HomeMy WebLinkAbout09-16-08 TSHA Agenda Packet
A G E N D A
REVISED AND REPOSTED (9/13/08 @ 3 p.m.)
BOARD OF DIRECTORS OF THE
TEXAS STUDENT HOUSING AUTHORITY
(AN INSTRUMENTALITY OF THE TOWN OF WESTLAKE)
SEPTEMBER 16, 2008
5:30 P.M.
MARRIOTT SOLANA
5 VILLAGE CIRCLE
WESTLAKE, TEXAS
1. CALL TO ORDER.
2. PRESENTATION AND RECOGNITION OF OUTGOING PRESIDENT HENRY C.
SMYTH.
3. PRESENTATION AND DISCUSSION BY ASSET CAMPUS REGARDING
PROPERTY MANAGEMENT.
Following item 3, the meeting will be recessed and reconvened at the following location:
TOWN OF WESTLAKE
3 VILLAGE CIRCLE, SUITE 207
COURTROOM
4. HEAR AND ACCEPT FINANCE MANAGER’S REPORT.
5. CONSIDER APPROVAL OF THE MINUTES OF THE APRIL 15, 2008
MEETING.
6. CONSIDER APPROVAL OF THE MINUTES OF THE JUNE 17, 2008, MEETING.
7. EXECUTIVE SESSION:
A. The Board will conduct a closed session under Texas Government Code section
551.074 to discuss personnel matters, specifically related to the appointment of an
interim President.
7. EXECUTIVE SESSION (CON’T)
B. The Board will conduct a closed session under Texas Government Code section
551.071 to seek advice of counsel on legal matters involving pending or contemplated
litigation, settlement offers, or other legal matters not related directly to litigation or
settlement of litigation, specifically related to 1) a consultant contract for the purpose
of evaluating scholarship applications; and 2) current and proposed contracts for
President, Interim President and Finance Manager.
8. DISCUSS AND CONSIDER REQUEST FOR PAYOUT OF VACATION ACCRUAL
TO PAST PRESIDENT.
9. DISCUSS AND CONSIDER APPROVING THE FY 2008-2009 AUTHORITY
BUDGET.
10. DISCUSS AND CONSIDER APPOINTING AN INTERIM PRESIDENT.
11. DISCUSS AND CONSIDER APPROVING A CONTRACT FOR A CONSULTANT
TO EVALUATE SCHOLARSHIP APPLICATIONS.
12. 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, September 12, 2008, by 5 p.m. under the Open Meetings Act, Chapter 551 of
the Texas Government Code.
I certify that the above notice was revised and reposted at the Town Hall of the Town of Westlake, 3
Village Circle, Westlake, Texas, on Saturday, September 13, 2008, at 3:00 p.m. under the Open Meetings
Act, Chapter 551 of the Texas Government Code.
A G E N D A
BOARD OF DIRECTORS OF THE
TEXAS STUDENT HOUSING AUTHORITY
(AN INSTRUMENTALITY OF THE TOWN OF WESTLAKE)
SEPTEMBER 16, 2008
5:30 P.M.
MARRIOTT SOLANA
5 VILLAGE CIRCLE
WESTLAKE, TEXAS
1. CALL TO ORDER.
2. PRESENTATION AND RECOGNITION OF OUTGOING PRESIDENT HENRY C.
SMYTH.
3. PRESENTATION AND DISCUSSION BY ASSET CAMPUS REGARDING
PROPERTY MANAGEMENT.
Following item 3, the meeting will be recessed and reconvened at the following location:
TOWN OF WESTLAKE
3 VILLAGE CIRCLE, SUITE 207
COURTROOM
4. HEAR AND ACCEPT FINANCE MANAGER’S REPORT.
5. CONSIDER APPROVAL OF THE MINUTES OF THE APRIL 15, 2008
MEETING.
6. CONSIDER APPROVAL OF THE MINUTES OF THE JUNE 17, 2008, MEETING.
7. EXECUTIVE SESSION:
A. The Board will conduct a closed session under Texas Government Code section
551.074 to discuss personnel matters, specifically related to the appointment of an
interim President.
B. The Board will conduct a closed session under Texas Government Code section
551.071 to seek advice of counsel on legal matters involving pending or contemplated
litigation, settlement offers, or other legal matters not related directly to litigation or
settlement of litigation, specifically related to consideration of a consultant contract
for the purpose of evaluating scholarship applications.
8. DISCUSS AND CONSIDER REQUEST FOR PAYOUT OF VACATION ACCRUAL
TO PAST PRESIDENT.
9. DISCUSS AND CONSIDER APPROVING THE FY 2008-2009 AUTHORITY
BUDGET.
10. DISCUSS AND CONSIDER APPROVING A CONTRACT APPOINTING AN
INTERIM PRESIDENT FOR THE TEXAS STUDENT HOUSING AUTHORITY.
11. DISCUSS AND CONSIDER APPROVING A CONTRACT FOR A CONSULTANT
TO EVALUATE SCHOLARSHIP APPLICATIONS.
12. 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, September 12, 2008, by 5 p.m. under the Open Meetings Act, Chapter 551 of
the Texas Government Code.
TEXAS �*
STUDENT % HousING
AGENDA
REVISED AND REPOSTED ( /131 (q,, 3 p.m.)
BOARD OF DIRECTORS OF THE
TEXAS STUDENT HOUSING AUTHORITY
(AN INSTRUMENTALITY OF THE TOWN OF WESTLA )
SEPTEMBER 16,2008
5:30 P.M.
MA OTT SOLANA
5 VILLAGE CIRCLE
WESTLAKE, TEXAS
1. CALL TO ORDER.
2. PRESENTATION AND RECOGNITION OF OUTGOING PRESIDENT HENRY C.
SMYTH.
3. PRESENTATION AND DISCUSSION BY ASSET CAMPUS REGARDING
PROPERTY MANAGEMENT.
Following item 3, the meeting will be recessed and reconvened at the following location:
TOWN OF WESTLAKE
3 VILLAGE CIRCLE, SUITE 207
COURTROOM
4. HEAR AND ACCEPT FINANCE MANAGER'S REPORT.
5. CONSIDER APPROVAL OF THE MINUTES OF THE APRIL 15, 2008
FETING.
6. CONSIDER APPROVAL, OF THE MINUTES OFT E .TUNE 17, 2008, MEETING.
7. EXECUTIVE SESSION:
A. The Board will conduct a closed session under Texas Government Code section
551.074 to discuss personnel matters, specifically related to the appointment of an
interim President.
7. EXECUTIVE SESSION (CON'T)
B. The Board will conduct a closed session under Texas Government Code section
551.071 to seek advice of counsel on legal matters involving pending or contemplated
litigation, settlement offers, or other legal matters not related directly to litigation or
settlement of litigation, specifically related to 1) a consultant contract for the purpose
of evaluating scholarship applications; and 2) current and proposed contracts for
President, Interim President and Finance Manager.
8. DISCUSS AND CONSIDER REQUEST FOR PAYOUT OF VACATION ACCRUAL
TO PAST PRESIDENT.
9. DISCUSS AND CONSIDER APPROVING THE FY 2008-2009 AUTHORITY
BUDGET.
10. DISCUSS AND CONSIDER APPOINTING AN INTERIM PRESIDENT.
11. DISCUSS AND CONSIDER APPROVING A CONTRACT FOR A CONSULTANT
TO EVALUATE SCHOLARSHIP APPLICATIONS.
12. 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, September 12, 2008, by 5 p.m. under the Open Meetings Act, Chapter 551 of
the Texas Government Code.
I certify that the above notice was revised and reposted at the Town Hall of the Town of Westlake, 3
Village Circle, Westlake, Texas, on Saturday, September 13, 2008, at 3:00 p.m. under the Open Meetings
Act, Chapter 551 of the Texas Government Code.
Item 4 — Finance anager's Report
July 08 TSHA Properties-Actual vs Budget
Pavroll
Cambridge-Food Dept
$
35,816
MONTH
35,283
$
(533)
YTD
386,764
$
Actual
Budget
1,274
Better/(Worse Actual
Budget
Better/Worse
Total Revenue
15,452
$
1,145
$
202,904
$
198,902
_ _
(4,002)
Cambridge
$
166,856
$
214,570
$
(47,714)
$ 5,398,529
$ 4,722,523
$ 676,006
Ballpark
$
278,855
$
267,551
$
11,304
$ 3,253,321
$ 3,134,617
$ 118,704
Denton
$
306,077
$
376,449
$
(70,372)
$ 3,746,923
$ 4,020,387
$(273,464)
San Marcos
$
170,425
$
179,497
$
(9,072)
$ 1,961,300
$ 2,007,477
$ (46,177)
Town Lake
$
221,569
$
228,695
$
(7,126)
$ 2,620,592
$ 2,616,680
$ 3,912
Total
$
1,143,782
$
1,266,762
$
(122,980)
$16,980,665
$ 16,501,684
$ 478,981
Pavroll
Cambridge-Food Dept
$
35,816
$
35,283
$
(533)
$
386,764
$
388,038
$
1,274
Management
$
14,307
$
15,452
$
1,145
$
202,904
$
198,902
$
(4,002)
Maintenance
$
10,822
$
9,583
$
(1,239)
$
121,671
$
114,215
$
(7,456)
Housekeeping
$
13,519
$
9,642
$
(3,877)
$
117,043
$
114,404
$
(2,639)
Total
$
74,464
$
69,960
$
(4,504)
$
828,382
$
815,559
$
(12,823)
Ballpark-Management
$
7,672 $
7,897 $
225 $
91,171
$
96,535
$
5,364
Maintenance
$
7,800 $
7,901 $
101 $
105,143
$
97,838
$
(7,305)
Housekeeping
$
- $
- $
- $
-
$
-
$
-
Temporary
$
$
$
_ $
337
$
_ 1,750 .
$
1,413
Total
$
15,472 $
15,798 $
326 $
196,651
$
196,123
$
(528)
Denton-Management
$
10,659 $
9,985 $
(674) $
119,487 $
122,519
$
3,032
Maintenance
$
7,115 $
6,665 $
(450) $
81,924 $
89,051
$
7,127
Housekeeping
$
$
$
$
$
13,054 $
_$
142,861 $
Temporary
$
- $
- $
- $
- $
2,000
$
2,000
Total
$
17,774 $
16,650 $
(1,124) $
201,411 $
213,570
$
12,159
San Marcos-Management
$
7,248 $
7,969 $
721 $
86,750 $
102,629 $ 15,879
Maintenance
$
4,139 $
5,085 $
946 $
56,111 $
67,819 $ 11,708
Housekeeping
$
- $
- $
- $
- $
- $ -
Total
$
11,387 $
13,054 $
1,667 $
142,861 $
170,448 $ 27,587
Town Lake-Management
|
7.964 $
8.136 $
1.172 $
110.835 $
110.381 $ (454)
Maintenance
8
5.172 $
5.953 $
781 $
65'729 $
72.688 $ 6.859
Housekeeping
_$
- $
- $
' $
-
- $ -
Temporary
' - -
$
--- --
Denton _ _
$
_$_
_$
_ 41.546
$
1.72Q _ $
$ 228950
$
233'755
- - |
_
Cambridge
_ _$
25,442
'
'
-
-
- -
$
152.087
$
Ballpark
u�q�ark
_
� �
24,269
$
9.245
_$
(15.024) _$__288.308
06.775
_$
-
$
--- --
Denton _ _
$
39.817
_$
_ 41.546
$
1.72Q _ $
$ 228950
$
233'755
$
61,249
San Marcos
_ $
26.879
$
29.075
$
_ 2.196 _$__
__389,557__$__460.806
_$
323.820
_$
$ (3.4U7)__ _ _
_ _ _
Tmw Lake
�
_ Total _ _
_ _ $
232.426
$
20O700 _$
$
(25.717)
$ 2.314,52O ^_$
8
2.205.728
$_(18,794)
�
Maintenance ExDense
Cambridge
_ _$
25,442
$
_ 21.977
$
(3.465)
$� 131'A58
$
152.087
$
20.139
Ballpark _
� $
24,269
$
9.245
_$
(15.024) _$__288.308
06.775
_$
_28S,550_ $
$
_ �
(1.758)
Denton
$
10.496
$
1_1.310
$
� 814
$ 228950
$
233'755
$
4.805
,San Marcos
$
0.307
$
6.760
$
453
$ _ 174.683
$
128.110
$
(48.553)
Town Lake
_
Total
$
71.461
$
56.327
$
(15.134)_
$ 957.315
8
957.122
$
�
(193)
Advertisino&K8arketn
Cambridge
Ballpark
Denton
San Marcos
Town Lake
Total
-
$
2.183
$
833
$
(1.350)
$
$
87.053
$
319
_
$
4.195
$
1.025
$
(2.270)
_86'734
$ 02.617
$
06.775
$
_
4.158
$
2.845
$
2.325
$
(520)
$ 41,432
$
54.898
$
_
13.466
$
2.188
$
2.808
$
720
$ 49.083
$
44.478
$
_
(5.505)
Manaaement Fees
Cambridge
$
23,400
$
23,400
$
-
$
257,400
$
257,400
$
-
Ballpark
$
9,605
$
10,702
$
1,097
$
125,767
$
125,386
$
(381)
Denton
$
10,713
$
13,176
$
2,463
$
131,142
$
140,714
$
9,572
San Marcos
$
5,680
$
7,180
$
1,500
$
75,037
$
80,299
$
5,262
Town Lake
$
7,074
$
9,148 .
$
2,074
$
100,224
$
104,667
$
4,443
Total
$
56,472
$
63,606
$
7,134
$
689,570
$
708,466
$
18,896
Misc. Expense
Cambridge
$
45,033
$
77,728
$
32,695
$
936,360
$
927,645
$
(8,715)
Ballpark _
$
8,699
$
10,982
$
2,282
$
143,666
$
158,298
$
14,632
Denton
$
12,167 .
$
21,422
$
9,255
$
231,492 .
$
288,543
$
57,051
San Marcos
- _
$
6,868
$
12,917
$
6,049
$
158,163
$
190,304
$
32,141 .
Town Lake
$
5,114
$
11,090
$
5,976
$
170,664
$
205,912
$
35,248
Total
$
77,881
$
134,139
$
56,257
$
1,640,345
$
1,770,702
$
130,357
Total Expenses
Cambridge
$
236,423
$
245,938
$
9,515
$
2,879,299
$
2,858,573
$
(20,726)
Ballpark
$
116,061
$
97,442
$
(18,619)
$
1,348,460
$
1,380,484
$
32,024
Denton
$
93,812
$
106,429
$
12,617
$
1,236,487
$
1,392,286
$
155,799
San Marcos
$
59,309
$
71,894
$
12,585
$
927,936
$
935,459
$
7,523
Town Lake
$
77,589
$
79,770
$
2,181
$
1,093,384
$
1,101,076
$
7,692
Total
$
583,194
$
601,473
$
18,279
$
7,485,566
$
7,667,878
$
182,312
Net ODeratina Income
Cambridge
$
(69,566)
$
(31,368)
$ (38,198)
$ 2,519,230
$
1,863,950
$ 655,280
Ballpark
$
162,793
$
170,109
$ (7,316)
$ 1,904,861
$
1,754,133
$ 150,728
Denton
$
212,265
$
270,020
$ (57,755)
$ 2,510,436
$
2,628,101
$(117,665)
San Marcos
$
111,116
$
107,603
$ 3,513
$ 1,033,365
$
1,072,018
$ (38,653)
Town Lake
$
143,980
$
158,925
$ (4,945)
$ 1,527,208
$
1,515,604
$ 11,604
Total
$
560,588
$
675,289
$ (104,701)
$ 9,495,100
$
8,833,806
$ 661,294
NOTE:Cambridge Misc includes Food Costs/Tax&Insurance/Legal
Fees/General Admin expenses
NOTE:AII other properties include General Admin/Legal Fees/Tax&Insurance
3:43 PM TEXAS STUDENT HOUSING AUTHORITY
09111/08
Accrual Basis Balance Sheet
Aogs,fl!August 31, 2008
ASSETS
Current Assets
Checking/Savings
1010 • First Financial
1011 FF!n-Authority 49,679.33
1012 FFin-Denton 53,079.55
1014• FFin-San Marcos 793.29
1016• FFin-Rental Account 289,712.12
Total 1010 •First Financial 393,264.29
Total Checking/Savings 393,264.29
Other Current Assets
1600• Prepaids 5,236.14
1500•AIR-Cambridge 10,270.00
1501 •A/R-TLSM 4,133.53
1503•A/R-Denton 18,543.00
Total Other Current Assets 38,182.67
Total Current Assets 431,446.96
TOTAL ASSETS 431,446.96
LIABILITIES&EQUITY
Liabilities
Current Liabilities
Other Current Liabilities
2004• Deferred Revenue 58,990.00
Total Other Current Liabilities 58,990.00
Total Current Liabilities 58,990.00
Total Liabilities 58,990.00
Equity
1110• Retained Earnings -390,264.20
3000•Opening Bal Equity 973,625.06
Net Income -210,903.90
Total Equity 372,456.96
TOTAL LIABILITIES&EQUITY 431,446.96
Page 1 of 1
3:41 PM TEXAS STUDENT HOUSING AUTHORITY
09/11108
Accrual Basis Profit & Loss
September 2007 through NHQ'V-&0u0g%8
Ordinary Income/Expense
Income
2000•Scholarship Value 492,600.00
4030-Contributions Income
4050 • Restricted 5,000.00
Total 4030 -Contributions Income 5,000.00
4200-Austin Ballpark Fees
4201 - Basic Administration 21,016.00
4204•Asset Management 28,934.60
Total 4200 -Austin Ballpark Fees 49,950.60
4210-Austin Townlake Fees
4214•Asset Management 33,341.95
4210•Austin Townlake Fees-Other 2,365.00
Total 4210 •Austin Townlake Fees 35,706.95
4220•Cambridge Fees
4224-Asset Management 92,430.00
Total 4220 •Cambridge Fees 92,430.00
4230• Denton Fees
4234•Asset Management 37,402.85
Total 4230 • Denton Fees 37,402.85
4250, MSU Fees
4251 • Issuer Fee 25,000.00
Total 4250 -MSU Fees 25,000.00
4290•Administrative Scholarship Fees
4291 •Austin Ballpark 68,100.60
4292•Austin Townlake 71,039.00
4293-Cambridge 2,750.00
4294- Denton 84,553.43
4295•San Marcos 6,858.80
4297• Melrose 63,156.88
4290 •Administrative Scholarship Fees-Other 0.00
Total 4290 -Administrative Scholarship Fees 296,458.71
Total Income 1,034,549.11
Expense
4400-Scholarships 492,600.00
4500•Scholarship Expense
4501 -Austin Ballpark 32,460.00
Page 1 of 3
3:41 PM
, TEXAS STUDENT HOUSING AUTHORITY
09111108
Accrual Basis Profit & Loss
'
September 20U?through'VQ
4502 Austin Town Lake 34.785o0
4503 Cambridge 33.960.00
4504- ovnton 33.4e0.00
4soa-San Marcos 7.54550
4507 - Melrose 97.515.00
Total«000 -Scholarship Expense 23e.755a0
000n-onntreoxLauv, 21*.054.42
s1uo-Bank Service Charges 10�00
8121 -oome,:xantExpenso 88774
mro-OfficoExpense 44031
618V�Insurance
6181 - o&O 15.174.1e
Total s180 -Insurance 15.174.18
6240-Miscellaneous 877.61
s2so -Postage and Delivery 3.555.75
»oao- Printing and Reproduction 3.17338
scrn - Profesniona| Fovs
6274-Audit Fees 5,000.00
Total Vu7o - Professional Fees 5.000.00
6290- Rent 6.28e.03
onsu-Tmvo| 2.040.19
8385-Board Meetings 847.52
Vsoo -OfOceSuppxos 1.907.86
*oro- Pmo,amexpense 3.899.12
s77o-Supplies
8ruV- Office 328.29
Total 677o-Supplies 328z9
n0VV-Contingency Fund 300,000.00
Total Expense 1.290.379.90
Net Ordinary Income '255.e30.79
Oth*,|nonmo/Evpenso
Other Income
7u10 -Interest Income 18.407.91
ru3o-Other Income 28.3079e
Total Other Income 46.71589
Other Expense
8010-Other Expenses 1.789.00
Total Other Expense 1.78900
Page uofo
3:41 PM TEXAS STUDENT HOUSING AUTHORITY
09/11108
Accrual Basis Profit & Loss
September 2007 through 'WQ'W-&0u0g%8
Net Other Income 44,926.89
Net Income -210,903.90
Page 3 of 3
3:45 PM TEXAS STUDENT HOUSING AUTHORITY
09111108
^
Accrual Basis Profit & Loss Budget vs. Actual
September 2O87 through August 20O8
So 'or Aug ou Budget $Over Budget
o,uinarymnvmexExponse
Income
2ouO-Scholarship Value 492.608o0 492.600.00 0.00
4030-Contributions Income
4oso- Restricted 5.000.00
Tma|*ono -Contributions Income 5,000.00
4200-Austin Ballpark Fees
4201 - Basic Administration 21.016.00 31.52*.00 -10.508.00
4204-Assot Management 28.934-60 31.524.00 -2.589A0
Total 4200 -Austin Ballpark Fees 49.950.60 65.048.00 -13.097.40
4u1u -Austin Tmwn|akoFees
4z14-Asset Management 33.341.95 28.380.00 4.e61.95
4210-AusmnTownlaxepoes-otxo, 2.365o0
Total 4u1V -Austin Tmwn|akoFees 55.706.9* 28.38800 7.326.e5
4uuo-Cambridge Fees
4221 - Basic Administration 0.00 102.00400 '102.084o0
422*-Asset Management 92.430.00
rota|^ouo -CamurmgoFens 92.430.00 102.084.00 -9.054.00
42oo- Denton Fees
^u34-Asset Management 37.402e5 43.903.00 -6.500.1e
Total 4oao -Denton Fees 37.40285 43.90300 '6.50015
4c4o-San Marcos Fees
4ew4-Asset Management 0.00 21.98100 '21.90100
Total 4u4V -San Marcos Fees 0.00 21.90100 -21.80100
^zoV -mSUFees
4e51 - |ssue,Foe 25.000.00 25,000.00 0.00
Total 4250 -mSu Fees 25.000.00 25.000.00 0.00
4zon -Administrative Scholarship Fees
4281 -Austin Ballpark 68.100.60 70.52800 '2.427.40
429e-AusbnTmwo|ako 71.03e.00 69.980.00 1.05900
42oa-Cambridge 2.750�80 2,000.00 75000
«ue*- oonton 84.553.43 90.710.00 '6.150.57
4uoe-San Marcos 0.858.80 9.710.00 -2.851z0
4z9s-Crossing Place 0.00 0.00 0.00
4oyr- Melrose 63.150�88 72.500.00 -9.343.12
4uoo-Administrative Scholarship Fees-Other 0.00
Total*28n -Administrative Scholarship Fees 296.458.71 315.428.00 '18.e6e.29
Page 1n,a
3:45 PM TEXAS STUDENT HOUSING UT ITY
09/11/08
Accrual Basis Profit & Loss Budget vs. Actual
September 2007 through August 2008
Sep'07-Aug 08 Budget $Over Budget
Total Income 1,034,549.11 1,092,344.00 -57,794.89
Expense
4400 Scholarships 492,600.00 492,600.00 0.00
4500 Scholarship Expense
4501 •Austin Ballpark 32,460.00 31,520.00 940.00
4502•Austin Town Lake 34,785.00 35,020.00 -235.00
4503• Cambridge 33,960.00 33,960.00 0.00
4504• Denton 33,490.00 37,860.00 -4,370.00
4505•San Marcos 7,545.50 8,760.00 -1,214.50
4506 •Crossing Place 0.00 0.00 0.00
4507• Melrose 97,515.00 105,000.00 -7,485.00
4500•Scholarship Expense-Other 0.00 0.00 0.00
Total 4500 •Scholarship Expense 239,755.50 252,120.00 -12,364.50
6030•Advertising 0.00 1,000.00 -1,000.00
6000•Contract Labor 214,054.42 230,000.00 -15,945.58
6120•Bank Service Charges 10.00 0.00 10.00
6121 •CC Merchant Expense 867.74 1,200.00 -332.26
6170 •Office Expense 440.31
6180 •Insurance
6181 • D&O 15,174.18 22,000.00 -6,825.82
Total 6180 •Insurance 15,174.18 22,000.00 -6,825.82
6240 • Miscellaneous 877.61 2,400.00 -1,522.39
6250 • Postage and Delivery 3,555.75 3,000.00 555.75
6260• Printing and Reproduction 3,173.38
6270• Professional Fees
6273 •Consulting 0.00 2,400.00 -2,400.00
6274•Audit Fees 5,000.00 5,000.00 0.00
Total 6270 • Professional Fees 5,000.00 7,400.00 -2,400.00
6290 •Rent 6,288.03 5,520.00 768.03
6350•Travel 2,040.19 1,800.00 240.19
6385• Board Meetings 847.52 600.00 247.52
6550•Office Supplies 1,967.86 1,800.00 167.86
6560• Payroll Expenses 0.00 0.00 0.00
6670•Program Expense 3,399.12 6,000.00 -2,600.88
6770•Supplies
6790•Office 328.29
Total 6770 -Supplies 328.29
6800•Contingency Fund 300,000.00 300,000.00 0.00
Page 2 of 6
3:45 PM TEXAS STUDENT HOUSING AUTHORITY
09/11108
Accrual Basis Profit & Loss Budget vs® Actual
September 2007 through August 2008
Sep'07-Aug 08 Budget $Over Budget
Total Expense 1,290,379.90 1,327,440.00 -37,060.10
Net Ordinary Income -255,830.79 -235,096.00 -20,734.79
Other Income/Expense
Other Income
7010 •Interest Income 18,407.91 50,000.00 -31,592.09
7030 •Other Income 28,307.98
Total Other Income 46,715.89 50,000-00 -3,284.11
Other Expense
8010•Other Expenses 1,789.00
Total Other Expense 1,789.00
Net Other Income 44,926.89 50,000.00 -5,073.11
Net Income -210,903.90 -185,096.00 -25,807.90
Page 3 of 6
3:45 PM TEXAS STUDENT HOUSING AUTHORITY
09111108
Accrual Basis Profit & Loss Budget vs. Actual
September 2007 through August 2008
%of Budget
Ordinary Income/Expense
Income
2000-Scholarship Value 100.0%
4030-Contributions Income
4050- Restricted
Total 4030 -Contributions Income
4200•Austin Ballpark Fees
4201 • Basic Administration 66.67%
4204•Asset Management 91.79%
Total 4200 -Austin Ballpark Fees 79.23%
4210 •Austin Townlake,Fees
4214•Asset Management 117.48%
4210•Austin Townlake,Fees-Other
Total 4210 -Austin Townlake Fees 125.82%
4220-Cambridge Fees
4221 • Basic Administration 0.0%
4224•Asset Management
Total 4220 •Cambridge Fees 90.54%
4230- Denton Fees
4234-Asset Management 85.19%
Total 4230 - Denton Fees 85.19%
4240-San Marcos Fees
4244-Asset Management 0.0%
Total 4240 -San Marcos Fees 0.0%
4250 • MSU Fees
4251 , Issuer Fee 100.0%
Total 4250 -MSU Fees 100.0%
4290 -Administrative Scholarship Fees
4291 -Austin Ballpark 96.56%
4292 •Austin Townlake 101.51%
4293-Cambridge 137.5%
4294• Denton 93.21%
4295•San Marcos 70.64%
4296• Crossing Place 0.0%
4297- Melrose 87.11%
4290-Administrative Scholarship Fees-Other
Total 4290 -Administrative Scholarship Fees 93.99%
Page 4 of 6
3:45 PM TEXAS STUDENT HOUSING AUTHORITY
09111/08
Accrual Basis Profit & Loss Budget vs. Actual
September 2007 through August 2008
%of Budget
Total Income 94.71%
Expense
4400•Scholarships 100.0%
4500•Scholarship Expense
4501 •Austin Ballpark 102.98%
4502•Austin Town Lake 99.33%
4503 •Cambridge 100.0%
4504• Denton 88.46%
4505•San Marcos 86.14%
4506•Crossing Place 0.0%
4507• Melrose 92.87%
4500•Scholarship Expense-Other 0.0%
Total 4500-Scholarship Expense 95.1%
6030•Advertising 0.0%
6000 •Contract Labor 93.07%
6120• Bank Service Charges 100.0%
6121 •CC Merchant Expense 72.31%
6170 •Office Expense
6180-Insurance
6181 • D&O 68.97%
Total 6180 •Insurance 68.97%
6240• Miscellaneous 36.57%
6250 •Postage and Delivery 118.53%
6260•Printing and Reproduction
6270 •Professional Fees
6273 Consulting 0.0%
6274 Audit Fees 100.0%
Total 6270 •Professional Fees 67.57%
6290• Rent 113.91%
6350•Travel 11134%
6385•Board Meetings 141.25%
6550 •Office Supplies 109.33%
6560• Payroll Expenses 0.0%
6670 Program Expense 56.65%
6770 Supplies
6790•Office
Total 6770•Supplies
6800•Contingency Fund 100.0%
Page 5 of 6
3:45 PM TEXAS STUDENT HOUSING AUTHORITY
09/11/08
Accrual Basis Profit & Loss Budget vs. Actual
September 2007 through August 2008
%of Budget
Total Expense 97.21%
Net Ordinary Income 108.82%
Other Income/Expense
Other Income
7010• Interest Income 36.82%
7030 •Other Income
Total Other Income 93.43%
Other Expense
8010 -Other Expenses
Total Other Expense
Net Other Income 89.85%
Net Income 113.94%
Page 6 of 6
Item 5 — April 15, 2008, Meeting Minutes
TEXASIW
STUDENT ' HousING
INUTES OF THE
BOARD F DIRECTORS OF THE
TEXAS STUDENT HOUSING AUTHORITY
(AN INSTRUMENTALITY OF THE TOWN OF ESTLAKE)
April 15, 2008
PRESENT: Chairman Jim Carter and Directors Jac Irvine, George Ledak, Melanie Lekkos,
Jill McKean, and Chuck Schultz.
ABSENT: Director Larry Darlage.
OTHERS PRESENT: President Hank Smyth, General Counsel Scott Bradley, Finance
Manager Pete Ehrenberg, and Secretary Kim Sutter.
1. CALL TO ORDER.
Chairman Carter called the meeting to order at 6:00 p.m.
2. DISCUSS POSSIBILITY OF REQUIRING SCHOLARSHIP APPLICANTS TO
PROVIDE PIS®®F OF FINANCIAL NEED.
President Smyth reviewed the current award process with the Board. Mr. Smyth stated that
TSHA does not require proof of financial need; however, approximately 60% of applicants
express financial need in the personal statements that are submitted as part of the application
requirements. Additionally, Mr. Smyth stated that if the Free Application for Federal Student Aid
(FAFSA) is required as part of the application process, he feels the award process would be
delayed by approximately three(3)months.
Director Irvine clarified that his intent is not to duplicate the FAFSA process, but to determine if
the results of the FAFSA application process could be made available to TSHA.
President Smyth responded that he did not know if the information could be shared with TSHA;
however,the timing issue with regard to the award process and lease signing are not compatible.
Discussion ensued with regard to a means for determining financial need of the applicants.
As a result of the discussion and input from the Board,President Smyth will evaluate a revision to
the application to address the question of financial need.
3. PRESIDENTS REPORT.
President Smyth reviewed the current scholarship cycle, current occupancy rates, the Brazos
County tax dispute, and the projects and authority finances.
TSHA Board of Directors Page 2 of 3
Meeting Minutes
April 15,2008
Discussion ensued with regard to the current scholarship cycle.
4. CONSIDER RATIFYING THE ACTION OF THE PRESIDENT RELATIVE TO NEW
SCHOLARSHIP OFFERS.
President Smyth introduced the item and advised that the 2008-2009 scholarship recipients were
chosen based on criteria established by the Board.
MOTION: Director Irvine made a motion to ratify the action of the President relative to new
scholarship offers. Director McKean seconded the motion. The motion carried
by a vote of 6-0.
5. FINANCE MANAGERS REPORT.
Finance Manager Ehrenberg presented the Board with a current balance sheet and advised that
additional income was realized in Denton due to refund of an escrow account.
Mr. Ehrenberg advised that the certificate holders for the Cambridge property are interested in
refinancing. Should the certificate holders choose to proceed, a proposal would be presented to
the Board at a future meeting.
Mr. Ehrenberg advised that a company will be brought in to audit the water and sewer utility use
at the Ballpark facility due to high utility bills.
Chairman Carter encouraged the Board to give sorne thought to ways to decrease expenses and
increase revenue for the projects.
Chairman Carter directed staff to continue to pursue the energy evaluation that he recommended
be conducted at the Cambridge property.
6. REVIEW AND APPROVE MINUTES OF JANUARY 29,2008.
Chairman Carter introduced the item and asked for a motion.
MOTION: Director Irvine made a motion to approve the minutes as presented. Director
Schultz seconded the motion. The motion carried by a vote of 5-0, with Director
McKean abstaining from the vote due to her absence from the January 29, 2008;
meeting.
7. ADJOURN.
There being no further business before the board, Chairman Carter declared the meeting
adjourned at 7:47 p.m.
TSHA Board of Directors Page 3 of 3
Meeting Minutes
April 15,2008
APPROVED BY THE TEXAS STUDENT HOUSING AUTHORITY BOARD OF
DIRECTORS SEPTEMBER 16,2008.
Jim Carter, Chairman
ATTEST
Kim Sutter, Secretary
Item 6 — June 17, 2008, Meeting Minutes
TEXAS
STUDENT HouSING
MINUTES OFT E
BOARD OF DIRECTORS OF THE
TEXAS STUDENT HOUSING AUTHORITY
(AN INSTRUMENTALITY OF THE TOWN OF WESTLA )
June 17, 2008
PRESENT: Chairman Jim Carter and Directors Jac Irvine, George Ledak, and Jill McKean.
ABSENT: Directors Larry Darlage, Melanie Lekkos, and Chuck Schultz.
OTHERS PRESENT: President Hank Smyth, General Counsel Scott Bradley, Finance
Manager Pete Ehrenberg, and Secretary Kim Sutter.
1. CALL TO ORDER.
Chairman Carter called the meeting to order at 5:50 p.m.
With no objections, Chair Carter reordered the agenda to consider item 7 at this time.
7. CONSIDER A RESOLUTION AUTHORIZING THE DEFEASANCE AND
DEMPTION OF THE OUTSTANDING "TEXAS STUDENT HOUSING
CORPORATION — MSU PROJECT STUDENT HOUSING REVENUE BONDS,
SERIES 2002 AND THE EXECUTION AND DELIVERY OF AN ESCROW
AGREEMENT.
Finance Manager Ehrenberg addressed the Board regarding the item and advised the
Board that Midwestern State University (MSU) is interested in redeeming the bonds in
order to issue additional bonds to build a new facility.
Mr. Leroy Grawunder, McCall, Parkhurst and Horton, advised the Board that the
Resolution calls outstanding bonds for redemption and authorizes an escrow agreement,
and releases all ownerships rights to the univeristy.
Mr. Grawunder advised that the closing is scheduled for July 16, 2008, and all fees will
be paid out of the bond issue, including the Authority's attorney fees.
Approval of the Resolution requires action by the Board while sitting as the Texas
Student Housing Corporation—MSU Project.
In order to consider the resolution, a special meeting of the TSHC—MSU Project will be
held on Tuesday, July 8, 2008, at 5:30 p.m.
TSHA Board of Directors Page 2 of 4
Meeting Minutes
June 17,2008
2. CONSIDER APPROVAL OF FY 2008-2009 BUDGET FOR CAMBRIDGE
FACILITY.
Finance Manager Pete Ehrenberg presented the budget to the Board. Mr. Ehrenberg advised
the Board that the room rates have been increased and that the property will be at 100%
occupancy for the 2008-2009 school year.
Discussion ensued with regard the proposed budget and the Brazos County tax issue.
MOTION: Director McKean made a motion to approve the FY 2008-2009 Budget for the
Cambridge facility. Director Ledak seconded the motion. The motion carried
by a vote of 4-0.
3. CONSIDER APPROVAL OF FY 2008-2009 BUDGET FOR BALLPARK
FACILITY.
Finance Manager Pete Ehrenberg presented the budget to the Board. Mr. Ehrenberg
advised that rates have been raised by $15 / bed and the property is expected to be at
100% occupancy for the 2008-2009 school year. Although 100% occupancy is expected,
the budget is based on an occupancy rate of 97%.
Mr. Ehrenberg advised the Board that all repair and replacement costs have to be funded
out of the operating fund due to lack of funds. Additionally, the property's repair and
replacement fund expenses will increase for FY 2008-2009 due to required maintenance
and upgrades.
Director Irvine expressed his concern with regard to the negative student comments and
the negative property ratings that can be found on the internet. Director Irvine suggested
staff contact the property management to address the negative publicity.
MOTION: Director Ledak made a motion to approve the FY 2008-2009 Budget for the
Ballpark facility. Director McKean seconded the motion. The motion carried
by a vote of 4-0.
4. CONSIDER APPROVAL OF FY 2008-2009 BUDGET FOR TOWN LAKE
FACILITY.
Finance Manager Pete Ehrenberg presented the budget to the Board. Mr. Ehrenberg
advised the Board that the projected revenue is $55K over the prior year budget;
however, expenses are projected to increase by $245K. Mr. Ehrenberg advised the Board
that the exterior of the building requires painting.
Mr. Ehrenberg advised the Board that the utility rates per unit are considerably higher
compared to area properties. Mr. Ehrenberg stated that the meters have been changed out
and leak detection testing has been performed with no significant findings. However, Mr.
Ehrenberg added that the prior month's water bill was significantly lower.
President Smyth added that the budget is based on a 97% occupancy rate.
TSHA Board of Directors Page 3 of 4
Meeting Minutes
June 17,2008
Director Irvine asked if pets are allowed in the properties and asked that staff attempt to
determine if allowing pets is an advantage to leasing the properties.
Discussion ensued with regard the proposed budget.
MOTION: Director McKean made a motion to approve the FY 2008-2009 Budget for the
Town Lake facility. Director Irvine seconded the motion. The motion carried
by a vote of 4-0.
5. FINANCE MANAGER'S REPORT.
Finance Manager Pete Ehrenberg reviewed the report with the Board.
- MSU Project—redemption(see item 7);
- Denton new construction—construction of new student housing facility to
be complete by January 2009, and open for the 2009-2010 school year with
1073 beds.
- Insurance letter-Gallagher has reviewed the insurance coverage on the
proerties and insurance is adequate to protect investments;
- Contribution account-total of$5,000 has been moved in the authority
account and will be used to fund one full housing scholarship;
- Trustee change—Trustee for San Marcos and Townlake is US Bank, Dallas,
Denton will soon follow, followed by Austin Ballpark. Cambridge.
6. PRESIDENT'S REPORT.
Scholarships
President Smyth reported that the Authority will carry 212 students on scholarship for the
2008-09 school year and of those 30, are for full housing costs.
Based on a discussion with Tarrant County NE Campus President, Dr. Larry Darlage, Mr.
Smyth recommended the Board consider adding a section to the application that requires
an explanation of special need and verified by parent or the school counselor.
Occupancy
Overall, the properties are 90% leased for the 2008-2009 school year.
Expected lease rate by start of 2008-2009 school year:
Austin Properties 100%
College Station 100%
Denton 95%+
San Marcos 95%
Cambridge
No new information to report.
Authority Finances
TSHA Board of Directors Page 4 of 4
Meeting Minutes
June 17,2008
Mr. Smyth reviewed the balance sheet with the Board and advised that expenses are
within I% of budget and the N01 is 8% positive.
8. ADJOURN.
There being no further business before the board, Chairman Carter declared the meeting
adjourned at 7:01 p.m.
APPROVED BY THE TEXAS STUDENT HOUSING AUTHORITY BOARD OF
DIRECTORS SEPTEMBER 16,2008.
Jim Carter, Chairman
ATTEST
Kim Sutter, Secretary
Item 9 — Proposed Budget
1����
^ TEXAS STUDENT HOUSING AUTHORITY
m/28m
Accrual Basis Profit & Loss Budget Overview
September 20O8through August 2009
Ordinary Income/Expense
Income
unoo-Sohu|arsmnvamo 594.000.00
4200-Austin Ballpark Fees
4201 - Basic Administration 31.524.00
4004-Asset Management 31.524.00
Total 4cVo -Austin Ballpark Fees *3.048.00
4210-Austin Tpwm|exeFees
4z14-Asset Management 28.380.00
Total 4u10 -Austin Tmwn|akoFees 28.380.00
*o2o- Cambridge Fees
42u4-Asset Management 102.087o0
Total 4ueu -Cambridge Fees 102.087.00
*uuo- oenmnFeon
42o*-Asset Management 40.129.00
Total 423O -Denton Fees *0.12900
4e9V-Administrative Scholarship Fees
4291 -Ausunsa||parx 43.880.00
4292 -AvsUnTmwo|axo 59.000.00
4uon-Cambridge 2.500�00
4uS4-Denton e3.100.00
4ens-San Marcos 14.140.00
4%8r- Melrose 155.500.00
Tota/*xoo-Administrative Scholarship Fees 366.100.00
Total Income 1.193.7*4.00
Expense
u40O -Scholarships 5e4.000.00
^noo -000v|arsmnExpenso
4501 -Austin Ballpark 22.800.00
uaoz-Austin Town Lake 35,280.00
^soa-Cambridge 33.000o0
45V4- Denton 38.950.00
45us-San Marcos 12.720.00
4507-Melrose 232.080.08
Total o5oo -Scholarship Expense 375.430o0
o0oo-Contract Labor 180.000.00
6121 -CC Merchant Expense 1.200.00
Page 1p,x
�o����
~ TEXAS STUDENT HOUSING AUTHORITY
mu008
Accrual Basis Profit & Loss Budget Overview
September 20O8 through August 2OQQ
Se p'08 Aug oy
mOo- |nsumuxo
6181 - D&O 16,500.00
Totalmoo-|nsurance 16,500.00
6240-Miscellaneous 700.00
srso-PostagnaodDeUvory 3.000.00
826V'Printing and Reproduction 3.500.00
no7u -Professional Fees
8u73-Consulting 1.000o0
sc74-Audit Fees 5.500.00
Total uu7o- Professional Fees 6.500.00
6290-Rent 5,520.00
6oaO-Travel 1.800.00
6305-Board Meetings 900.00
osso -U*§coSuppoes 1.200.00
os7O- Program Expense 3.000.80
Total Expense 1.1e3.250o0
Net Ordinary Income 4e4.00
Cuxer|noomo/Ezpnoso
Other Expense
8V2V-Reserve 100.000.00
on10 -Other Expenses 35.000.00
Total Other Expense 135.000.00
Net Other Income -135.000.00
Net Income -13450600
Page 2 of 2
Item 10 — Appointing Interim Executive Director
TEXAS STUDENT HOUSING ENTITIES
3 Village Circle,Suite 207
Westlake,Texas 76262
Telephone:817-430-04911 Fax:817-430-18121 E-mail:townhall(westlake-tx.or
September 16, 2008
Mr. Peter Ehrenberg
2152 Portwood Way
Dort Worth, Texas
76179
Re: Employment of Interim Executive Director
Dear Mr. Ehrenberg:
The Texas Student Housing Entities (collectively,the "TSHEs," or individually a"TSHE"). including
the Texas Student Housing Authority, the Texas Student Housing Corporation, the Texas Student Housing
Corporation- San Marcos Project.the Texas Student Housing Corporation- Denton Project.the Texas Student
Housing Corporation - College Station Project, the Texas Student Housing Corporation - MSU Project, the
Texas Charter School Corporation - LTTS Charter School, Inc. Project, and the Texas Charter School
Corporation - New Frontiers Charter School, Inc. Project, are pleased to employ Peter Ehrenberg to serve as
Interim Executive Director for each of the Texas Student Housing Entities on the terms contained in this
Employment Agreement(the"Agreement").Mr.Ehrenberg shall be referred to in this Agreement as the"Interim
Executive Director."
Duties of Interim Executive Director
1 With respect to each TSHE,the Interim Executive Director shall be responsible for the overall
management and operation of each of the TSHEs and for performing the duties as follows:
(a) If the TSHE has oversight responsibilities, including.but not limited to, approval
of budgets,monitoring the performance of the TSHE's property manager(s) (if any), obtaining insurance, and
other related matters, for any project that the TSHE has financed and/or owns,the Interim Executive Director_
with respect to the provisions that are contained in the documents governing the acquisition, financing,
operations, and management of the project (collectively, such documents shall be referred to as the "Project
Administration Documents"), shall certify in writing to the Board of Directors at least once each calendar
quarter the following:
0) the TSHE is in compliance with all material requirements applicable to
the TSHE that are contained in the Project Administration Documents,
(ii) the project is being managed by the TSHE's property manager(s)in
compliance with the Project Administration Documents,
Peter Ehrenberg
(iii) the budget for the project has been timely submitted to the Board of
Directors and is in compliance with the Project Administration Documents, and
(iv) such other matters as ma-, be requested by the President and:'`or the Board
of Directors.
(b) If the Interim Executive Director is unable to certify to the matters referred to in
paragraph I(a)(i)above.the Interim Executive Director shall provide a written statement to the Chairman stating
in reasonable detail the reasons that the Interim Executive Director cannot make such certification.
(C) No less than 60 days prior the beginning of each calendar year.the Interim Executive
Director shall prepare a consolidating annual budget(the`Consolidating Budget")of the activities of each of the
TSHEs in a form acceptable to the Chairman for all TSHEs showing all revenues and expenses for the fiscal
year for consideration bN the Board of Directors of each TSHE,and no less than once each calendar quarter.the
Interim Executive Director shall update, based on actual data, the Consolidating Budget and present to the
Board of Directors a statement explaining all variances in such detail as the Chairman shall require.
(e) With respect to any project budget requiring Board of Directors approvals the Interim
Executive Director shall make written recommendations to the Board of Directors regarding the budget.
(f) The Interim Executive Director shall provide to the Board of Directors and the Board
of Aldermen a monthly transaction report showing all income received and expenses paid during each Calendar
month for each TSHE and on a consolidated basis.Upon the request of the President or a majority of the Board
of Directors of a TSHE,the Interim Executive Director shall provide any financial report on the financial
condition of any TSHE or all of the TSHEs.to the extent reasonable possible,to the Board of Directors of the
TSHE and the Board of Aldermen.
(g) With respect to the scholarship program of the TSI-i Es,the Interim Executive Director
shall prepare such reports and perform such duties as the Chairman and the Board of Directors of each TSHE
shall direct.
(h) In performing the duties assigned to the Interim Executive Director,the Interim
Executive Director ma} confer with each of the consultants retained b v the TSHE to the extent the hnterim
Executive Director believes that consultation is appropriate to asSUre that the duties of the Interim Executive
Director will be performed properly,
(i) The Interim Executive Director shall perform such additional duties as are specified
from time to time in the bylaws of TSHE and;or specified by the Chairman of a TSI-IE.
2. The In;eriin Executive Director shall be the senior member of the staff of e;�ch TSHE.
Peter Ehrenberg
Page Three
3, The Interim Executive Director hereby acknowledges that he has reviewed the bylaws of each
TSHE and agrees to perform the duties of the Interim Executive Director as stated in the bylaws for each TSHE
and as stated in this Agreement.
Full-Time Employee
(a) The Interim Executive Director shall be a full-time employee of the TSHEs.
(b) The Interim Executive Director must not undertake any activities that interfere with the Interim
Executive Director's performance of his duties.
Accountability of Interim Executive Director
The Interim Executive Director shall report to the Chairman of each TSHE and shall be accountable to
the Board of Directors and the Board of Aldermen of the Town of Westlake, Texas.
Compensation
As compensation for the performance of his duties,the Executive Director shall be entitled to
compensation as follows:
1. The Executive Director shall receive an annual salary of$ which salary shall be
payable twice monthly on the last day of each month and the l5`" day of each month beginning the last day of
September,2008.The Interim Executive Director acknowledges that this annual salary includes an allowance in
lieu of all fringe benefits.
2. The TSHEs shall cause the Interim Executive Director to be provided with an office and
appropriate office equipment.
Reimbursement for Expenses
The Interim Executive Director shall be entitled to reimbursement for any reasonable actual
out-of-pocket expenses, including travel and lodging expenses, incurred in connection with the performance of
his duties under this Agreement. With respect to automobile expenses,the Interim Executive Director shall be
reimbursed at the same rate per mile as is authorized under current Internal Revenue Service Regulations.
Peter Ehrenberg
Page Four
Vacation and Holidays
After-serving as Interim Executive Director for six months,.the Interim Executive Director shall accrue
one paid vacation day per month. The Interim Executive Director shall be entitled to take paid vacation at
anytime that is mutually acceptable to the Interim Executive Director and the Chairman from days accrued as
paid vacation.Except as approved by,the Board of Directors of the TSHEs.the Interim Executive Director shall
not be paid for accrued but untaken paid vacation. The Interim Executive Director shall be entitled to the same
paid holidays as employees of the Town of Westlake(the 'Town")receive.
Conflicts of Interest
(a) The Interim Executive Director must not engage in any activities that could i'easonablv be
foreseen to create any conflict-of-interest between the Interim Executive Director and any of the TSHEs or the
Town.
(b) 'i,be TSHEs and the Interim Executive Director understand and acknowledge that(i) the
interest of the Town shall be paramount over the interest of the TSHEs and(ii)the Interim Executive Director
shall be free to advise the Town as he deems appropriate and shall be required to take any action as may be
directed by the Town.
Term
The Interim Executive Director is employed at will by the TSHEs. This Agreement shall take effect
upon its execution and shall remain in effect until such time as a permanent Executive Director is appointed,
provided that, this Agreement may be terminated v,ithout cause at anytime if either the Interim Executive
Director or a TSHE provides written notice of termination to the other party. This Agreement shall terminate on
the 15"' day after notice of termination is provided by either party. If terminated under this Agreement. the
Interun Executive Director shall be entitled to compensation only through the last date of employment and
reimbursement for any outstanding expenses.
Binding on Each of the Texas Student Housing Entities
The Board of Directors of each of the TSHEs has authorized the Chairman to enter into and be bound
by this Agreement, and each of the TSHEs are jointly and severally, Liable under this Agreement.
Peter Ehrenberg
Page Five
Best Regards,
Name:James P. Carter
Title: Chairman
Texas Student Housing TSHE
Texas Student Housing Corporation-San Marcos Project
Texas Student Housing Corporation-Denton Project
Texas Student Housing Authority
Agreed and Accepted by Peter Ehrenberg,this September 12008
By:
Name: Peter Ehrenberg
f C. 54
,f. ..
Item 11 — Contract for Scholarship Consultant
September 15,2008
TEXAS STUDENT HOUSING...........heading
Mr. Henry C. Smyth
512 Wagonwheel Ct.
Colleyville,Texas 76034
Re: Employment of Scholarship Consultant
Dear Mr. Smyth:
The Texas Student Housing Authority (TS HA)acting under the Inter-Entity
Agreement for the various corporations is pleased to employ Henry C. Smyth as
Scholarship Consultant. Mr. Smyth shall be referred to in this agreement as the
"Scholarship Consultant"
DUTIES OF SCHOLARSHIP CONSULTANT
1. The Scholarship Consultant shall be responsible to the President of TS HA or to an
Acting Executive Director, COO of the TS A.
2. The Scholarship Consultant shall be responsible for the conduct of the TSHA
Scholarship Process dated May 2008 or as modified by TS HA.
3. The process shall include but not be limited to:
(1)Reading,analyzing and prioritizing new scholarship applications for each TSH-A
location.
(2)Determining the priority listing and initial order of scholarship offers.
(3)Assist in the process of communicating the Groupl, highest priority offers to
applicants.
(4) Select follow on offers and repeat the process sequentially for Groups 2,3 and 4
on a two week cycle or as directed.
(5) Determine the Full Scholarship offers and communicate with the potential
recipients and families to verify that the scholarships will be accepted if offered.
(6) Read,analyze and prioritize Renewal Scholarships for each location.
(7)Assist in balancing new and renewal target offs /recipients within the targets set
by TS HA.
(8)Work with TS HA administration to for and maintain a current data base of
applicants.
Page 2.
COMPENSATION
The Scholarship Consultant shall receive a total compensation of$50,000 per year. The
Scholarship Consultant may bill the TSHA twice monthly during the period of
performance from December through April for performing parts of the task as described
in Paragraph 3. above.
EMPLOYMENT SERVICES
The Scholarship Consultant shall be an independent contractor and shall not be considered
as a full time employee of TS HA. The Scholarship Consultants all be accountable to
TSHA and shall take direction from TS HA for such work as described in Paragraph 3.
above.
REIMBURSEMENT F EXPENSES
The Scholarship Consultant shall be entitled to reimbursement for any reasonable out of
pocket expenses in performance of the duties. With respect to automobile mileage the
expense will be in concert with the current IRS cost per mile regulations.
TERM
The agreement shall take effect upon execution and shall remain in force for one year.
Thereafter it may be extended for a succeeding year(s)if it is in the joint interests of TSHA
and the Scholarship Consultant.
Best Regards,
Name: Pete Ehrenberg
Title: Acting Executive Director, COO,TSHA
Agreed and accepted by Henry C. Smyth,this September ,2005
By:
Name: Henry C. Smyth