HomeMy WebLinkAbout07-17-2024 and 08-21-2024 (no September meeting)N4INUTES OF MEETING
OF THE BOARD OF DIRECTORS OF
]IOREST HILLS VILLAGE, INC.
HELD JULY 17 .2021
Pursuant to written notice to each of the directors, the monthly meeting ofthe Board of
Directors of Forest Hills Village. Inc., was held at 7:30 a.m. on July 17.2024 at Little Castle
Restaurant. The following directors were present: Paul King, Brad Arterburn, Bruce
Brockenborough. and Shirley Walker. Also present were Lori Knight, James Burgett. and David
Denton.
THE FOLLOWING BUSINESS WAS TI{ANSACTED
'ITIIM I: Upon Motion made by Ms. Walker. seconded by Mr. King the minutes of the
meeting of .lune 29,2024, were approved as written.
ITEM II: Al executive report was given by Mr. Burgett, Financial matters remain as
anticipated.
ITEM Ill: Ms. Knight presented the stalf report including the lbllowing
a. Forest Hills received 4 applications lor rental units during June 2024, with 2 being
approved, 0 being rejected. and 2 with no response.
b. Forest Hills has 113 active applicants on the \\,aiting list as ofJune 2024. 't'he
breakdown of applicants is as follows: apafiments-3 3: tu,o-bedroom small-24; two-bedroom
large-7; 3-bedroom small- l9; 3-bedroom large-30.
The occupancy rate for June 2024 was 96.51%oc
d. The June maintenance report involved I apartment.2 new cabinet installations. 1
floor removed and replaced, I waterleakrepair(ll37A). and l drainjob. Atotal ol93
maintenance requests were completed.
ITEM IV: Mr. King reported that the Marcum Engineering firm is working on plans lbr
housing construction as was approved at the last Forest Hills'meeting. Surveying ofthe
available Iots has also been ordered. Mr. King advised the mayor that planning work is
progressing. Staffwill now prepare an estimated budget for the construction. After the estimate
has been approved by the Board, it uill be presented to the City along *'ith plans lor funding and
reimbursement.
ITEM V: The next meeting is scheduled lbr August 21.2024
There being no further business to come before the Board, the meeting adjoumed.
P dent
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MINUTES OF MEETING
OF THE BOARD OF DTRECTORS OF
I.'OREST HILLS VII-I-AGE, INC.
HELD AUGUS I' 21.2024
Pursuant to lvritten notice to each olthe directors. the monthly meeting ofthe Board of
Directors olForest Hills Village, [nc. was held at 7:30 a.m. on August 21,2024, at Little Castle
Restaurant. The following direclors were present: Paul King, Brad Arterburn, Bruce
Brockenborough, and Shirley Walker. Also presenl were David Bailey, CPA, Ganett I{ackley.
CPA. Lori Morgan, James Burgett. and David Denton.
THE FOLLOWING BUSiNESS WAS TRANSACTED
ITEM II: Mr. Burgett gave an executive report. The monthly financial revieu,and
discussion rvas deferred and to be included in today's annual audit report.
a. Forest Hills received 4 applications lor rental units during July 2024, with 2 being
approved" 0 being rejected. and 2 with no response.
b. Forest Hills has 110 active applicants on the u,aiting list as ofJuly 2024. The
breakdown of applicants is as tbllows: apartments-3 3; two-bedroom small-21 ; two-bedroon.r
large-8; 3-bedroom small-19; 3-bedroom large-29.
The occupancy rate for July 2024 was 96.160/o
d. The July maintenance report involved 3 houses,2 apartments, I new cabinet
installation. 1 tloor removed and replaced. and I drain job. A total of 1 0 I maintenance requests
were completed.
ITEM lV: Mr. King reported that the Marcum Engineering firm continues to prepare
plans for housing construction. He also stated that the city remains interested in purchasing the
land adjacent to Forest Hills. The City Manager will be contacting the property owner. No date
has been set.
ITEM V: Mr. Bailey presented the directors ar.rd staffwith copies of the independent
auditor's report for the period ending May 31. 2024.\t is the firm's opinion that the financial
statements of Forest Hills present fairly. in all material respects, the financial position of the
company. No exceptions wele noted. Mr. Bailey took care to explain the financial signilicance
of the right-o1--use asset and corresponding operating lease liability Q'.lote 2). tr*ote 4.
Investments. was discussed. Mr. Bailey again reminded the Board of its obligation to annuallv
ITEM l: Upon Motion made by Ms. Walker and seconded by Mr. Arterburn. the minutcs
of the meeting of July 17,2024. i.vere approved as r.r.ritten.
ITEM III: Ms. Morgan presented the stafl report including the fbllowing:
c.
file Form 990 with the lRS. The filing is required by all tax-exempt organizations. His report
concluded by complimenting the staff and acknorvledging their cooperation.
Next, Mr. Bailey announced he is Ieaving the fleld of public accounting and hereafter Mr.
Rackley will direct the Forest Hills annual audit. "lt has been an honor to serve this
organization tbr many years". The directors expressed identical comments and wishes for Mr.
Bailey's luture success.
ITEM VI: Mr. Brockenborough regretfully informed the Board that personal
circumstances compelled him to resign as a director. His years ofdedicated service were duly
noted. He will inform the mayor of his resignation. -fhe board members immediately made it
knor.r'n that his wisdom and advice would be sorell missed. His contributions have played a
significant role in the company's successes.
ITIIM VII: The next meeting is scl.reduled lirr September 18,2021
1'here being no further business to come before the Board, the meeting adjoumed
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