Board of Directors
Wednesday, Jan. 25, 2012 | VC United Way Office | 11:45 am – 2:00 pm
1317 Del Norte Rd, Camarillo, Community Room
Minutes
Meeting was called to order at 12pm. Board & Staff present: Mary Ann Krause, Mike Tracy, Mike Morgan, Russ Watson, Fred Ferro, Dawn Dyer, Linda Braunschweiger, Rodney Fernandez, Elisabeth Amador, Stacy Swanson. Guests: Karen Clemow, Nancy Conk. Absent: Stan Mantooth, Cathy Brudnicki, Karl Lauterbach
Meeting 11/9/11 minutes approved; one abstention.
Board of Directors Vacancy Update: We do not have a nominations committee. According to bylaws, vacancies are to be filled at the annual meeting or a special meeting held for that purpose. Seats still available with a particular focus on those with legal expertise, banking, and representatives from participating cities.
· Rodney Fernandez nominated Nancy Conk (Cabrillo Economic Development Corporation)
· Mike Morgan suggested Randy Richardson (Camarillo)
· Mike Tracy suggested Jeff Lambert (Ventura)
It was mentioned that there are opportunities to serve on committees, as well. Nominations should be submitted to Linda and/or Dawn via email. Fred will review By-Laws to clarify timing of Annual Meeting. If was suggested that February be designated as the Annual Board Meeting for 2012. Officers will be nominated and approved, Board Members will be nominated and referred to the Nominating Committee and By-Laws will be reviewed for any recommended amendments.
Fred Ferro has been serving as both Treasurer and Secretary. He resigned as Treasurer but will remain in the position until a suitable replacement is found. Nominations would be appreciated.
501 (c) (3) Status: Submitted in early December with requested expedited processing. Application has not been assigned yet. Anticipate response on expedited request by end of February, 2012.
Annual Meeting/Launch Event planning: HCD requires that we have an annual meeting to discuss our program guidelines and receive public input. The Board discussed the option of combining this meeting with a launch celebration and determined that they should be two separate events. The County Education offices have been offered to host the Public Program meeting or Launch event. Two committees are needed: planning/logistics and program. A committee was formed to discuss planning and will report back at the next Board meeting. Mary Ann Krause, Mike Morgan and Russ Watson have volunteered to help with the planning. It was determined that the
Current Financials: Reviewed draft balance sheet and budget; no profit & loss statement was available at the time of the meeting. Commitments from jurisdictions are not reflected because they have not been received. It was recommended that an “operating budget” be created to reflect current budget & spending. Linda has agreed to continue in Executive Director capacity understanding that limited funds are currently available to pay her salary.
Motion: Board of Directors will create a written agreement with Linda Braunschweiger to continue as the Executive Director for 60 (sixty) days. Approved.
Accounting Services: Executive Committee recommends that the Housing Trust Fund have its own accounting services, separate from HOME. Staff and Board Members will look for referrals for free or low-cost accounting services. Mike Morgan recommended David Mitchell.
CEO Update: Meetings are publicly announced on website and doors of the Ventura County Community Foundation, in compliance with regulations. An update was provided regarding the status of our $200,000 grant request to the City of Oxnard.
Fundraising Plan: Linda provided an update on the current fundraising plans and grant applications that have been submitted or are in-process (see attachment). Looking into the option of HTF to become a Community Development Financial Institution in the future; currently, CEDC is the only one in the county. The Board discussed options for obtaining a line of credit or a loan from existing CDFI or traditional lender for capacity building fund.
Prop. 1 C Application: Linda would like board concurrence to submit application for $2M, understanding that we will only be able to draw on funds that we have matches for within a 3 year period. The application will be ready by Monday or Tuesday (Jan 30 or 31). There is no penalty if $2M is not reached by our HTF. Final approval from the HOME Chairperson is required for application submittal. HCD recommended that HOME be the co-applicant until HTF’s 501c3 is approved and then HOME will be removed as co-applicant. The MOU with HOME has been extended for two months (through 2/28/12).
Motion: Seek legal input regarding the MOU with HOME; referred to Barbara Marci-Ortiz for recommendations and guidance. Approved.
Meeting adjourned at 1:58pm.
Next VCHTF Meeting: February 22, 2012 | 11:45 am – 2:00 pm
United Way, Community Room, Camarillo
Ventura County Housing Trust Fund
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