE REPORT. ED Ehrenberg Windfall of 30 to 35 k due to asset mgmt fees. JI—way to funnel profit out of any property to at least save one. JC—survey comparison of rates? PE—yes, they call every week for rates and pre-leasing rate. We have gone up $10 a bed. JC—occupancy rates? PE—doing well expect in Denton(88%). JI—need to look at what is on website. And make sure commitment is only for one year. JC—state intent but not commit to four years. Revise application—to not commit to four years. JI—just trying to protect ourselves for the future. JC—take cut at changing application and present to Board. Available 25 at BP 17 at TL Total of 45 Redesign application and grading system. Board would like to review scoring criteria. TSHA Board of Directors Page 3 of 4 Minutes February 24,2009 JI—come up with some other middle of the road with some subjectivity and not just cold hard numbers. GI—have PR firm issue press release and tv stations. PE—down side—TSHA not meeting debt service payments. JI—would like to give money each year to The academy. PE - $20,000 each year. JI—try to keep in the budget each year. Toward the end of year, see where we are and consider doantion. 4. DISCUSS AND CONSIDER APPROVAL OF THE USE OF OVERFLOW HOUSING FACILITIES IN AUSTIN AND COLLEGE STATION, TEXAS, AND ESTABLISH A MAXIMUM NUMBER OF SCHOLARSHIPS RECIPIENTS TO HOUSE AT EACH FACILITY. At 200 level—don't need overflow facility in Austin. 50 at overflow in CS MOTION: Director made a motion to. Director seconded the motion. The motion carried by a vote of 4-0. 5. CONSIDER APPROVAL OF NEW INCREMENTAL SCHOLARSHIP OFFERS FOR THE 2009-2010 SCHOOL YEAR. ED Ehrenberg 121 renewals with 200 total with renewal MOTION: Director made a motion to. Director seconded the motion. The motion carried by a vote of 4-0. 6. CONSIDER APPROVAL OF FULL HOUSING SCHOLARSHIPS FOR THE 2009-2010 SCHOOL YEAR. 30 TSHA Board of Directors Page 4 of 4 Minutes February 24,2009 MOTION: Director made a motion to approve. Director seconded the motion. The motion carried by a vote of 4-0. 7. REVIEW AND APPROVE MINUTES OF JANUARY 20,2009. Chairman Carter introduced the item and requested a motion. MOTION: Director Schultz made a motion to approve the Janua J1—clarification regarding San Marcos. The motion carried by a vote of 4-0. 8. ADJOURN. There being no further business before the board, Chairman Carter declared the meeting adjourned at 6:59 p.m. APPROVED BY THE TEXAS STUDENT HOUSING AUTHORITY BOARD OF DIRECTORS 2009 Jim Carter, Chairman ATTEST Kim Sutter, Secretary (c) Under the direction ofthe Board of Directors.the"Treasurer shall disburse all money and sign all checks and other instruments drawn on or payable out of the funds of the Authority and shall make transfers and other dispositions of the fiords and securities ofthe Authority as may be ordered by the Board of Directors. (d) The Treasurer shall also discharge such additional duties as may be assigned frorn time to time by the Board of Directors. (e) Upon the request of the President and or the Board of Directors. the Treasurer shall render an accounting of all transactions of the Treasurer and ofthe financial condition of the Authority. (f) The Treasurer shall Live bond on Iy if required to do so by the Board of Directors. SECTION 3.8. Assistant Treasurer. (a) In the event of the absence or disability of the Treasurer.,the Assistant—1'reasurer shall discharge the pm ers and duties of the Treasurer. {b) The Assistant'Treasurer shall perform such additional duties as may be assigned from time to time by the Board of Directors. SECTION 3.9.Executive. Director. (a) The Executive Director shall be appointed 1 I've idnt,fry by the Board of Directors and consented to by the Town Council. In connection with the employment of the Executive Director.the Authority shall enter into an employment contract with the Executive Director.which contract shall be approved by the Board of Directors and consented to by the R ARM f A l4er en Town Council. (b) The Executive Director shall (i) report and be accountable to the Board of Directors. and to the Town Council (ii) carryout instructions given by the Presiden Board o!'Directors and (iii) be subject to removal(for cause or without cause)at anytime by the Board of Directors and/or-the Town Council (c) If the Executive Director is removed,the Autho it shall hire,as a successor :yeeutive Director,the person appointed by the D -pp aved thp-Board of Directors and consented to by the (d) Without any action by the Board of Directors. the Executive Director shall serve f`icio as both Assistant Secretary and Assistant Treasurer. SECTION 3.10. Compensation of Officers.. Officers who are not Directors may receive compensation for their services as officers can terms approved by the Board of Directors. T'SI IA.BYI�AWS Pat,e 5 T K v 1.4 20'2004 Kim utter From: Pete Ehrenberg Sent: Wednesday, February 18, 2009 4:22 PM To: Chuck Schultz (chuckschultz @earthlink.net); George Ledak; George Ledak; Jac Irvine (jacandginny @yahoo.com);jill.mckean @ge.com; Jim Carter(jim @jamespcarter.com); Melanie Lekkos; Pete Ehrenberg; Scott Bradley (paigebrooke @verizon.net) Cc: Kim Sutter Subject: TSHA Financials Attachments: scan0001.pdf Attached please find the TSHA Balance Sheet, Income Statement, and Budget to Actual comparison Although income is better than budget by$74,395 the majority of this can be attributed to$35,456 in Asset Management fees for San Marcos which were not budgeted and $56,007 in prepayments by the scholarship students. Against this$17,067 in Asset Management Fees from the other properties for the month of January is still outstanding. On the expense side, we are better than budget by$54,485. Most can be attributed to the Reserve of$20,000, scholarship consultant of$25,000 and Contract Labor$5,130 all better than budget. If you have any questions on any part of the financials, please do not hesitate to contact me at 817-490-5723 Pete i 3:55 PM TEXAS STUDENT HOUSING AUTHORITY 02118109 Profit & Loss Budget vs. Actual Accrual Basis September 2008 through January 2009 Sep,08-Jan 09 Budget $Over Budget Ordinary Income/Expense Income 2000 Scholarship Value 247,500.00 2,117,500.00 000 4200 Austin Ballpark Fees 4201 Basic Administration 15.762.00 13,135,00 2,627.00 4204 Asset Management 8,847,73 13,135.00 -41287,27 Total 4200-Austin Ballpark Fees 24,609,73 26,211000 -1,660.27 4210•Austin Townlake Fees 4214-Asset Management 10,029-71 11,825.00 -1,795.29 Total 4210-Austin Townlake Fees 10029Y1 11,825.00 -1,795.29 4220-Cambridge Fees 4224•Asset Management 41,080.00 51.350.00 -10,270.00 Total 4220-Cambridge Fees 41,080.00 51.350.00 -10,270.00 4230•Denton Fees 4234-Asset Management 13,525,00 16,867.00 -3.342.00 Total 4230•Denton Fees 13,525.00 16:867.00 -3,342.00 4240-San Marcos Fees 4244•Asset Management 35,455.89 Total 4240•San Marcos Fees 35,455.89 4290-Administrative Scholarship Fees 4291 •Austin Ballpark 28,102.00 21,930.00 6,172.00 4292•Austin Townlake 46,093.00 29:500.00 16;593.00 4293•Cambridge 2,500.00 2.500.00 0.00 4294-Denton 53,832-03 46,850.00 6,982.03 4295-San Marcos 9.155,80 7,550,00 1.605.80 4297•Melrose 101,404�33 76,750.00 24,65433 .................. ---------- Total 4290•Administrative Scholarship Fees 241,08T 16 185,080.00 56,007.16 ------------- --- --- 11.......... Total Income 613,287.49 538,892.00 74,395.49 Expense 4400-Scholarships 247,500.00 247:500.00 0.00 4500-Scholarship Expense 4501 Austin Ballpark 12;062.00 11,875,00 187.00 4502 Austin Town Lake 18,040.00 18,040.00 0-00 4503-Cambridge 16,800A0 16.800.00 0.00 4504-Denton 18,525.00 18,525.00 0,00 4505-San Marcos 7,029.26 6.785,00 244-26 4507,Melrose 110,064.00 109,740.00 324.00 Total 4500•Scholarship Expense 182,520.26 181,765-00 75526 6000-Contract Labor 44,370,12 49,500.00 -5,129.88 6121 -CC Merchant Expense 251,73 250.00 1.73 6170-Office Expense 112,62 6180•Insurance 6181 -D&O 13,500.00 15,500.00 -2,000,00 Total 6180-Insurance 13,500.00 -2.000,00 6240,Miscellaneous 435.93 300,00 135,93 6250 Postage and Delivery 1,329.37 1,250.00 79,37 6260 Printing and Reproduction 861.73 2,500.00 -1,63827 6270 Professional Fees 6271 Legal Foos 139125 6273-Consulting 0.00 1,000.00 -1,000,00 6274•Audit Fees 41500.00 5,500.00 -1,000.00 Total 6270�Professional Fees 5,891,25 6,600,00 -60875 Pagel 3:55 PM TEXAS STUDENT HOUSING AUTHORITY 02118109 Profit & Loss Budget vs. Actual Accrual Basis September 2008 through January 2009 Sep'08-Jan 09 Budget $Over Budget ................ 8290-Rot-it 2001,84 2,300,00 -298.16 6350�Travel 509.98 750,00 -240.02 6385-Board Meetings 61.54 375.00 -313.44 6550-Office Supplies 391.41 500,00 -10859 6670-Program Expense 267-12 500.00 -232.88 6800•Contingency Fund 0,00 251000M -25,000.00 Total Expense 500,004,90 534.490.00 -34.485.10 Net Ordinary Income 113,282,59 4,402.00 108.880-59 Other Income/Expense Other Income 7010•Interest Income 1,432-86 Total Other Income 1,432.86 Other Expense 8020-Reserve 000 20.000.00 -20,000.00 8010-Other Expenses 85.00 .......... ........... Total Other Expense 85.00 20,000.00 -19,915.00 Net Other Income 1,347,86 -20,000,00 21347,86 Net Income 114,630.45 -15,598,00 130,228.45 Page 2 4:02 PM TEXAS STUDENT HOUSING AUTHORITY 02118109 Balance Sheet Accrual Basis As of January 31, 2009 Jan 31,09 ASSETS Current Assets CheckinglSavings 1010•First Financial 1011 -FFin-Authority 119,362.82 1012-FFin-Denton 53,140,04 1014-FFin-San Marcos 79129 1016-FFin-Rental Account 289,399,12 .. ...................... Total 1010•First Financial 462,695,27 Total Checking/Savings 462,69527 Other Current Assets 1600-Prepaids 5,236.14 1500-AIR-Cambridge 613,00 1503-AIR-Denton 18,543.00 Total Other Current Assets 24.392,114 Total Current Assets 487.087.41 .................. TOTAL ASSETS 487,087.41 LIABILITIES&EQUITY Equity 1110-Retained Earnings -601,168.10 3000•Opening Sal Equity 973,626.06 Net Income 114,630,45 Total Equity 487,087.41 —.---............— TOTAL LIABILITIES&EQUITY 487,087.41 Page 1 4:01 PM TEXAS STUDENT HOUSING AUTHORITY 02118/09 Profit & Loss Accrual Basis September 2008 through January 2009 Sep'08-Jan 09 Ordinary Income/Expense Income 2000 Scholarship Value 247.500.00 4200 Austin Ballpark Fees 4201 Basic Administration 15.762.00 4204 Asset Management 8?847.73 Total 4200•Austin Ballpark Fees 24,609,73 4210-Austin Townlake Fees 4214•Asset Management 10,029.71 Total 4210•Austin Townlake Fees 10.02971 4220-Cambridge Fees 4224-Asset Management 41,080.00 Total 4220,Cambridge Fees 41.080.00 4230 Denton Fees 4234-Asset Management 13.525.00 Total 4230•Denton Fees 13,525.00 4240 San Marcos Fees 4244-Asset Management 35,455.89 Total 4240-San Marcos Fees 35,455.89 4290•Administrative Scholarship Fees 4291 •Austin Ballpark 28,10200 4292-Austin Townlake 46,093.00 4293-Cambridge 2,500.00 4294-Denton 53,832.03 4295 San Marcos 9,155,80 4297 Melrose 101,404.33 Total 4290-Administrative Scholarship Fees 241,087.16 Total Income 613,287.49 Expense 4400•Scholarships 247,500,00 4500-Scholarship Expense 4501 -Austin Ballpark 12,062.00 4502•Austin Town Lake 18,040,00 4503 Cambridge 16,800,00 4504 Denton 18,525-00 4505 San Marcos 7,02926 4507 Melrose 110,064,00 Total 4500-Scholarship Expense 182,520.26 6000 Contract Labor 44,370.12 6121 CC Merchant Expense 251.73 6170-Office Expense 112.62 6180-Insurance 6181 •D&O i 3.500.00 Total 6180-Insurance 13,500.00 6240-Miscellaneous 435.93 6250-Postage and Delivery 1.32937 6260•Printing and Reproduction 861,73 6270•Professional Fees 6271 •Legal Fees 1,391.25 6274-Audit Fees 4_500M Total 6270-Professional Fees 5,591,25 Page 1 4 01 PM TEXAS STUDENT HOUSING AUTHORITY 02/18/09 Profit & Loss Accrual Basis September 2008 through January 2009 Sep'08-Jan 09 6290�Rent 2,001.84 6350-Travel 509.98 6385-Board Meetings 61.54 6650•Office Supplies 391.41 6670-Program Expense 26712 Total Expense 500.004:90 Net Ordinary Income '113,282,59 Other Income/Expense Other Income 7010-Interest Income 1,432.86 Total Other Income 1,432.85 Other Expense 8010-Other Expenses 85,00 Total Other Expense 85.00 Net Other Income 1.347.86 Net Income 114,630,45 Page 2