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In addition to the above - stated cost analyses and budget revisions, the Board has conducted a full reconciliation of the agencies financial statements with review from the independent audit firm of Brown and Cold. This review is in preparation for a full audit of the financial statements to be conducted at the conclusion of our current fiscal year (which runs concurrent with the calendar year). ACTION PLAN TO ADDRESS THE CENTER'S FINANCIAL SITUATION During the first quarter of the FY2010 /11 the Center Board facilitated a leadership change as one of the first steps of the restructuring process. The Board has taken and planned several additional measures in an effort to restructure the Center and to restore the agency. Actions taken by the Board to date include: • Expansion of the Board of Directors from seven to nine members to broaden board expertise and organizational support. • Creation of Board subcommittees that have established goals, outcomes and assignments: Finance, Grants, Fundraising, and Marketing and Outreach. • Preparation of several grant applications, including a proposal to HUD in response to the 2010 Housing Counseling NOFA. • Securing assistance from the Tri - Valley Community Foundation to develop a fundraising campaign to fund operations that will focus on key programs /services as outlined above. (Funds are not anticipated to be available until after December 2010.) TVCF will also assist with a number of other organizational development components including strategic planning and a business plan. • Enlisting a commercial real estate broker to sell the commercial portion of the Center's property. The Board proposes to implement the activities noted in the attached Action Plan table aimed at obtaining a full restructuring of the agency and restoration of the financial health of the Center. These activities will be reported out to our partners in accordance with the stipulated due dates of the specific deliverables outlined in the Action Plan. Concurrently, the Board will continue to develop resources that will leverage the Cities' current financial support and provide the critical services outlined in this memo. The Tri - Valley Housing Opportunity Center's Board would like to thank the Cities for their review of this request and encourage their continued support. The Center is a viable organization that the Tri - Valley cities can employ to increase the effectiveness of their programs and services to very -low, low- and moderate - income households at a cost savings to the Cities, fulfilling state - mandated Housing Element policies, stabilizing neighborhoods and creating diverse communities. The Center is committed to meeting the needs of Tri - Valley residents and, with city assistance; the Tri - Valley Housing Opportunity Center will be able to continue its many successful programs. Respectfully Submitted James Paxson Board Chair Tri - Valley Housing Opportunity Center Attachments I. Foreclosure Activity by Zip Code in Tri - Valley August 2010 2. Estimated Monthly Expenses 3. Action Plan Page 4 of 9