2020-04-02-LEXHAB-min - Laserfiche WebLink

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LexHAB Board Meeting April 2, 2020- 11 AM—HELD BY Remote Connection Open to Public Minutes of the meeting held virtually due to COVID—19 on April 2, 2020 Members present were Bob Burbidge, Bill Kennedy, Les Savage, Bob Phelan, Gerry Howell, Martha Wood, Henry Liu and Bill Hays. Also present were Pearlene Varjabedian, Housing Manager and Karen Iverson, Financial Administrator, Patricia S. Nelson, counsel to LexHAB and Sue Barry, Selectwoman, Bob Pressman of the Lexington Housing Partnership, Tara Mizrahi of Affirmative Investments. Lexington Resident Anne Engel hart. Absent was Donna Leary. The Chairman, Bob Burbidge presided. Minutes from the February 19, 2020 meeting were reviewed and accepted as amended. All in favor by Roll Call. FINANCIAL REPORT Gerry Howell Reported • Gerry and the Board welcomed Karen Iverson who has agreed to return to LexHAB to provide bookkeeping services.Thank you Karen. • P& L Comparative—Previous Year. Income increased by$30K primarily due to improvements in timely payment of rents. • Balance Sheet—Cash is down primarily due to expenses of Farmview and Grove Street. • Bob Burbidge reviewed income statement — non-capital expenses were less than last year — hoping this will remain. • Discussed focus on completion of and funding for capital projects, emphasis on capital projects for which there is reimbursement and continued focus on reduction in expenses. • Les reported that Patriot Bank is reviewing the property which has been proposed as collateral for loan. • Discussed turning LEHAC funds and responsibilities over to the Lexington Department of Human Services. Motion made to turn LEHAC funds and responsibilities to the Lexington Department of Human Services. Motion approved—Roll Call Motion made to accept Treasurers report. Motion approved. —Roll Call