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Roll Calt
Approve Minutes of
February 20, 2024
Meeting
Election of Chairman
and Vice Chairman
Affirm Appointment of
President, Secretary and
Treasurer
A Resolution of the
Board of Directors
authorizing the Charge
Off of Tenants’
Accounts Receivable
Minutes of a Meeting of the
Great Oaks Development Corporation
January 21, 2025
Having duly given public notice, the Board of Directors of the Great Oaks Development
Corporation met at the offices of the Authority at 227-27" Street, in the City of Newport
News, Virginia, at 9:55 a.m. on Tuesday, February 20, 2024.
The meeting was called to order by Chairperson Davis and those present were as
follows:
Directors Present: Lisa Wallace-Davis
Thadeus Holloman
Kenneth Penrose
William Black
George Knight
Lou Call
Barbara Holley
Also present: Raymond H. Suttle, Jr
Kaufman & Canoles, P.C.
Lysandra M. Shaw
Executive Director
Valarie Ellis, Director
Administrative Services
Tera Lockley, Director
Housing
Lisa Dessoffy, Director
Finance
David Staley, Director
Community Development
Kayonia M. Betts
Executive Assistant
Justin Orie
NNRHIA IT Department
Director Holloman made a motion to approve the minutes of the February 20, 2024,
meeting. The motion was seconded by Director Penrose and passed with a unanimous
vote.
Director Black made a motion to elect Dr. Lisa Wallace-Davis to the position of
Chairman and Mr. Thaddeus Holloman to the position of Vice Chairman. The motion
was seconded by Director Knight and passed with a unanimous vote.
Director Black made a motion to affirm the appointment of Lysandra Shaw as President,
Secretary and Treasurer. The motion was seconded by Director Penrose and passed
with a unanimous vote.
Ms. Shaw reported as of September 30, 2024, there are seven accounts
recommended for charge-off action with a total dollar value of $5,098.68. This
represents .91% of Great Oaks Apartments’ net rental revenue. We budget 2% for bad
debt at Great Oaks Apartments.
Ms. Shaw further reported that last year a total of seven accounts were charged off in
the amount of $5,140.99, which represented seven accounts.
The adoption of the attached resolution authorizing the charge-off in the total amount of
$5,098.68 for the twelve-month period ending September 30, 2024 is recommended.
Director Knight made a motion to approve the resolution. Director Penrose seconded
the motion which passed with a unanimous vote. The resolution is attached to and
made a part of these minutes.Jump to an indexed page (75 of 75)