Housing Catalyst


Housing Catalyst Audit and Finance Committee - May 8, 2023

HYBRID MEETING: 1715 W. Mountain Ave, Fort Collins | Zoom: https://us06web.zoom.us/j/81892194496?pwd=SVROUzdlS3Q4aDkvUldwYUlISDZjdz09

Monday, May 8 2023

3:30pm - 5:00pm MDT

We’ve updated this meeting to be hybrid.  We will be meeting in person at the Mountain Office.  If you cannot attend in person then you may still join via zoom.  See instructions below.


Julie Francis is inviting you to a scheduled Zoom meeting.

Topic: Housing Catalyst Audit & Finance Committee - May 8, 2023
Time: May 8, 2023 03:30 PM Mountain Time (US and Canada)

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Meeting ID: 818 9219 4496
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  1. Mindfulness Moment
    Tonya Frammolino profile image
    3:30 pm MDT

    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 Agenda
  3. Call to Order
    10 mins
    Jennifer Wagner profile image
    3:30 pm
    1. Approval of Minutes
      10 mins
      3:30 pm
  4. Reports
    3:40 pm
    1. Q1 2023 Financial Report
      50 mins
      3:40 pm
      1. Financial Overview
        15 mins
        Tara Gaffney profile image
        3:40 pm
      2. Voucher Presentation
        15 mins
        Traci McGraw profile image
        3:55 pm
      3. Property Management Presentation
        15 mins
        Jessica Born profile image
        4:10 pm
      4. Development Presentation
        5 mins
        Carly Johansson profile image
        4:25 pm
  5. Old Business
    4:30 pm
    1. AFC Checklist
      5 mins
      Julie Brewen profile image
      4:30 pm
  6. New Business
  7. Board Report Draft
    10 mins
    Tonya Frammolino profile image
    4:35 pm

    Attached is the final board report.

  8. Comments | Announcements
    5 mins
    Tonya Frammolino profile image
    4:45 pm
    1. Auditor site work update
  9. Adjourn Meeting
    Jennifer Wagner profile image
    1. Next Meeting Date
      1. June 12, 2023 @ 3:30 pm - Regular Meeting
    2. Definitions & Terms

      Key terms and definitions.

Minutes Tab



Present: Julie Brewen, David Bye, Ann Green, Traci McGraw, Michele Christensen, Kristin Fritz, Jennifer Wagner, Lizette Mill, Justin Corey, Carly Johansson, Tonya Frammolino, Rachel Gaisford, Julie Francis, Tara Gaffney, Jessica Born

Approval of Agenda

Mindfulness Moment

Chief Financial Officer Tonya Frammolino led the group in a mindful moment.

Call to Order

Committee Chair Jennifer Wagner called the meeting to order at 3:35 pm. She requested that Vice-Chair Lizette Mill lead the meeting.

Approval of Minutes

Chair Wagner moved to approve the minutes of the February 13, 2023 meeting. Committee Member David Bye seconded and the motion was passed unanimously.

Committee Member Bye announced that, as of this meeting, he is resigning from this Committee for personal reasons.


Q1 2023 Financial Report

Financial Overview

Director of Accounting Tara Gaffney introduced the presentation of the first quarter financials, providing an overall summary. The presentation is located in Boardable for reference. Ms. Gaffney noted that the Low Income Housing Tax Credit (LIHTC) audit was completed with no findings. The auditors were on-site last week; the Housing Catalyst audits are underway and almost finished. 

Voucher Presentation

Director of Rental Assistance Traci McGraw presented an overview of the voucher program, including the total vouchers managed by type and voucher utilization rates. She presented new slides with information from the HUD Dashboard indicating various metrics. She requested feedback on whether this information is helpful and valuable to Board members. 

Property Management Presentation

Director of Property Management Jessica Born presented an update on LIHTC property Debt Service Coverage Ratios (DSCR). She reviewed the Managed Entities, including the Villages, public housing, and Wellington portfolios.

Development Presentation

Manager of Real Estate Development Carly Johansson presented a summary from the Development Department, including average monthly operating expenses, operating cash, total developer fees collected, and total expected to be collected.

Chief Executive Officer Julie Brewen noted that there will be a more in-depth discussion of the voucher program.

Old Business

AFC Checklist

Ms. Brewen noted that she met with Commissioners Wagner and Mill to discuss the Audit & Finance Committee Checklist. Some revisions were made which will be consolidated and finalized. The updated checklist will be presented at the next meeting of this Committee.

New Business

Board Report Draft

Ms. Frammolino requested feedback on the summary of this meeting, which will be presented at the next meeting of the full Board. It was noted that the report will be updated with a note about David Bye's resignation. 

Comments | Announcements

Ms. Frammolino reported that feedback from the auditors, who were on-site last week. were very positive. She noted that the auditors appreciated the quality of the materials. The Larimer County audit has been finalized and there are no findings.

Ms. Brewen noted that there will need to be a revision to the Wellington Housing Authority bylaws... (Tonya please add relevant information/explanation here)

Commissioner Mill reported that she attended one of the the land use code meetings, which she found to be very helpful.

Auditor site work update

Adjourn Meeting

Commissioner Mill adjourned the meeting at 4:44 pm.


Next Meeting Date

June 12, 2023 @ 3:30 pm - Regular Meeting

Planning Calendar 

Definitions & Terms

Key terms and definitions.



Name Attendance

Jessica Born

Julie Brewen

David Bye

Michele Christensen

Justin Corey

Tonya Frammolino

Julie Francis

Kristin Fritz

Tara Gaffney

Rachel Gaisford

Ann Green

Carly Johansson

John Kefalas

Traci McGraw

Lizette Mill

Samuel Seitz

Jennifer Wagner

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