March 22, 2024 DHA Finance Committee Meeting Minutes

MINUTES
DUPAGE HOUSING AUTHORITY
FINANCE COMMITTEE
March 22, 2024

1. CALL TO ORDER
   Finance Chair Bergman called the meeting to order at 9:01 a.m. at the DuPage Housing Authority offices, 711 E. Roosevelt Road, Wheaton, IL.
   
   
2. ROLL CALL
   In attendance were Finance Commissioners Bergman, Berley, Hood, with DHA Commissioners DeSart and Spann. Also, present were Executive Director Corbett, Controller Lee, and Admin. Assistant Martin. Presenting virtually from BDO, was Jeff Hyndman, and Candace Burnett.
   
   
3. PUBLIC COMMENTS
   No members of the public were in attendance.
   
   
4. APPROVAL OF MINUTES
   Hood made a motion, seconded by Berley, to approve the Finance Committee meeting minutes for February 15, 2024. Motion carried.
   
   
5. FINANCIAL STATEMENTS
   BDO reviewed the Admin Expense Variables with discussion on training, software, tenant screening, and capitalizing major expenses. Hyndman will report back to the group on: why Payroll taxes were so high, the original Yardi contracts, and bank fees. DHA staff is to research the number of ACH returns and if the Sound Inc invoice was misclassified.
   
   The Balance Sheet will be included at the next Board Meeting.
   
   Executive Director Corbett covered the VASH award, PBV wait list open, and working to open HCV wait list.
   
   BDO Observations/Oversight Recommendations: BDO to address only the highlights at the March DHA Board Meeting (not the Finance Meeting).
   
   Cost Allocation: BDO presented the cost allocation, but Finance Chair Bergman asks for how the cost portion for DHA Management Inc., KHA, and ilivedupage are allocated.
   
   Audit Review: Final audit not completed yet. The Finance Committee recommends tabling the Board Resolution until they review the report.
   
   Other Items: not enough time to review.
   
   
6. ADJOURNMENT
   Consensus to adjourn by Chair Bergman at 10:00 a.m.

Respectfully Submitted,
Susan Martin,
Recording Secretary