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January 18, 2022 DHA Finance Committee Meeting Minutes

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MINUTES
DUPAGE HOUSING AUTHORITY
FINANCE COMMITTEE
January 18, 2022

  1. CALL TO ORDER
    Pursuant to executive order 2020-07 signed by Governor Pritzker and guidance provided by legal counsel, DuPage Housing Authority conducted this meeting by use of electronic means using Zoom, without a physical quorum present in the boardroom. Finance Chairman Bergman, called the meeting to order at 9:02 a.m.

  2. ROLL CALL
    In attendance were Commissioners Berley, Hood, and Chairman Bergman. Also present were, Executive Director Kenneth Coles, Compliance Manager Lisa Howe, Finance Manager Kanesha Hunt, and Sr. Admin. Assistant Susan Martin.

  3. PUBLIC COMMENTS
    There were no public comments.

  4. APPROVAL OF MINUTES
    Bergman made a motion, seconded by Berley to approve the Finance Committee meeting minutes for Dec. 14, 2021, and the motion passed unanimously.

  5. FINANCIAL STATEMENTS
    October and November financials were discussed and will be presented to the DHA Board on Thursday. Going forward the financial report will contain the fiscal year and not the entire 12-month period for the Budget Comparison and Statement reports. The auditors are reviewing the Cares Act money and will recommend how it should be classified. Compliance Manager Howe will continue to investigate the intercompany funds transfer methods from DHA-to-DHA Management Inc. Classifications will be cleaned up. Paylocity payroll process and payroll taxes were covered.

  6. NEW BUSINESS
    •    Audit update: Dru has a meeting planned with Jordan. The auditors will probably not present until March or April. It was requested that all Commissioners receive the draft report and management letter no later than the Friday before the Board Meeting so there is sufficient time to review.

    •    Finance staffing update: Ms. Hunt started as Finance Manager today.

    •    Cyber liability coverage: The security measures were completed, and Lisa will follow up with the Office Manager and report to the Board on Thur. as to if the insurance coverage has been finalized.

    •    2022 Group Insurance: No action is needed; coverage is as projected.

    •    DHA Finance Policies: This will be on hold until the new manager is settled.

    •    Salary Review: No movement at this time.

    •    Stough Group: Complexes have been sold; no recent payments received. Next steps are topic for Board discussion.

  7. ADJOURNMENT
    Adjournment was made by consensus, and the meeting was adjourned by Chair Bergman at 9:35 a.m.

Respectfully Submitted,
Susan Martin,
Sr. Administrative Assistant/Recording Secretary