Troy Capital Resource Corporation

Chairman Troy Kevin O’Bryan Capital Resource Corporation Vice-Chair Brian Carroll BOARD OF DIRECTORS MEETING Executive Director April 28, 2017 10:00 a.m. Steven Strichman Planning Department Conference Board Members Room Hon. Dean Bodnar City Hall Mr. Paul Carroll Hon. Robert Doherty Louis Anthony AGENDA Adam Hotaling Tina Urzan Susan Farrell I. Approval of minutes from the April 6, 2017 meeting. II. Annual Business - Mission Statement and Measurement Report III. Financials IV. Adjournment City Hall – 433 River Street, Suite 5001, Troy, New York 12180 Phone: 518.279.7166  City of Troy Capital Resource Corporation April 6, 2017 10:00 AM Meeting Minutes Present: Kevin O’Bryan, Brian Carroll, Steve Strichman, Hon. Robert Doherty, Susan Farrell, Paul Carroll, Hon. Dean Bodnar and Lou Anthony Absent: Adam Hotaling and Tina Urzan Also in attendance: Justin Miller, Cheryl Kennedy, Jim Lozano, Lucas Nathan, Jacob Reckess, Glenn Lunde, Tom Rossi, Alan Walther, Mary Ellen Flores, Sharon Martin and Denee Zeigler. The CRC was convened at 11:06 a.m. I. Minutes The board reviewed the minutes from February 17, 2017. Mr. Miller asked that the D dollar amount for the Neighborhood Improvement Grants that were approved be added into the minutes. The board advised they approved up to $9,000. Hon. Bob Doherty made a motion to approve the amended minutes from II. R Februay 17, 2017. Lou Anthony seconded the motion, motion carried. Audit presentation – The Bonadio Group T Mr. Walther, of The Bonadio Group, introduced himself to the board members and AF presented the required communication letter and the draft audit. He noted no new accounting policies, no significant estimates effecting the financial statements, no difficulties in performing the audit and no disagreements with management. Mr. Walther discussed the draft financial statements. He noted that page two shows their opinion; the financial statements present fairly the financial position of the Troy Capital Resource Corporation as of December 31, 2016. He added that this is an auditor’s unmodified opinion. Mr. Walther discussed the statement of net position on page 3 and advised there is $493,000. He spoke of the cash flow listed on page 5 of the report and advised end of the year cash is $418,000. Mr. Walther noted that on pages 6-7 are the notes; no new notes. He advised that page 8 discussed the debt issuances with RPI and added that the debt is conduit debt and not that of the IDA. Mr. Walther noted that page 9-10 contains the report on internal controls and noted no findings. He advised that overall, this is a good review. Hon. Bob Doherty made a motion to approve the draft financial audit as presented by The Bonadio Group. Brian Carroll seconded the motion, motion carried. III. Annual and PARIS report Mr. Strichman advised that this is a review of the mission statement, measurement report and some of the other items we are required to include into the PARIS report.  IV. Financials Ms. Flores advised that there is no change in the balance sheet. She advised that there is a loss of $216.00 for the month and $422.00 for the year. Ms. Flores advised this is the interest minus the accounting fees. Hon. Bob Doherty made a motion to approve the financials as presented. Lou Anthony seconded the motion, motion carried. III. Adjournment The Chairman asked if there was any other business before they adjourn the CRC meeting and return to the IDA meeting. Hon. Dean Bodnar made a motion to adjourn the CRC meeting. Paul Carroll seconded the motion, motion carried. The CRC meeting was adjourned at 11:15 a.m. D R T AF