HomeMy WebLinkAbout08-16-2023[Cr- nWr [L]Dff)
A,PRIC2 2024
ITY LERIC
MINUTES OF MEETING
OF THE BOARD OF DIRECTORS OF
FOREST HILLS VILLAGE, INC.,
HELD AUGUST 16, 2023
Pursuant to written notice to each of the directors, the monthly meeting of the Board of
Directors of Forest Hills Village, Inc., was held at 7:30 a.m. on August 16, 2023 at Little Castle
Restaurant. The following directors were present: Brad Arterburn, Melissa Yates, Paul King,
and Bruce Brockenborough. Also present were David Bailey, CPA, Lori Knight, James Burgett
and David Denton.
THE FOLLOWING BUSINESS WAS TRANSACTED:
ITEM I: Upon motion made by Mr. Arterburn, seconded by Mr. Brockenborough, and
unanimously carried, the following motion was adopted:
MOVED, that a formal reading of the minutes of the previous
meeting held on July 19, 2023, be dispensed with and those
--- minutes stand approved as written. - - -
ITEM II: The directors conducted a review of the July 2023 Operating Report. A general
discussion was held. All financial matters continue to follow the approved budget.
ITEM III: Mr. Bailey reported that the audit of Forest Hills Village's financial position
as of May 31, 2023 had been completed. Copies of the audit report were then presented to all
attending. Mr. Bailey stated that the audit was unqualified which is the highest rating his firm
could bestow. He explained that the noted increase in total assets is an accounting entry only
and occasioned by a 2016 FASB standard which requires lessees (i.e., Forest Hills Village) to
recognize on financial statements a lease liability and right -of -use asset on a discounted basis. He
clarified the purpose and added that the reporting will not impact operations for Forest Hills
Village.
A reminder was given regarding the filing of IRS Form 990. The 990 is an IRS form that
most tax-exempt organizations must file annually. It gives the IRS an overview of the
organization's activities, governance, and finances. Ms. Knight had the President execute the
form.
After responding to several questions, Mr. Bailey left the meeting.
ITEM IV: The Staff Report was then presented by Ms. Knight and included
the following:
a. Forest Hills received 9 applications for rental units in July 2023, with 4 being
approved, 4 being rejected, and 1 having no response.
b. Forest Hills has 120 active applicants e^ t".e :.citing list in July 2023. The
breakdown of applicants is as follows: apartments -22, two-bedroom small -35, two-bedroom
large -4, 3-bedroon: small -24, 3 -bedroom large -35.
C. The occupancy rate for July 2023 was 97.93%.
ITEM V: Mr. Burgett gave the following maintenance report. Maintenance performed in
July consisted of 1 house and I apartment. Also, 3 water heaters along with 133 maintenance
requests.
I T EM Vi: Mr. Burgett presented a Staff proposal to construct on site a 50 x 22 cone, to
structure with four (4) hays for storage of bulk materials. A pian depicting the facility was
presented. The estimated cost, with employees doing all the labor, was estimated to be
approximately $10.500,00, Mr. Arterburn moved to approve the nronosal, Ms. Yates seconded.
I passed by all directors present.
ITEM VII: There being no further business to come before the Board, the
meeting adjourned.
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