Housing Catalyst


Housing Catalyst Audit & Finance Committee - August 14, 2023

Zoom: https://us06web.zoom.us/j/82332444505?pwd=Y3NJLzhqQ2VqRmN3U3JiR1pBK1hMdz09

Monday, August 14 2023

3:30pm - 5:00pm MDT

Julie Francis is inviting you to a scheduled Zoom meeting.

Topic: Housing Catalyst Audit & Finance Committee - August 14, 2023
Time: Aug 14, 2023 03:30 PM Mountain Time (US and Canada)

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Meeting ID: 823 3244 4505
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Meeting ID: 823 3244 4505
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  1. Call to Order
    10 mins
    3:30 pm MDT
    1. Mindfulness Moment

      1-3 minute interval - bring focus to the meeting at hand.  Take opportunity to arrive into the virtual space and do good work.

    2. Approval of Minutes
      1. Approval of July Minutes
  2. Reports
  3. Q2 Financial Report
    30 mins
    Tara Gaffney profile image
    3:40 pm

    Presentation of the quarterly financial report for Housing Catalyst and its managed voucher programs and real estate portfolios.  

    1. Agency Overview
      Tara Gaffney profile image
      1. Quarterly meetings in person
        Tonya Frammolino profile image
      2. Development Department Overview
        Carly Johansson profile image
    2. Segment Detail
      1. Voucher Programs Overview
        Traci McGraw profile image
      2. Portfolio Overview
        Jessica Born profile image
  4. Old Business
  5. New Business
    4:10 pm
    1. AFC Checklist / Self-Evaluation
      15 mins
      Tonya Frammolino profile image
      4:10 pm
    2. Discuss and vote on whether to accept the draft checklist responses, comments, and action items.
    3. Charter Review
      15 mins
      Tonya Frammolino profile image
      4:25 pm

      Charter was formally approved and adopted at the February 2022 Board Meeting.  Will be sending the final version to formalize this adoption to Cathy Mathis (Board Chair at time of adoption) and Jennifer Wagner (Committee Chair at time of adoption) for signatures.

      1. General overview of Charter provisions - Presentation
      2. Discuss and vote on whether to adopt any changes to the Charter.
    4. Oak 140 - Annual Questionnaire due 9/15
      10 mins
      Tonya Frammolino profile image
      4:40 pm

      Annual required review of compliance checklist for the Oak 140 project.  Due to publicly issued revenue bonds.

  6. Board Report Draft
    5 mins
    Tonya Frammolino profile image
    4:50 pm

    Attached is the draft board report.  Review with committee to discern any edits or modifications prior to release to the Board.

  7. Comments | Announcements
    5 mins
    4:55 pm
  8. Adjourn Meeting
    1. Next Meeting Date
      1. September 11, 2023 @ 3:30 pm - Regular Meeting
    2. Definitions & Terms

      Financial Definitions and Key Terms

Minutes Tab

Housing Catalyst
org logo

Housing Catalyst Audit & Finance Committee - August 14, 2023

Mon Aug 14, 2023 9:30 PM - 11:00 PM UTC


Committee Members: Jennifer Wagner-Chair, Lizette Mill

Staff: Julie Brewen, Michele Christensen, Justin Corey, Tonya Frammolino, Julie Francis, Kristin Fritz, Tara Gaffney, Rachel Gaisford, Carly Johansson, Traci McGraw, Sam Seitz

Guests: Karen Dunbar

Call to Order

Committee Chair Jennifer Wagner called the meeting to order at 3:31 pm.

Ms. Wagner welcomed Karen Dunbar to the meeting and noted that she is interested in becoming a member of this Committee. Chief Executive Officer Julie Brewen noted that an Audit & Finance Committee member can make a motion at the next Board meeting to approve her membership on the Committee. Ms. Dunbar will continue as a guest at today's meeting.

Mindfulness Moment

The group engaged in a Mindful Moment as the meeting was called to order.

Approval of July 10, 2023 Minutes

The Committee approved the minutes of the July 10, 2023 meeting. 

Q2 Financial Report

Quarterly meetings in person

Chief Financial Officer Tonya Frammolino noted that there has been a request for periodic in-person Audit & Finance Committee meetings. She recommends that this Committee meet in person quarterly in conjunction with the quarterly financial reporting. The Committee agreed and the meetings will be adjusted accordingly.

Agency Overview

Q2 - YTD Results

Director of Accounting Tara Gaffney reviewed the Quarter 2 financial report. The report is included in Boardable for reference.

Ms. Gaffney reported on a couple items of note:
- The closing on Village on Impala occurred on July 20.
- The final S&P rating has not yet been received. Ms. Frammolino noted that this is expected by mid September.

Development Department Overview

Manager of Real Estate Development Carly Johannson provided an overview of the Development Department for Quarter 2. She noted that developer fee collections for this quarter are on track.

Segment Detail

Voucher Programs Overview

Director of Rental Assistance Programs Traci McGraw provided an update on the voucher program, including a breakdown of current vouchers and utilization rates. There are no new vouchers in Quarter 2. 

Portfolio Overview

Senior Director of Asset Management Justin Corey provided an update on the low income housing tax credit (LIHTC) property financials, including a review of the respective Debt Service Coverage Ratio (DSCR) for each property. He presented updates on the non-LIHTC portfolio, which includes Villages LTD, Wellington and public housing.

New Business

AFC Checklist / Self-Evaluation

Ms. Frammolino reported that, as recommended in the Committee Charter, there was an annual review of the Committee Checklist. Ms. Frammolino met with Committee members Wagner and Mill to go through and provide responses to the Checklist. The Committee accepted the Checklist responses as presented. The Checklist with responses is included in Boardable for reference.

Charter Review

As the Committee Charter is only a year old, the Committee agreed that there are no edits needed at this time.

General overview of Charter provisions - Presentation

Ms. Frammolino provided an overview of some of the annual requirements of the Charter, including a review of the Charter, and a Committee self-assessment.

Oak 140 - Annual Questionnaire due 9/15

Ms. Frammolino reported that we issued publicly-traded agency revenue bonds for Oak 140.  She explained the annual compliance process to certify that there have been no issues  in the past year, is currently in process. This will be submitted to UMB, the trustee of the bonds according to the timing deadline of 2 weeks before 9/30 EMMA reporting requirement.  

Board Report Draft

Ms. Frammolino reviewed the draft Board report, which will be presented to the Board at its next meeting. She will make minor revisions per committee request and finalize for the Board meeting.

Adjourn Meeting

Chair Wagner adjourned the meeting at 4:47 pm.


Next Meeting Date

September 11, 2023 @ 3:30 pm - Regular Meeting

Planning Calendar 



Name Attendance

Jessica Born

Julie Brewen

Michele Christensen

Justin Corey

Karen Dunbar

Tonya Frammolino

Julie Francis

Kristin Fritz

Tara Gaffney

Rachel Gaisford

Ann Green

Carly Johansson

Eric Lea

Traci McGraw

Lizette Mill

Jennifer Wagner

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