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Kelly motioned, Ernie seconded. Motion approved unanimously. <br /> <br />September and October Financial Statements <br />Richard presented September and October Finances referencing documents included in the Board Packet. <br /> <br />Richard presented the financial statements as documented in the board packet <br /> <br />Ernie said he finds it difficult to read the financial statements. He would like to see it broken down with a <br />comparative illustration. <br /> <br />Frank said that these are generated by the system and asked for clarification on what the board would like. <br />Eide Bailly will be our new auditors this year, and will help with the format. <br /> <br />Richard agreed and will work to include a comparative illustration in future budget packets. <br />- He believes Eide Bailly are going to bring a lot of expertise to the Housing Department <br />- They are planning to conduct some internal control testing <br />- They have established a portal link with us for the process of sharing data and doing remote field work <br />- The plan is to have the audit complete by April <br /> <br />Shirley discussed the new auditors, Eide Bailly. <br />- We are in contact with Eide Bailly regarding assets, how they leave LHA and come on to BCHA. <br />- When they do the audit, they are already familiar with their guidance to us <br />- What you will see in your comparative balance sheet has August as your base <br />- There was a change in September as well as October that will start again in the first quarter <br />- She built the budgets on prior year projections <br />- They will finish the tax credit audits on East Street by February 20 <br />- We have completed interim tax returns for Lydia Morgan <br />- Everything needs two audits – when it was in LHA and when it moves to BCHA <br /> <br />Property Management update <br />Willa gave the update <br />- The rental market continues to be really strong with only the one vacancy noted <br />- Holiday parties have been great, thanks to Kris Durso <br />- Sunnyside parking lot has been restriped <br />- We are continuing with maintenance and property management as needed <br />- People at meetings regarding the IGA are interested and quite calm <br /> <br />Frank said that on the BCHA adopted budget for this year, we put $500,000 for property rehab for the Louisville <br />properties that will be adopted this afternoon. <br /> <br />Willa said that out of the transfer of the four properties and the refinancing that we did simultaneously there is a <br />reserve of $1.7 million that gets spent over the next three years. <br /> <br />Matters from Members of the Board <br />Walt attended a meeting with a group of Lutheran Churches that sponsor a Habitat for Humanity in <br />Lafayette. Four units are being built. One of the managers said they might build in Louisville on the land <br />that was turned over to them. He was informed that they are in a difficult financial position on that property <br />because it requires a tremendous amount of infrastructure expense before they can build there. They need <br />financial input to take care of that infrastructure. At worse case they will need to turn the property back <br />over to the city of Louisville. He would like to see them build the homes as intended originally. He asked if <br />anyone in this group had influence to get them over the hurdle. <br />