Sep 28, 2022 Alamo Area Development Corporation

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THIS CONFERENCE WILL NOW BE RECORDED.

A LOT OF THINGS, I DON'T KNOW, .

AND, UH, SO WE'RE

[1. Meeting called to Order]

SUSIE? YES SIR.

JUDGE HARLEY HERE.

MAYOR DA.

ON HERE.

COUNCILMAN BLAKEY? HERE.

COUNCILWOMAN ROCHE GARCIA HASH WALKER.

PRESENT JUDGE KELLY, WE HAVE FOR ALL RIGHT, WE'RE GONNA MOVE FORWARD TO, UH, AGENDA ITEM NUMBER THREE.

DO WE HAVE ANY PUBLIC COMMENTS? ANYONE SIGNED UP FOR PUBLIC COMMENTS? ANYONE HERE FOR PUBLIC COMMENTS? NO, SIR.

BEING NONE, WE'LL MOVE FORWARD

[ Consent Agenda]

UH, I AM FOUR.

CONSIDER AND ACT ON THE RECOMMENDATION TO APPROVE THE SEPTEMBER 15TH, 2021 A ADC MEETING MINUTES.

UH, I'M SORRY, I'M ON THE WRONG LINE.

YES, I AM IS CORRECT.

THE MARCH 23RD, 2022.

A ADC MEETING MINUTES? YES, I AM ON THE RIGHT LINE.

I'LL MAKE A MOTION TO APPROVE A SECOND.

OKAY.

UH, WE HAVE A MOTION IN THE SECOND.

ALL THOSE THERE ANY CORRECTIONS, ADDITIONS, OR DELETIONS? ALL THOSE IN FAVOR PLEASE INDICATE BY AYE.

AYE.

OPPOS AND SIGN? NONE.

UH, I HEAVEN HAVE IT.

SO,

[5. Consider and act upon the recommendation to approve the AADC Financial Report. – Jhoan Torres A. Balance Sheet B. Revenues and Expenditures]

GOOD MORNING.

GOOD MORNING, SIR.

MY NAME IS PETER.

SO LIKE YOU'RE DIRECTOR OF ACCOUNT PRESENTING TO THE AUGUST, 2022 FINANCIALS FOR, SO THESE FINANCIALS ARE, THERE IS VERY LITTLE ACTIVITY OTHER THAN THE TC GRANT THAT WE DO HAVE.

SO ON BALANCE SHEET AT THE END OF AUGUST, WE DO HAVE TOTAL ASSETS OF THREE 26,000 WITH THE CASH SITTING AT TWO 7,000.

THAT WAS DUE TO A AIM FROM T WC FOR OUR UNITED PLATFORM THAT, UM, THE, THE VETERAN NETWORK USES TO, TO OPERATE UNDER.

AND IF YOU MOVE ON TO THE STATEMENT OF REVENUES AND EXPENDITURES, YOU CAN SEE THAT WE ARE SITTING AT, UM, A TOTAL REVENUES AT YEAR TO DATE OF ABOUT 500,000 WITH OUR TOTAL EXPENSE SUPPORT SET THOUSAND WITH A NET OVER RECOVERY OF TWO TWO $2,005.

THAT CONCLUDES THIS 30 BRIEF.

ARE THERE ANY QUESTIONS ABOUT THE, UH, FINANCIAL REPORT? WE DO NEED A MOTION TO APPROVE IT.

MAKE A MOTION TO APPROVE.

SECOND MOTION AND A SECOND.

ALL RIGHT.

WE HAVE A MOTION AND A SECOND.

THANK YOU.

ALL THOSE.

THANK YOU, SIR.

ALL THOSE IN FAVOR, PLEASE INDICATE BY SAYING I.

ALL AYE.

OPPOSED? GUYS HAVE AGENDA ITEM

[6. Consider and act upon the recommendation from the Executive Director to approve the Alamo Area Development Corporations (AADC) Annual Financial Audit Report for the year ended December 31, 2021 - Diane Rath]

CONSIDER AN ACT UPON THE RECOMMENDATION FROM THE EXECUTIVE DIRECTOR TO APPROVE THE ALAMO AREA DEVELOPMENT CORPORATIONS.

A ADC ANNUAL FINANCIAL AUDIT REPORT FOR THE YEAR OF DECEMBER 31ST, 2021.

DIANE, MS. RATH? YES, SIR.

I'M PRESENTING THIS, UH, BECAUSE AS YOU ALL WE SEE REPEATEDLY OVER OUR NEXT TWO MEETINGS, WE HAVE TAR TRAINING THIS WEEK.

SO MOST OF OUR STAFF IS AT TARC AND NOT HERE.

THEY ROTATE THE WEEK OF SEPTEMBER CUZ IT ALWAYS HIT SOMEBODY'S MEETING.

AND THIS YEAR IT'S OUR MEETING.

SO, UH, WE DO HAVE BEFORE YOUR CONSIDERATION, OUR ANNUAL FINANCIAL REPORT.

AND I'M VERY PLEASED THAT MIKAYLA MATHESON IS HERE TO DO THE PRESENTATION AND APPRECIATE ALL THE SUPPORT AND WORK THAT ORS HAS DONE WITH THAT.

NO, NOT FOUR, FOUR OF US.

EXCUSE ME.

I WAS CLOSE.

FOUR OF US HAS DONE WITH US.

SO Y'ALL WILL REMEMBER, UM, MCKAYLA WAS WITH US AS WE AT THE, UH, ACO FINANCIAL REPORT.

SO NOW SHE'LL BE BRINGING THIS UNIT TO YOU ALSO.

SO MCKAYLA, THANK YOU FOR JOINING US TODAY.

ABSOLUTELY.

GOOD MORNING EVERYONE.

GOOD MORNING.

I WAS JUST TALKING TO HIM OVER THERE AND SAID, ARE WE ENJOYING OUR VERY, LIKE FIRST AND LAST WEEK OF FALL? SO WE WOKE UP AND I'M A SUMMER GIRL, SO IT'S A LITTLE CHILLY FOR ME, BUT I DO ENJOY IT FOR AT LEAST ONE WEEK.

, UH, AREA DEVELOPMENT CORPORATION IS REQUIRED TO GET AN OVERSIGHT AND AUDIT, UM, ONCE A YEAR.

AND SO THIS IS WHY WE'RE HERE.

UM, I LIKE TO START OUT THE GATE AND SAY IT'S A CLEAN AUDIT, EVERYTHING'S GOOD.

BUT NOW I ASK REQUIRED COMMUNICATION, BUT I DON'T LIKE TO HOLD THAT BACK.

SO, UM, THAT'S THE GOOD NEWS.

THAT'S USUALLY WHAT EVERYBODY'S HERE FOR.

BUT ULTIMATELY WE WERE, UH, ENGAGED TO DO, UH, ANNUAL AUDIT OF THE FINANCIAL STATEMENTS FOR THE YEAR END OF DECEMBER 31ST, 2021.

UM, WE ONLY LOOK AT MATERIAL TRANSACTIONS FOR DEVELOPMENT CORPORATION.

THAT MATERIAL TRANSACTION

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SO WE LOOK AT A LOT OF STUFF FROM, FROM THIS ORGANIZATION TO MAKE SURE THAT IT'S IN ACCORDANCE, WHICH ARE ACCEPTED ACCOUNTING PRINCIPLES.

ALL OF THE SIGNIFICANT ACCOUNTING POLICIES ARE IN THE FINANCIAL STATEMENTS IN THERE.

ONE.

SO IF YOU WANT TO KNOW ANYTHING ABOUT POLICIES OF THE ORGANIZATION, YOU'LL FIND IT THERE.

THERE WAS NO ALTERNATIVE ACCOUNTING TREATMENTS ADOPTED.

IT'S PRETTY CLEAR CUT WITH THIS ORGANIZATION.

IF THERE WERE ANY MANAGEMENT MANAGEMENTS OR ESTIMATION PROCESSES THAT MANAGEMENT CAN PROVIDE BIASES IN, UM, WITHIN THE ORGANIZATION, WE WOULD LET Y'ALL KNOW THAT THIS ORGANIZATION, THERE'S REALLY NOT AN ESTIMATIONS OR MANAGEMENT BIAS.

UM, THERE'S JUST NOT THOSE ACCOUNTS WITHIN HERE.

AS WE GO THROUGH OUR AUDIT, IF WE IDENTIFY ANY ADJUSTMENTS THAT NEED TO BE MADE THAT AREN'T IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, WE WOULD GO TO MANAGEMENT AND SAY, HEY, THINK YOU NEED TO ADJUST THIS.

HAPPY TO REPORT.

THERE WERE NO PROPOSED AUDIT ADJUSTMENTS, UM, THAT WE CAME TO MANAGEMENT SAYING, THESE ARE MATERIAL ADJUSTMENTS.

WE NEED TO MAKE THESE.

UM, SO THAT MEANS THERE ARE ACCOUNTING RECORDS AND THINGS THAT ARE IN VERY GOOD ORDER, A DISORGANIZATION.

THERE WAS ONE, UM, ADJUSTMENT, PROPOSED ADJUSTMENT THAT WE WENT TO MANAGEMENT SAID, HEY, IT WAS ABOUT A THOUSAND BUCKS, A LITTLE OVER A THOUSAND.

SAID, HEY, THIS IS KIND OF OVER OUR VERY MINIMAL THRESHOLD.

DO YOU WANNA MAKE IT? IT'S NOT MATERIAL TO THE OVER FINANCIAL STATEMENTS.

IT WAS JUST KIND OF CORRECTING THE GRANT RECEIVABLE AND THE REVENUE FOR ABOUT A THOUSAND BUCKS.

IT DIDN'T MAKE, IT DIDN'T MISSTATE THE FINANCIAL STATEMENTS IN ANY WAY.

SO THEY DID PASS ON THAT, UM, COST OVER BENEFIT OF REPORTING THAT ALL THROUGH THE END OF THE YEAR THROUGH ACO CETERA.

SO THERE'S A LOT MORE TIME AND EFFORT WITH THAT.

SO WE PROPOSED IT OVERALL, NOT MATERIAL TO FINANCIAL STATEMENTS.

SO YOU'LL SEE, UM, SO I WANTED TO MAKE Y'ALL AWARE OF THAT.

IN ADDITION TO AUDITING THE FINANCIAL STATEMENTS, WE DO GAIN AN UNDERSTANDING OF THE ORGANIZATION AND THEIR PROCESSES AND THEIR CONTROLS ON HOW THEY RECORD CASH, HOW THEY RECEIVE CASH, THE OVERSIGHT OF THE ORGANIZATION, THEIR REVIEWS AND UM, AND OVERSIGHT WITH THAT.

AND AS WE GAIN UNDERSTANDING OF THAT, WE SELECT SOME CONTROLS TO MAKE SURE THAT THEY'RE OPERATING EFFECTIVELY.

AND AS WE WENT THROUGH THAT, IF WE NOTICED ANY DEFICIENCIES OR ANY BUSTING CONTROLS, BASICALLY, UM, WE WOULD EVALUATE THOSE AS CONTROL DEFICIENCIES.

IF THEY WERE SIGNIFICANT, SIGNIFICANT DEFICIENCIES OR EVEN OVER SIGNIFICANT, WE WOULD MAKE THOSE MATERIAL WEAKNESSES AND WE WOULD LET Y'ALL KNOW.

SO HAPPY TO REPORT THOUGH, AS WE GAINED AN UNDERSTANDING OF THEIR CONTROLS AND WALK THROUGH THOSE PROCESSES.

THERE WERE NO CONTROL DEFICIENCIES, NO SIGNIFICANT DEFICIENCIES AND NO MATERIAL WEAKNESSES WITH THE ORGANIZATION.

SO ALL THOSE CONTROLS ARE, ARE IN PLACE AND, AND GOOD.

SO THAT'S MY VERY BRIEF AUDIT SUMMARY.

UM, ARE THERE ANY QUESTIONS, COMMENTS, DISCUSSION? WE DO NEED A MOTION TO APPROVE IT AND ACCEPT IT.

NOW IS THIS SUBJECT TO AUDIT? THIS IS, YES.

THIS IS AUDIT.

THIS IS THE AUDIT.

I KNOW, BUT OKAY.

MOVE APPROVAL.

THANK YOU SIR.

MOTION AND SECOND.

SUSIE, DO YOU HAVE THEM? YES, SIR.

OKAY.

UH, WE HAVE A MOTION OF SECOND.

ANY DISCUSSION, COMMENTS OR QUESTIONS BEING NONE.

ALL THOSE INDICATE, UH, BEING IN FAVOR OF THE MOTION BY SAYING AYE.

AYE.

UH, OPPOS, SAME SIGN.

I HAVE IT.

UH, WE'RE MOVING ON.

THANK YOU MA'AM.

WE APPRECIATE IT.

THANK YOU.

UH,

[7. Items to be placed on the agenda for the next AADC Board of Directors meeting.]

ARE THERE ANY ITEMS TO BE PLACED? THESE NEED TO BE PUT ON THERE THAT I'M AWARE OF.

WE HAVE NO INSTRUCTION THAT ANY OF THESE NEED TO MOVE FORWARD UNLESS SOMEONE HAS SOMETHING THEY WANT PUT ON.

IF THERE IS NONE, UH, THEN UH, WE'LL MOVE ON.

THE

[8. Next meeting is scheduled TBD.]

THANK YOU VERY MUCH.