2025-07-23 Sr. Citizen Housing Corporation AgendaAGENDA
CITY OF EL SEGUNDO
SENIOR CITIZEN HOUSING CORPORATION
BOARD
3:30 PM
PARK VISTA - PETER & EDNA FREEMAN ROOM
615 E. HOLLY AVENUE
EL SEGUNDO, CA 90245
J U LY 23, 2025
MEMBERS OF SENIOR CITIZEN HOUSING CORPORATION BOARD
Paul Lanyi, President
Timothy Whelan, Vice President
Denise Fessenbecker
Julia Newman
Paula Rotolo
The Senior Citizen Housing Corporation Board, with certain statutory exceptions, can
only take action upon properly posted and listed agenda items. Any writings or
documents given to a majority of the Senior Citizen Housing Corporation Board,
regarding any matter on this agenda, that the City received after issuing the agenda
packet are available for public inspection in the Park Vista Lobby, Joslyn Center, and
the El Segundo Public Library during normal business hours. Such documents may also
be posted on the City's website at www.elsegundo.org and additional copies will be
available at the meeting.
Unless otherwise noted in the agenda, the public can only comment on city -related
business that is within the jurisdiction of the Senior Citizen Housing Corporation Board
and/or items listed on the agenda during the Public Communications portion of the
Meeting. Members of the public may also provide comments electronically by sending
an email to the following address before 3:00 P.M. on the day of the meeting:
agnesho@elsegundo.org. Please include the meeting date and item number in the
subject line. The time limit for comments is five (5) minutes per person. Before speaking
to the Senior Citizen Housing Corporation Board, please state: your name, residence,
and organization/group you represent, if desired. Please respect the time limits.
REASONABLE ACCOMMODATIONS: In compliance with the Americans with
Disabilities Act and Government Code Section 54953(g), the City Council has
adopted a reasonable accommodation policy to swiftly resolve accommodation
requests. The policy can also be found on the City's website
at https.11www.else_-gundo.orp/_povemmentldepartmentslcity-clerk. Please contact
the City Clerk's Office at (310) 524-2308 to make an accommodation request or to
obtain a copy of the policy.
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Page 1 of 52
CALL TO ORDER/ROLL CALL
PUBLIC COMMUNICATION — (Related to City Business Only — 5-minute limit per
person, 30-minute limit total) Individuals who have received value of $50 or more to
communicate to the Senior Citizen Housing Corporation Board on behalf of another,
and employees speaking on behalf of their employer, must so identify themselves prior
to addressing the Senior Citizen Housing Corporation Board. Failure to do so shall
be a misdemeanor and punishable by a fine of $250. While all comments are welcome,
the Brown Act does not allow action on any item not on the agenda.
A. CONSENT
1. Approval of Meeting Minutes
Recommendation -
1. Approve the regular Senior Citizen Housing Corporation minutes from
June 25, 2025.
2. Alternatively, discuss and take other action related to this item.
B. UNFINISHED BUSINESS
C. NEW BUSINESS
2. President's Report
Recommendation -
1. Receive and file reports regarding correspondence, meetings, and
business related to Park Vista.
2. Alternatively, discuss and take other actions related to this item.
3. Financial Statements and LAIF (Local Aaencv Investment Fund
Recommendation -
Receive and file the status of reports including, but not limited to,
statements, invoices, and finances for June 2025.
2. Alternatively, discuss and take other action related to this item.
4. Discussion and Consideration of Amending the Bylaws to Allow for Park
Vista Resident to Serve as a Non -voting Board Member
Recommendation -
1. Discuss and consider amending the bylaws to allow for one Park Vista
resident to serve as a non -voting board member at a time.
2
Page 2 of 52
2. Alternatively, discuss and take other action related to this item.
5. 2024 Financial Audit Scope of Services
Recommendation -
1. Review and discuss the proposed audit scope by Hoffman Short, An
Accountancy Corporation, for conducting the 2024 financial audit for the
El Segundo Senior Citizens Housing Corporation.
2. Alternatively, discuss and take other action related to this item.
D. REPORTS - COMMUNITY DEVELOPMENT DEPARTMENT
6. Upcoming Events
Recommendation -
1. Receive and file updates about upcoming events at the Joslyn Center
and citywide.
E. REPORTS — SENIOR CITIZENS HOUSING BOARD
A General Report From Individual Board Members
F. REPORTS — MANAGEMENT (CADMAN GROUP)
ADJOURNMENT
POSTED: El Segundo Library, Joslyn Center, Park Vista
DATE: July 17, 2025
TIME: 5:00 PM
BY: Julie Todd, Ryan Delgado, Neil Cadman
3
Page 3 of 52
MINUTES OF THE MEETING
El Segundo Senior Citizen Housing Board Corporation
Wednesday,
June 25, 2025
Park Vista Senior Housing
615 E. Holly Avenue, El Segundo, CA 90245
CALL TO ORDER:
The meeting was called to order at 3:30 p.m. by Board Tim Whelan.
ROLL CALL
Members Present: Tim Whelan
Denise Fessenbecker
Paula Rotolo
Julia Newman
Absent: Paul Lanyi
Others: Neil Cadman
Michael Allen
Venus Wesson
Agnes Ho
PUBLIC COMMUNICATION. (Suggestion Box Comments)
• A resident inquired about the status of funds for the 4th of July party and also asked what
happened to the funds that were not used during COVID. Neil responded that the unused
funds remained in the operating funds account. Michael Allen clarified that the operating
budget resets each year. Neil added that he can propose an increase in the entertainment
budget for future planning.
• A resident asked about a rumor regarding the possible sale of the building, which was
mentioned in the last meeting. Michael clarified and provided an update from the council,
reassuring the resident that there are no discussions or plans to sell the facility.
• Resident asked two questions: 1) How many bank accounts does PV have? 2) Is the
agenda packet provided in advance? Neil stated that there are two bank accounts and that
the agenda packet is provided and posted by Cadman staff.
A. CONSENT
1. APPROVAL OF MEETING MINUTES
Motioned by Paula Rotolo and seconded by Julia Newman to approve the May 28, 2025,
Meeting Minutes. The motion passed 4-0.
B. UNFINISHED BUSINESS
None.
C. NEW BUSINESS
2. President's Report (Paul Lanyi)
• None.
Receive and file: Motion carried 4-0
Page 4 of 52
3. Financial Statements and LAIF (Local Agency Investment Fund). (Neil Cadman)
• Tim inquired about the $105 charge for legal services. Neil confirmed that the charge was
related to an operational matter involving a tenant that required legal consultation.
Receive and file: Motion carried 4-0
4. Review rates: Parking, pet, security deposit (Cadman Group)
• Neil confirmed that the pet deposit is $200. Regarding the security deposit, California law
allows for a maximum security deposit a landlord can charge is one month's rent.
5. Common Area Artwork Policy (Cadman Group)
• Neil provided background information regarding artwork in Park Vista. Michael stated that
we can ask the city attorney for guidance to allow artwork.
• Denise suggested forming a subcommittee to create a policy. Michael suggested forming
the subcommittee today and provide some feedback later. Tim and Julia agreed to be on
the subcommittee.
6. Annual Unit Inspection
• Annual Inspection for July schedule: Paul will inspect the 1st & 5th floor pending date; Tim
will inspect the 3rd floor on July 15th ; Denise will inspect the 2nd floor on July 8th ; Julia will
inspect the 4th floor on July 29th
D. REPORTS — COMMUNITY DEVELOPMENT DEPARTMENT
7. Upcoming Events
• Nothing to report on upcoming events.
• Michael informed the board that Paul and Julia's terms had expired. The City Council has
extended their terms until the end of August, at which time they will need to reapply.
E. REPORTS — SENIOR CITIZENS HOUSING BOARD
• None.
F. REPORTS — MANAGEMENT (CADMAN GROUP)
• Save the date for the annual anniversary party on August 23rd. He confirmed there will be
a DJ and that the party is scheduled to start at 5:00 pm.
• A recently passed California law (AB 2747) allows tenants to request that on -time rent
payments be reported to a credit bureau.
• The El Segundo Police Department will hold a cybersecurity training session on June 26,
2025.
ADJOURNMENT: 4:18 PM
NEXT MEETING: Wednesday, July 23, 2025
Page 5 of 52
0
CADMAN ROUP
PARK VISTA
Financial Reporting Analysis
June 2025
Gross Income: $96,338.21
Gross Expenses: $48,648.60
Expenses for the month were normal except for the following:
• Maintenance of $15,578.96. Normal operations with one vacancy prep work and
scheduled cleaning of common area carpets.
• Only one water bill was received in June.
• Bank interest of $8,337.65 reported by the City for June.
Net Income: $47,688.61
Total Account Balances: $2,543.752.62
NOTE: THIS DOCUMENT IS A SUMMARYAND ANALYSIS ONLY OF THE MONTHLY FINANCIAL
STATEMENTS FOR PARK VISTA. THEYARE NOT PART OF THE ACTUAL FINANCIAL STATEMENTS FOR
PARK VISTA.
Page 6 of 52
Total number of vacancies for the month: 97.9% occupied on 6/1/2025
96.9% occupied on 6/30/2025
Move -outs: 1
Move -ins: 0
Notices to Vacate: 1
Budget Comparison Notes:
Operations: Operations for the month performed $41,400.49 over budget for June,
$243.927.27 over budget YTD. This is primarily due to both earthquake and liability/fire
insurance budgeted monthly but paid annually. Also, water much less than budget due to the
City crediting the facility over the wrong billing structure.
Income
• Income for the month of June $9,434.37 over budget for June, $56,777.47 over budget
YTD.
Expenses:
• Overall expenses for June $27,795.14 under budget, $163,267.93 under budget YTD.
• Maintenance $9,004.37 under budget for June, $52,662.41 under budget YTD.
• Electricity over budget for June by $114.90, and $1,748.16 under budget YTD.
• Gas under budget by $309.15 for June and $1,748.16 over budget YTD.
• Cable Television under budget by $289.31 for June, $2,745.77 under budget YTD.
• Water performing $16,014.75 under budget YTD.
• Telephone $2,700.14 under budget for June and $14,995.16 under budget YTD.
• Elevator service over budget by $4,686.14 YTD due to the final payment of the new
flooring.
NOTE: THIS DOCUMENT IS A SUMMARYAND ANALYSIS ONLY OF THE MONTHLY FINANCIAL
STATEMENTS FOR PARK VISTA. THEYARE NOT PART OF THE ACTUAL FINANCIAL STATEMENTS FOR
PARK VISTA.
Page 7 of 52
EL SEGUNDO SENIOR CITIZENS HOUSING
DEVELOPMENT CORPORATION
350 MAIN STREET, EL SEGUNDO, CA 90245
July 9, 2025
RE: Interest Income from Deposit with the City, per Agreement for Investment of Funds
Dear President:
The deposit and interest for the quarter/month ending is as follows: Q2-2025 June-25
Original
Beginning balance at March 31, 2025 $ 2,269,487.55
Accrued: Interest (Posted quarterly) $ 25,157.97
Add: Deposits Transfer in 6/12/2025 $ 60,000.00
Add: Deposits
Less: Withdrawals
As of
TOTAL IN LAIF/CAMP - G/L# 504-101-0000-0004: 6/30/2025 $ 2,354,645.52
Accrued Interest (posted quarterly by the 15th day following quarter ):
Interest Earned
April @ 4.450% Actual CAMP for
30 days
$
8,300.73
Interest Earned
May @ 4.420% Actual CAMP for
31 days
$
8,519.59
Interest Earned
June @ 4.400% Actual CAMP for
30 days
$
8,337.65
Accrued Interest
quarter to date
$
25,157.97
Interest earned is based on the interest earnings rate the City of El Segundo received from the
California Asset Management Program and the number of days the funds were held by the City
during the given period. Per the understanding reached at the September 1997 meeting of the
Board of Directors, interest will be credited to the account and compounded on a quarterly
basis. Interest shown for each month is for your information only.
If you have any questions, please do not hesitate to give me a call.
Sincerely,
Di � R. Ma*-5ofec
Dino R. Marsocci
Treasury & Customer Services Manager
Cc: Paul Chung, Chief Financial Officer
Eva Gettler, Accounting Supervisor
Michael Allen, Community Development Director
Neil Cadman, Facility Management for Park Vista
Eduardo Schonborn, Planning Manager
Venus Wesson, Sr. Admin Specialist
Agnes Ho, Administrative Analyst
PACity Treasurer\MEMOS & SIGNATURES\Senior Housing Reports\2025\SENIOR HOUSING REPORT 2025.x1s
Page 8 of 52
Income Statement
Cadman Group
Properties: Park Vista - 615 E. Holly Avenue El Segundo, CA 90245
Owned By: El Segundo Senior Citizens Housing Corporation
As of: Jun 2025
Accounting Basis: Cash
Level of Detail: Detail View
Include Zero Balance GL Accounts: No
Account Name Selected Month % of Selected Month
Operating Income &
Expense
Income
RENT
Rent Income
87,113.00
Parking Income
1,660.49
Passthrough Charges
0.00
Total RENT
88,773.49
Maintenance Charge
0.00
(Income Account)
Prepayment
-848.54
NSF Bank Fees
0.00
Collected
Application Fee Income
-20.00
Laundry Income
94.61
Total Operating Income
87,999.56
Expense
Fire Service
2,766.73
Maintenance
15,578.96
Elevator service
1,614.12
Gardening
1,369.49
Management Fees
16,500.00
Pest Control
261.80
Licenses and Permits
0.00
Electricity
2,198.23
Gas
1,357.52
Water
167.52
Telephone/Internet
49.86
Trash
0.00
Cable/Television
5,960.69
Office Supplies
0.00
Uniforms
0.00
Advertising &
823.68
Promotion
Legal Expenses
0.00
(Expense account)
Bank Service Fees
0.00
Total Operating
48,648.60
Expense
Year to Month End % of Year to Month End
98.99
516,657.72
97.82
1.89
9,967.35
1.89
0.00
0.00
0.00
100.88
526,625.07
99.71
0.00
2,089.02
0.40
-0.96
-3,455.01
-0.65
0.00
50.00
0.01
-0.02
0.00
0.00
0.11
2,859.53
0.54
100.00
528,168.61
100.00
3.14
3,531.73
0.67
17.70
94,837.61
17.96
1.83
12,186.14
2.31
1.56
9,179.84
1.74
18.75
99,000.00
18.74
0.30
1,736.54
0.33
0.00
450.00
0.09
2.50
10,751.86
2.04
1.54
11,020.84
2.09
0.19
10,985.25
2.08
0.06
1,504.84
0.28
0.00
335.83
0.06
6.77
34,754.23
6.58
0.00
1,849.71
0.35
0.00
542.00
0.10
0.94
2,299.37
0.44
0.00
405.00
0.08
0.00
24.00
0.00
55.28
295,394.79
55.93
Created on 07/14/2025 PagbWdf 52
Income Statement
Account Name
NOI - Net Operating
Income
Other Income & Expense
Other Income
Interest on Bank
Accounts
Total Other Income
Net Other Income
Total Income
Total Expense
Net Income
Selected Month % of Selected Month Year to Month End % of Year to Month End
39,350.96 44.72 232,773.82 44.07
8,337.65
9.47
48,881.89
9.25
8,337.65
9.47
48,881.89
9.25
9.47
9.25
8,337.65
48,881.89
96,337.21
109.47
577,050.50
109.25
48,648.60
55.28
295,394.79
55.93
54.19
53.33
47,688.61
281,655.71
Created on 07/14/2025 PagePTIF& 52
Balance Sheet
Properties: Park Vista - 615 E. Holly Avenue El Segundo, CA 90245
As of: 06/30/2025
Accounting Basis: Cash
Include Zero Balance GL Accounts: No
Account Name
ASSETS
Cash
Cash in Bank
Park Vista Reserve Account - LAIF
Total Cash
Tenant Account Receivable
Building Improvements
Equipment
Furnishings
Personal Property
Accumulated Depreciation
TOTAL ASSETS
Balance
189,107.10
2,354,645.52
2,543,752.62
100.00
1,031,873.00
149,355.00
153,863.00
-0.05
-850,766.00
3,028,177.57
LIABILITIES & CAPITAL
Liabilities
Security Deposit Interest
-530.00
Pet Deposit
3,925.00
Key Deposit
1,760.00
Security Deposit
78,466.00
Passthrough Cash Account
-946.00
Accounts Payable
30,698.00
Total Liabilities
113,373.00
Capital
Owner Contribution
35,996.00
Owner Distribution
-35,996.00
Retained Earnings
118,794.95
Prior Years Retained Earnings
12,696.00
Calculated Retained Earnings
281,655.71
Calculated Prior Years Retained Earnings
2,501,657.91
Total Capital
2,914,804.57
TOTAL LIABILITIES & CAPITAL
3,028,177.57
Created on 07/14/2025 PagePlgedf 52
Bill Detail
Properties: Park Vista - 615 E. Holly Avenue El Segundo,
CA 90245
Payees: All
Payment Type: All
Created By: All
GL Accounts: All
Bill Status: All
Date Type: Bill Date
Date Range: 06/01/2025 to 06/30/2025
Show Reversed Transactions: No
Project: All
Reference Bill Date Due Date
GL Account
Property Unit
2120 - Passthrough Cash Account
06/12/2025 06/12/2025
2120 -
Park Vista - 309
Passthrough
615 E. Holly
Cash
Avenue El
Account
Segundo, CA
90245
6210 - Maintenance
38886 06/02/2025
06/02/2025 6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
38886 06/02/2025
06/02/2025 6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
06012025-WO 06/02/2025
06/02/2025 6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
226089 06/02/2025 06/02/2025 6210 - Park Vista - 214
Maintenance 615 E. Holly
Work Order
Payee Name
Paid
Unpaid Check #
Paid Date
Description
Issue
Guerrero,
484.00
0.00 5841
06/12/2025
Helen
Helen
Guerrero,
Jack Shafer,
Helen
Guerrero,
Park Vista -
309: Move
Out Refund
Cadman
50.13
0.00 ACH
06/02/2025
Quill INV
Group
44122279 -
cleaning
supplies
Cadman
138.26
0.00 ACH
06/02/2025
Quill INV
Group
44066996-
kitchen
supplies
Peraza,
255.00
0.00 33AA-96C0
06/16/2025
Restarted
Gabriel
system to
troubleshoot
and repair
issue with
creating new
key fobs in
the IDTECK
access
system at the
building.
Pitbull
280.00
0.00 3254-9DF0
06/24/2025
Sand,
Remodeling
stained, and
Created on 07/14/2025
PagePf2edf 52
Bill Detail
Work Order
Reference
Bill Date
Due Date
GL Account
Property
Unit
Payee Name
Paid
Unpaid Check #
Paid Date
Description
Issue
Avenue El
&
vanished
Segundo, CA
Maintenance
kitchen
90245
cabinet.
9237555501
06/06/2025
06/06/2025
6210 -
Park Vista -
HD Supply
98.00
0.00 5840
06/10/2025
Janitor
Maintenance
615 E. Holly
cleaning
Avenue El
supplies.
Segundo, CA
90245
226158
06/06/2025
06/06/2025
6210 -
Park Vista -
505
Pitbull
95.00
0.00 3254-9DF0
06/24/2025
Snaked
Maintenance
615 E. Holly
Remodeling
bathtub line.
Avenue El
&
Segundo, CA
Maintenance
90245
226157
06/06/2025
06/06/2025
6210 -
Park Vista -
501
Pitbull
180.00
0.00 3254-9DF0
06/24/2025
Snaked
Maintenance
615 E. Holly
Remodeling
kitchen main
Avenue El
&
drain line to
Segundo, CA
Maintenance
main line.
90245
226156
06/06/2025
06/06/2025
6210 -
Park Vista -
213
Pitbull
180.00
0.00 3254-9DF0
06/24/2025
Snaked
Maintenance
615 E. Holly
Remodeling
bathroom
Avenue El
&
sink to main
Segundo, CA
Maintenance
line.
90245
226155
06/06/2025
06/06/2025
6210 -
Park Vista -
325
Pitbull
150.00
0.00 3254-9DF0
06/24/2025
Removed
Maintenance
615 E. Holly
Remodeling
dishwasher,
Avenue El
&
cooking
Segundo, CA
Maintenance
range, and
90245
refrigerator to
check for
rats/mice/
holes.
Reinstalled
everything
back after
checking.
408577
06/06/2025
06/06/2025
6210 -
Park Vista -
Pitbull
250.00
0.00 3254-9DF0
06/24/2025
Installed new
Maintenance
615 E. Holly
Remodeling
LED lights in
Avenue El
&
upper garage
Segundo, CA
Maintenance
north east
90245
corner.
226087
06/06/2025
06/06/2025
6210 -
Park Vista -
319
Pitbull
280.00
0.00 3254-9DF0
06/24/2025
Installed new General Leak
Maintenance
615 E. Holly
Remodeling
carpet
Avenue El
&
padding,
Segundo, CA
Maintenance
reinstalled
90245
carpet and
moved
furniture
back.
Created on 07/14/2025 PagePTSedf 52
Bill Detail
Reference
Bill Date
Due Date
GL Account
Property Unit
48492
06/06/2025
06/06/2025
6210-
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
48508
06/06/2025
06/06/2025
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
48515
06/06/2025
06/06/2025
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
48519
06/06/2025
06/06/2025
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
9237767850
06/10/2025
06/10/2025
6210 -
Park Vista -
309
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
9237767851
06/10/2025
06/10/2025
6210 -
Park Vista -
309
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
9237767852
06/10/2025
06/10/2025
6210 -
Park Vista -
309
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
9237767853
06/10/2025
06/10/2025
6210 -
Park Vista -
204
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
9237767854
06/10/2025
06/10/2025
6210 -
Park Vista -
204
Maintenance
615 E. Holly
Avenue El
Segundo, CA
Payee Name
Southbay
Industrial
Hardware
Southbay
Industrial
Hardware
Southbay
Industrial
Hardware
Southbay
Industrial
Hardware
HD Supply
HD Supply
HD Supply
HD Supply
HD Supply
Work Order
Paid
Unpaid
Check #
Paid Date
Description
Issue
59.27
0.00
3000000609
06/24/2025
Maintenance
supplies;
water line
hoses, vinyl
tubing.
121.22
0.00
3000000609
06/24/2025
Maintenance
supplies;
rescreens,
faucets,
electrical box.
49.68
0.00
3000000609
06/24/2025
Maintenance
supplies;
cleaning
brush,
hammer bit
7-piece kit,
drywall
screws.
22.57
0.00
3000000609
06/24/2025
Maintenance
supplies; test
plugs, rubber
caps, brass
caps.
1,698.93
0.00
5844
06/26/2025
Vacancy/
Prep - New
Appliances
125.10 0.00 5844 06/26/2025 New
bathroom
vanity fixture
107.32 0.00 5844 06/26/2025 Vacancy/
Prep - New
bathroom
sink.
125.10 0.00 5844 06/26/2025 New
bathroom
vanity fixture
147.76 0.00 5844 06/26/2025 Vacancy/
Prep - New
ceiling fan
Created on 07/14/2025
PageP?4ec3f 52
Bill Detail
Reference
Bill Date
Due Date
GL Account
Property Unit
90245
9237767855
06/10/2025
06/10/2025
6210-
Park Vista - 204
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
9237767856
06/10/2025
06/10/2025
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
9237767857
06/10/2025
06/10/2025
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
9237767858
06/10/2025
06/10/2025
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
226171
06/10/2025
06/10/2025
6210 -
Park Vista - 302
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
226167
06/10/2025
06/10/2025
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
9238059006 06/20/2025
06/20/2025 6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
9238059008 06/20/2025
06/20/2025 6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
06/20/2025
06/20/2025 6210 -
Park Vista - 309
Maintenance
615 E. Holly
Created on 07/14/2025
Work Order
Payee Name
Paid
Unpaid Check #
Paid Date
Description
Issue
HD Supply
107.32
0.00 5844
06/26/2025
Vacancy/
Prep - New
bathroom
sink.
HD Supply
101.84
0.00 5844
06/26/2025
Maintenance
Supplies -
Carpet
shampoo
HD Supply
93.02
0.00 5844
06/26/2025
Maintenance
Supplies -
Bulbs
HD Supply
83.61
0.00 5844
06/26/2025
Maintenance
Supplies.
Pitbull
180.00
0.00 3254-9DF0
06/24/2025
Updated
Remodeling
kitchen lights
&
to LED.
Maintenance
Pitbull
350.00
0.00 3254-9DF0
06/24/2025
Hauled away
Remodeling
old broken
&
appliances,
Maintenance
mattresses,
furniture,
trash from
vacancy
preps/former
tenants.
HD Supply
19.74
0.00 5844
06/26/2025
Maintenance
Supplies.
HD Supply
89.53
0.00 5844
06/26/2025
Ceiling
fixtures for
the building.
HD Supply
160.05
0.00 5844
06/26/2025
Maintenance
Supplies,
PagePIWo'f 52
Bill Detail
Reference
Bill Date
Due Date
GL Account
Property Unit
Avenue El
Segundo, CA
90245
9238106953
06/20/2025
06/20/2025
6210 -
Park Vista - 305
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
38904
06/23/2025
06/23/2025
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
38904
06/23/2025
06/23/2025
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
38904
06/23/2025
06/23/2025
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
06/23/2025
07/23/2025
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
06/23/2025
07/23/2025
6210 -
Park Vista - 204
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
06/23/2025 07/23/2025 6210 - Park Vista - 309
Maintenance 615 E. Holly
Avenue El
Segundo, CA
90245
Work Order
Payee Name
Paid
Unpaid Check #
Paid Date
Description
Issue
#309
HD Supply
86.34
0.00 5844
06/26/2025
New blinds
Cadman
86.87
0.00 ACH
06/23/2025
Park Vista
Group
Quill INV
44255691
cleaning
supplies
Cadman
133.92
0.00 ACH
06/23/2025
Park Vista
Group
Quill INV
44272649-
cleaning
supplies
Cadman
19.22
0.00 ACH
06/23/2025
Park Vista
Group
Quill INV
44272649-
cleaning
supplies
Carpet
0.00
505.60
New linoleum
Concepts
flooring
installed in
kitchen.
Carpet
0.00
1,443.58
Vacancy prep
Concepts
1 b/1 b;
installed new
carpet and
padding in
bedroom and
living area,
new linoleum
in kitchen
and bath.
Carpet
0.00
1,222.60
Vacancy prep
Concepts
1 b/1 b;
installed new
carpet and
padding in
bedroom and
living area,
new linoleum
in kitchen.
Created on 07/14/2025
PagePTIF& 52
Bill Detail
Work Order
Reference
Bill Date
Due Date
GL Account
Property
Unit
Payee Name
Paid
Unpaid Check #
Paid Date
Description
Issue
38920
06/24/2025
06/24/2025
6210-
Park Vista -
Cadman
174.48
0.00 ACH
06/24/2025
Park Vista
Maintenance
615 E. Holly
Group
Quill INV
Avenue El
44344581 -
Segundo, CA
office
90245
supplies
9238287783
06/25/2025
06/25/2025
6210 -
Park Vista -
HD Supply
0.00
140.15
Maintenance
Maintenance
615 E. Holly
supplies;
Avenue El
bathtub drain
Segundo, CA
stoppers,
90245
mixet
temperature
shower
handles,
diverter tub
spout, steel
wool pads.
45762
06/26/2025
06/26/2025
6210 -
Park Vista -
Total
475.00
0.00 DOOE-5E90
07/11/2025
Emergency
Maintenance
615 E. Holly
Maintenance
call for leak
Avenue El
Group, Inc.
coming from
Segundo, CA
unit; cover
90245
and protect
area of work,
open wall to
expose
plumbing,
repair leak of
kitchen drain
pipe behind
wall.
45761
06/26/2025
06/26/2025
6210 -
Park Vista -
105
Total
75.00
0.00 DOOE-5E90
07/11/2025
Supply and
Maintenance
615 E. Holly
Maintenance
install new
Avenue El
Group, Inc.
shower stem.
Segundo, CA
90245
45760
06/26/2025
06/26/2025
6210 -
Park Vista -
305
Total
75.00
0.00 DOOE-5E90
07/11/2025
Supply and
Maintenance
615 E. Holly
Maintenance
install new
Avenue El
Group, Inc.
shower stem.
Segundo, CA
90245
45599
06/26/2025
06/26/2025
6210 -
Park Vista -
309
Total
12,137.00
0.00 DOOE-5E90
07/11/2025
Vacancy
Maintenance
615 E. Holly
Maintenance
prep; 1 b/1 b
Avenue El
Group, Inc.
#309 entire
Segundo, CA
unit prep and
90245
paint
cabinets,
walls,
closets, extra
large patio,
closets,
Created on 07/14/2025 Pagep?7e6f 52
Bill Detail
Reference
Bill Date Due Date GL Account Property Unit
Payee Name
Paid Unpaid Check # Paid Date Description Work Order
45600 06/26/2025 06/26/2025 6210 - Park Vista - 204 Total 7,468.00
Maintenance 615 E. Holly Maintenance
Avenue El Group, Inc.
Segundo, CA
90245
45766 06/27/2025 06/27/2025 6210 - Park Vista - 309 Total 225.00
Maintenance 615 E. Holly Maintenance
Avenue El Group, Inc.
Segundo, CA
90245
9238424448 06/30/2025 06/30/2025 6210 - Park Vista - HD Supply 0.00
Maintenance 615 E. Holly
Avenue El
Segundo, CA
90245
9238424449 06/30/2025 06/30/2025 6210 - Park Vista - HD Supply 0.00
Maintenance 615 E. Holly
Avenue El
Issue
replace angle
stops in
kitchen/
bathroom,
replace hood
vent above
stove,
replace
kitchen
counter
surfaces,
replace
faucets in
bathroom
and kitchen,
0.00 DOOE-5E90 07/11/2025 Vacancy
prep; 1 b/1 b
#204 entire
unit prep and
paint
cabinets,
walls,
closets, patio,
closets,
replace angle
stops in
kitchen and
bathroom,
replace hood
vent above
stove, minor
handyman
repairs
throughout.
0.00 DOOE-5E90 07/11/2025 Vacancy
prep; full unit
cleaning 1 b/
1 b #309
including
appliances,
blinds, patio.
175.59 Maintenance
supplies;
garbage
disposal with
cord #202.
175.59 Maintenance
supplies;
garbage
Created on 07/14/2025
PageP?Iedf 52
Bill Detail
Reference Bill Date Due Date GL Account Property Unit
Segundo, CA
90245
45765 06/30/2025 06/30/2025 6210 - Park Vista - 204
Maintenance 615 E. Holly
Avenue El
Segundo, CA
90245
6245 - Elevator service
151401994789 06/20/2025
06/20/2025 6245 -
Park Vista -
Elevator
615 E. Holly
service
Avenue El
Segundo, CA
90245
6250 - Gardening
6786 06/02/2025
06/02/2025 6250 -
Park Vista -
Gardening
615 E. Holly
Avenue El
Segundo, CA
90245
6786 06/02/2025
06/02/2025 6250 -
Park Vista -
Gardening
615 E. Holly
Avenue El
Segundo, CA
90245
6270 - Management Fees
06/02/2025 06/02/2025 6270 -
Park Vista -
Management
615 E. Holly
Fees
Avenue El
Segundo, CA
90245
6315 - Pest Control
438951 06/01/2025 06/01/2025 6315 - Pest
Park Vista -
Control
615 E. Holly
Avenue El
Segundo, CA
Work Order
Payee Name
Paid
Unpaid Check #
Paid Date
Description
Issue
disposal with
cord #324.
Total
225.00
0.00 DOOE-5E90
07/11/2025
Vacancy
Maintenance
prep; full unit
Group, Inc.
cleaning 1 b/
1 b #204
including
blinds, patio,
appliances.
26,779.28
3,663.11
Amtech
1,614.12
0.00 0493-CE30
06/20/2025
Service 7/1/
Elevator
25 - 9/30/25
Service
Octavio
1,303.49
0.00 FD26-3070
06/05/2025
Monthly
Rojas
Service -
Landscaping
June
Octavio
66.00
0.00 FD26-3070
06/05/2025
Approved
Rojas
supplies and
Landscaping
work for May:
(50 lb) lawn
fertilizer ,
(2)risers and
(1) swing
elbow
1,369.49
0.00
Cadman
16,500.00
0.00 ACH
06/02/2025
Management
Group
Fees for 06/
2025
Terminix 86.80 0.00 3000000603 06/02/2025 Monthly
Service -
June
Created on 07/14/2025
PagePTW& 52
Bill Detail
Work Order
Reference Bill Date
Due Date
GL Account
Property Unit
Payee Name
Paid
Unpaid Check #
Paid Date
Description
Issue
90245
24278 06/25/2025
06/25/2025
6315 - Pest
Park Vista -
Al & Sons
175.00
0.00 3000000610
06/25/2025
service 5/15/
Control
615 E. Holly
Termite and
25-6/19/25
Avenue El
Pest Control
Segundo, CA
Inc.
90245
261.80
0.00
6410 - Electricity
700587779325 06/17/2025
06/17/2025
6410 -
Park Vista - 109
Edison
122.45
0.00 3000000607
06/20/2025
service 5/12/
Electricity
615 E. Holly
25-6/10/25
Avenue El
Segundo, CA
90245
700394170456 06/17/2025
06/17/2025
6410 -
Park Vista -
Edison
2,075.78
0.00 3000000608
06/20/2025
service 5/12/
Electricity
615 E. Holly
25-6/10/25
Avenue El
Segundo, CA
90245
2,198.23
0.00
6420 - Gas
056 105 06/11/2025
06/11/2025
6420 - Gas
Park Vista -
SoCalGas
1,357.52
0.00 3000000605
06/11/2025
service 5/2/
32003
615 E. Holly
25-6/3/25
Avenue El
Segundo, CA
90245
6430 - Water
075-18531-000 06/13/2025
06/13/2025
6430 -Water
Park Vista -
City of El
83.76
0.00 ACH
06/13/2025
service 3/13/
615 E. Holly
Segundo-
25-5/14/25
Avenue El
Water
Segundo, CA
90245
075-18411-000 06/13/2025
06/13/2025
6430 -Water
Park Vista -
City of El
83.76
0.00 ACH
06/13/2025
615 E. Holly
Segundo -
Avenue El
Water
Segundo, CA
90245
167.52
0.00
6445 - Telephone/Internet
38904 06/23/2025
06/23/2025
6445 -
Park Vista -
Cadman
49.86
0.00 ACH
06/23/2025
Spectrum
Telephone/
615 E. Holly
Group
Mobile
Internet
Avenue El
Created on 07/14/2025
PageF26edf 52
Bill Detail
Reference
Bill Date
Due Date
GL Account
Property Unit
Segundo, CA
90245
6455 - Cable/Television
8448 30 006
06/10/2025
06/10/2025
6455 - Cable/
Park Vista -
0255251
Television
615 E. Holly
Avenue El
Segundo, CA
90245
8448 30 006
06/16/2025
06/16/2025
6455 - Cable/
Park Vista -
0017008
Television
615 E. Holly
Avenue El
Segundo, CA
90245
8448 30 006
06/27/2025
06/27/2025
6455 - Cable/
Park Vista -
0397046
Television
615 E. Holly
Avenue El
Segundo, CA
90245
7450 - Advertising & Promotion
38920 06/24/2025 06/24/2025 7450 - Park Vista -
Advertising & 615 E. Holly
Promotion Avenue El
Segundo, CA
90245
Total
Payee Name
Spectrum
Spectrum
Spectrum
Cadman
Group
Paid Unpaid Check # Paid Date Description Work Order
Issue
32.19
5,697.33
231.17
5,960.69
823.68
0.00 3000000604 06/11/2025 service 5/30/
25-6/29/25
0.00 3000000606 06/20/2025 service 5/4/
25-7/3/25
0.00 ACH 06/27/2025 service 6/8/
25-7/7/25
0.00
0.00 ACH 06/24/2025 Anniversary
Party - DJ
57,566.19 3,663.11
Created on 07/14/2025
Pagga2l 1Sf 52
Budget - Comparative
Properties: Park Vista - 615 E.
Holly Avenue El Segundo, CA 90245
Period Range: Jun 2025 to Jun 2025
Comparison Period Range: Jun 2024 to Jun 2024
Additional Account Types: Asset, Cash, Liability, Capital
Accounting Basis: Cash
Level of Detail: Detail View
Account Name Period Actual Period
Budget Period $
Variance
Period % Variance
Income
RENT
Rent Income
87,113.00
80,325.00
6,788.00
8.45%
Parking Income
1,660.49
1,654.44
6.05
0.37%
Total RENT
88,773.49
81,979.44
6,794.05
8.29%
Maintenance
0.00
0.00
0.00
0.00%
Charge (Income
Account)
Vacancy
0.00
-4,016.25
4,016.25
100.00%
Prepayment
-848.54
0.00
-848.54
-
Application Fee
-20.00
0.00
-20.00
-
Income
Laundry Income
94.61
602.00
-507.39
-84.28%
Total Budgeted
87,999.56
78,565.19
9,434.37
12.01%
Operating Income
Expense
Fire Service
2,766.73
833.33
-1,933.40
-232.01%
Fire Extinguisher
0.00
83.33
83.33
100.00%
Service
Maintenance
15,578.96
24,583.33
9,004.37
36.63%
Elevator service
1,614.12
1,250.00
-364.12
-29.13%
Gardening
1,369.49
1,750.00
380.51
21.74%
Management
16,500.00
16,500.00
0.00
0.00%
Fees
Pest Control
261.80
500.00
238.20
47.64%
Insurance -
0.00
2,708.33
2,708.33
100.00%
Property
Earthquake
0.00
7,916.67
7,916.67
100.00%
Insurance
Licenses and
0.00
50.00
50.00
100.00%
Created on 07/14/2025
Comparison Comparison Comparison $ Comparison %
Actual Budget Variance Variance
79,133.40
78,690.00
443.40
0.56%
1,627.91
1,622.00
5.91
0.36%
80,761.31
80,312.00
449.31
0.56%
831.95
0.00
831.95
-
0.00
-2,916.67
2,916.67
100.00%
1,986.99
0.00
1,986.99
-
60.00
0.00
60.00
-
551.38
860.00
-308.62
-35.89%
84,191.63
78,255.33
5,936.30
7.59%
0.00
833.33
833.33
100.00%
0.00
0.00
0.00
0.00%
27,710.04
17,500.00
-10,210.04
-58.34%
1,569.30
1,250.00
-319.30
-25.54%
1,666.59
1,750.00
83.41
4.77%
16,500.00
16,500.00
0.00
0.00%
175.00
500.00
325.00
65.00%
0.00
0.00
0.00
0.00%
0.00
0.00
0.00
0.00%
0.00
50.00
50.00
100.00%
PageF22edf 52
Budget - Comparative
Account Name Period Actual Period Budget Period $ Variance Period % Variance
Permits
Electricity
2,198.23
2,083.33
-114.90
-5.52%
Gas
1,357.52
1,666.67
309.15
18.55%
Water
167.52
4,500.00
4,332.48
96.28%
Telephone/
49.86
2,750.00
2,700.14
98.19%
Internet
Cable/Television
5,960.69
6,250.00
289.31
4.63%
Office Supplies
0.00
400.00
400.00
100.00%
Advertising &
823.68
1,166.67
342.99
29.40%
Promotion
Entertainment
0.00
416.67
416.67
100.00%
Legal Expenses
0.00
300.00
300.00
100.00%
(Expense
account)
Bank Service
0.00
6.25
6.25
100.00%
Fees
Postage
0.00
20.83
20.83
100.00%
Professional Fees
0.00
708.33
708.33
100.00%
Total Budgeted
48,648.60
76,443.74
27,795.14
36.36%
Operating
Expense
Total Budgeted
87,999.56
78,565.19
9,434.37
12.01 %
Operating Income
Total Budgeted
48,648.60
76,443.74
27,795.14
36.36%
Operating Expense
NOI - Net
39,350.96
2,121.45
37,229.51
1754.91%
Operating Income
Other Income
Interest on Bank
8,337.65
4,166.67
4,170.98
100.10%
Accounts
Total Budgeted
8,337.65
4,166.67
4,170.98
100.10%
Other Income
Net Other Income
8,337.65
4,166.67
4,170.98
100.10%
Total Budgeted
96,337.21
82,731.86
13,605.35
16.45%
Created on 07/14/2025
Comparison
Comparison
Comparison $
Comparison %
Actual
Budget
Variance
Variance
1,886.35
2,350.00
463.65
19.73%
1,049.52
2,000.00
950.48
47.52%
8,879.10
4,500.00
-4,379.10
-97.31 %
199.92
2,750.00
2,550.08
92.73%
5,368.16
6,250.00
881.84
14.11 %
0.00
400.00
400.00
100.00%
0.00
450.00
450.00
100.00%
0.00
0.00
0.00
0.00%
-113.05
300.00
413.05
137.68%
0.00
6.25
6.25
100.00%
0.00
20.83
20.83
100.00%
0.00
625.00
625.00
100.00%
64,890.93
58,035.41
-6,855.52
-11.81 %
84,191.63
78,255.33
5,936.30
7.59%
64,890.93
58,035.41
-6,855.52
-11.81 %
19,300.70
20,219.92
-919.22
-4.55%
5,586.54
2,500.00
3,086.54
123.46%
5,586.54
2,500.00
3,086.54
123.46%
5,586.54
2,500.00
3,086.54
123.46%
89,778.17
80,755.33
9,022.84
11.17%
PageF2'9e6f 52
Budget - Comparative
Account Name
Period Actual
Period Budget
Period $ Variance
Period % Variance
Income
Total Budgeted
48,648.60
76,443.74
27,795.14
36.36%
Expense
Net Income
47,688.61
6,288.12
41,400.49
658.39%
Cash
Cash in Bank
-21,133.04
0.00
21,133.04
—
Park Vista
68,337.65
0.00
-68,337.65
—
Reserve Account
- LAIF
Total Budgeted
47,204.61
0.00
-47,204.61
—
Cash
Liability
Key Deposit
0.00
0.00
0.00
0.00%
Security Deposit
-484.00
0.00
-484.00
—
Passthrough
0.00
0.00
0.00
0.00%
Cash Account
Total Budgeted
-484.00
0.00
-484.00
—
Liability
Comparison
Comparison
Comparison $
Comparison %
Actual
Budget
Variance
Variance
64,890.93
58,035.41
-6,855.52
-11.81 %
24,887.24
22,719.92
2,167.32
9.54%
20,374.70
0.00
-20,374.70
—
5,586.54
0.00
-5,586.54
—
25,961.24
0.00
-25,961.24
—
-20.00
0.00
-20.00
—
1,064.00
0.00
1,064.00
—
30.00
0.00
30.00
—
1,074.00
0.00
1,074.00
—
Created on 07/14/2025
PagePNedf 52
SPECIAL MEETING MINUTES OF THE EL SEGUNDO CITY COUNCIL
TUESDAY, JUNE 17, 2025
4:00 PM
OPEN SESSION — Mayor Pimentel called the meeting to order at 4:05 PM
Mayor Pimentel -
Present
Mayor Pro Tern Baldino -
Via Teleconference
Council Member Boyles -
Present
Council Member Giroux -
Present
Council Member Keldorf -
Via Teleconference
PUBLIC COMMUNICATIONS — (Related to City Business Only — 5-minute limit per
person, 30-minute limit total) None.
SPECIAL ORDER OF BUSINESS:
Mayor Pimentel announced that Council would be meeting in the executive conference
room pursuant to the items listed on the agenda.
1. Conduct Recreation and Parks Commission; Arts and Culture Advisory
Committee; Diversity, Equity and Inclusion Committee; Senior Housing
Corporation Board; and Library Board of Trustees Interviews
Council conducted interviews and appointed the following new members:
Recreation and Parks Commission:
Dave Lubs*
Bob Motta*
Arts and Culture Advisory Committee:
John Pickhaver*
Michael Schepps*
Diversity, Equity and Inclusion Committee:
Francziska Steagall
La Ruth Wright
Senior Housing Corporation Board:
Council Members voted to extend the terms of current board members Paul Lanyi and
Julia Newman through August 2025, to update the Senior Citizen Housing Corporation
Board bylaws to include a Park Vista resident as a non -voting member of the board, and
to advertise at a later date that applications will be accepted for positions on this board.
Page 25 of 52
Library Board of Trustees:
Audrey Davis
Jim Fenton
*Currently serving on this CCB
Council will announce the appointments at the 6:00 PM, July 1, 2025 regular City
Council meeting.
Recess to regular City Council meeting at 6:02 PM
Meeting reconvened in the Executive Conference Room at 7:42 PM
Adjourned at 8:02 PM
Susan Truax, City Clerk
Page 26 of 52
Bylaws of the E1 Segundo Senior Citizen
Housing Corporation
Amended: january 25, 2023July 23, 2025
Page 27 of 52
Section 1. Principal Office.
The principal office for the transaction of the activities and affairs of the El
Segundo Senior Citizen Housing Corporation (hereinafter "Corporation") is
located at the City Hall (350 Main Street) of the City of El Segundo,
California, 90245. The Board of Directors (hereinafter 'Board") may change
the principal office from one location to another. Any change of location of
the principal office shall be noted by the Secretary on these bylaws opposite
this Section, or this Section may be amended to state the new location.
Section 2. Purposes and Limitations.
A. The purposes for which this Corporation is formed are:
(1) To establish policies for the operation of and to operate the City
of El Segundo Senior Citizen Housing Project;
(2) To provide affordable housing opportunities for El Segundo
senior Residents;
(3) To promote the common good and general welfare of the senior
Residents of the City of El Segundo; and,
(4) Any other purposes beneficial to the public.
B. The limitations of the activities of this Corporation are as follows:
(1) No substantial part of the activities of this Corporation shall
consist of carrying on propaganda, or otherwise attempting to
influence legislation, nor shall this Corporation participate or
intervene directly or indirectly, in any political campaign
(including publishing or distribution of statements) on behalf of or
against any candidate for public office.
(2) This Corporation is organized and operated exclusively for social
welfare purposes within the meaning of Section 501(c)(3) of the
Internal Revenue Code. Notwithstanding any other provision of
these articles, the Corporation shall not, except to an insubstantial
degree, carry on or engage in any other activities or exercise
any powers not permitted to be carried on or exercised by a
corporation exempt from federal income tax under Section 501
(c)(3) of the Internal Revenue Code.
Page 28 of 52
Section 3. Members.
This corporation shall have no members.
Section 4. Directors.
A. Powers:
Subject to the provisions and limitations of the California Public Benefit
Corporation Law and any other applicable laws, and subject to any
limitations of the Articles of Incorporation, the Operating Agreement
between the City of El Segundo and the Corporation and these Bylaws, the
Corporation's activities and affairs shall be managed, and all corporate
powers shall be exercised, by or under the direction of the Board.
The Board staff liaison shall confer with the department head to determine
if a request for research by the Board requires extra dedication and staff
time that may not be available.
B. Specific Powers:
Without prejudice to the general powers set forth above, but subject to the
same limitations, the Directors shall have the power to:
(1) Change the principal office or the principal business office in
California from one location to another and designate any place for
holding any meeting of the Board.
(2) Adopt and use a corporate seal and alter the form of the seal.
(3) Borrow money and incur indebtedness on behalf of the Corporation
and cause to be executed and delivered for the Corporation's
purposes in the Corporate name, promissory notes, bonds,
debentures, deeds of trust, mortgages, pledges, hypothecations, and
other evidences of debt and securities.
C. Number and Qualifications of Directors:
(1) Authorized Number. The authorized number of Directors shall be
f wsix.
(2) All Ddirectors must live in El Segundo. City employees are not
eligible to serve as a Director. One Park Vista resident will serve
as a non -voting Director at a time.
(3) All Directors shall be designated by the City Council of El
3
Page 29 of 52
Segundo. Each Director shall hold office for three years, except
that the initial Directors shall hold office for staggered terms of
one, two, three or four years, as designated by the City Council.
Any Director may repeat consecutive terms if recommended by
the remaining Directors and approved by City Council.
(4) Director candidates will be reviewed and recommended by the
Board President and Vice President, and the subsequent interviews
and appointments will be made by the City Council.
Notwithstanding the foregoing, the City Council may otherwise
appoint Directors.
D. Vacancies on Board:
(1) Events Causing Vacancy - A vacancy or vacancies on the Board
shall exist on the occurrence of the following: (a) the death or
resignation of any Director; (b) the declaration by resolution of
the Board of a vacancy in the office of a Director who has been
declared of unsound mind by order of court, convicted of a
felony, or found by final order or judgment of any court to have
breached a duty under Article 3 of Chapter 2 of the California
Nonprofit Public Benefit Corporation Law; (c) the declaration by
resolution of the Board of a vacancy in the office of a Director
who has three or more absences in a 12-month period. This
provision shall be reviewed annually by the Board at its annual
meeting and revised as necessary.
(2) Resignations - Except as provided below, any Director may resign
by giving written notice to the President or the Secretary. The
resignation shall be effective when the notice is given unless it
specifies a later time (not to exceed sixty days) for the resignation
to become effective. Except on notice to the Attorney General of
California, no Director may resign if the Corporation would be
left without a duly elected Director or Directors.
(3) Filling Vacancies - Within thirty (30) days of the occurrence of a
vacancy or vacancies pursuant to Sections 41)(1) or (2) above, the
Board shall identify the area(s) of expertise needed by a
replacement Director or Directors and shall advise City Council,
in writing, of the existence of a vacancy and the criteria to be
evaluated in filling the vacancy. The City Council shall actively
advertise any vacancy. Utilizing the criteria identified by the
Board, City Council shall appoint a replacement Director or
Directors to fill the unexpired term or terms within sixty (60) days
after receiving notice of the existence of such vacancy or
vacancies. City Council shall hold interviews twice a year.
4
Page 30 of 52
(4) No Vacancy on Reduction of Number of Directors -- No
reduction of the authorized number of Directors shall have the
effect of removing any Director before that Director's term of
office expires.
E. Removing a Board Member
All board and committee members shall serve at the pleasure of the
City Council and may be removed at any time without cause, by a
majority vote of the City Council.
Notwithstanding Section 41)(1) above, a member can be removed
after three or more absences in a 12-month period.
F. Directors' Meetings:
(1) Place of Meetings - Meetings of the Board shall be held at any
place that has been designated by resolution of the Board or in
the notice of the meeting or, if not so designated, at the
principal office of the Corporation.
(2) Annual Meeting - Immediately after each annual meeting, the
Board shall hold a regular meeting for purposes of organization,
election of officers, and transaction of other business. The annual
meeting is designated as the July meeting.
(3) Other Regular Meetings - Other regular meetings of the Board
may be held at such time and place as the Board may fix. Meeting
dates and times are posted three days in advance of each meeting.
(4) Special Meetings - Authority to Call - Special meetings of the
Board for any purpose may be called at any time by the President
or Vice President, or the Secretary or any two Directors.
(5) Notice - Notice of the time and place of special meetings shall be
given to each Director by one of the following methods: (a) by
personal delivery of written notice; (b) by first-class mail, postage
prepaid return receipt requested; (c) or by telephone, either
directly to the Director or to a person at the Director's office or
residence who would reasonably be expected to communicate that
notice promptly to the Director. All such notices shall be given or
shown on the records of the Corporation. Notices sent by first-
class mail shall be deposited in the United States mail at least six
days before the time set for the meeting. Notices given by
5
Page 31 of 52
personal delivery or telephone shall be delivered or telephoned at
least 48 hours before the time set for the meeting. The notice shall
state the time of the meeting, and the place if the place is other
than the principal office of the Corporation. It need not specify
the purpose of the meeting.
(6) Quorum - A majority of the authorized number of Directors (or
such reduced number, if a vacancy or vacancies exist) shall
constitute a quorum for the transaction of business.
(7) Waiver of Notice - Notice of a meeting need not be given to any
Director who, either before or after the meeting, signs a waiver
of notice, a written consent to the holding of the meeting, or an
approval of the minutes of the meeting. The waiver of notice or
consent need not specify the purpose of the meeting. All such
waivers, consents, and approvals shall be filed with the
corporate records or made a part of the minutes of the meetings.
Notice of a meeting need not be given to any Director who
attends the meeting and does not protest, before or of the
commencement of the meeting, the lack of notice to him or her.
(8) Adjournment - A majority of the Directors present, whether or not
a quorum is present, may adjourn any meeting to another time and
place.
(9) Notice of Adjourned Meeting - Notice of the time and place of
holding an adjourned meeting need not be given unless the original
meeting is adjourned for more than 24 hours. If the original
meeting is adjourned for more than 24 hours, notice of any
adjournment to another time and place shall be given, before the
time of the adjourned meeting, to the Directors who were not
present at the time of the adjournment.
(10) Meetings will be conducted based upon the latest edition of
Robert's Rules of Order (or similar rules of parliamentary
procedure, e.g. Rosenburg's Rules of Order). Where there is a
conflict between the parliamentary guidelines and these Bylaws,
the Bylaws should have precedence. Failure to strictly follow
parliamentary guidelines shall not invalidate an action of the Board.
(11) The Board will participate in an annual joint meeting with the City
Council and representatives from each of the City's commissions,
committees and boards.
(12) Workplan Update — The Board President, Vice President or
designee will provide the City Council with an update on the
[i
Page 32 of 52
Board's workplan at a meeting chosen by the City Council.
Section 5. Officers.
A. Officers of the Corporation:
The officers of the Corporation shall consist of the President, Vice
President, the Secretary, and the Chief Financial Officer. No two offices
may be concurrently held by the same person. Should both the President
and Vice President be absent from a meeting, the most senior Director
who is neither Secretary nor Chief Financial Officer shall be acting
President.
B. Election of Officers:
The Board of Directors shall elect all officers of the Corporation for terms
of one year, or until their successors are elected and qualified. Officers
shall be elected at the annual meeting.
C. Responsibility of Officers:
(1) President - The President shall be the general manager of the
Corporation and shall supervise, direct, and control the
Corporation's activities, affairs, and officers. The President shall
preside at all Board meetings. The President shall be responsible
for representing the Corporation, before -other governmental
agencies. The President shall have such other powers and duties
as the Board or the bylaws may prescribe.
(2) Vice President - If the President is absent or disabled, the Vice
President shall perform all duties of the President. When so
acting, the Vice President shall have all powers of and be subject
to all restrictions of the President. The Vice President shall have
such other powers and perform such other duties as the Board or
the bylaws may prescribe.
(3) Secretary - The Secretary shall keep or cause to be kept at the
Corporation's principal office or such other place as the Board
may direct, a book of minutes of all meetings, proceedings, and
actions of the Board, and of committees of the Board. The minutes
of meetings shall include the time and place that the meeting was
held, whether the meeting was annual, regular, or special, and, if
special, how authorized, the notice given, the names of those
present at Board and committee meetings. The Secretary shall
keep or cause to be kept, at the principal office in California, a
copy of the Articles of Incorporation and bylaws, as amended to
7
Page 33 of 52
date.
The Secretary shall give, or cause to be given, notice of all
meetings of the Board and of committees of the Board required by
these bylaws to be given. The Secretary shall keep the Corporate
seal in safe custody and shall have such other powers and perform
such other duties as the Board or the bylaws may prescribe.
(4) Chief Financial Officer -
a. Books of Accounts - The Chief Financial Officer shall keep and
maintain, or cause to be kept and maintained, adequate and correct
books of accounts of the Corporation's properties and transactions.
The Chief Financial Officer shall send or cause to be given to the
Directors such financial statements and reports as are required to
be given by law, by these bylaws, or by the Board. The books of
accounts shall be open to inspection by any Director at all
reasonable times.
b. Deposit and Disbursement of Money and Valuables - The Chief
Financial Officer shall deposit, or cause to be deposited all money
and other valuables in the name and to the credit of the
Corporation with such depositories as the Board may designate;
shall disburse the Corporation's funds as the Board may order;
shall render to the President and the Board, when requested, an
account of all transactions as the Chief Financial Officer and of
the financial condition of the Corporation; and shall have such
other powers and perform such other duties as the Board or the
bylaws may prescribe.
Bond - If required by the Board, the Chief Financial Officer shall,
at the expense of the Corporation, give the Corporation a bond in
the amount and with the surety or sureties specified by the Board
for faithful performance of the duties of the office and for
restoration to the Corporation of all its books, papers, vouchers,
money, and other property of every kind in the possession or under
the control of the Chief Financial Officer on his or her death,
resignation, retirement, or removal from office.
Section 6. Indemnification.
A. Right of Indemnification:
To the fullest extent permitted by law, this Corporation shall indemnify
its Directors, Officers, employees, and other persons described in Section
5238(a) of the California Corporations Code, including persons formerly
occupying any such position, against all expenses, judgments, fees,
settlements and other amounts actually and reasonably incurred by
Page 34 of 52
them in connection with any "proceeding", as that term is used in that
Section, and including an action by or in the right of the Corporation,
by reason of the fact that the person is or was a person described in
that section. "Expenses", as used in this bylaw, shall have the same
meaning as in Section 5238(a) of the California Corporation Code.
B. Approval of Indemnity:
On written request to the Board .by any person seeking indemnification
under Section 5238(b) or Section 5238(c) of the California Corporation
Code, the Board shall promptly determine under Section 5238(e) of the
California Corporations Code whether the applicable standard of conduct
set forth in Section 5238(b) or Section 5238(c) has been met and, if so,
the Board shall authorize indemnification. If the Board cannot authorize
indemnification because the number of Directors who are parties to the
proceeding with respect to which indemnification is sought prevents the
formation of a quorum of Directors who are not parties to that proceeding,
the Board shall promptly call a meeting of City Council. At that meeting,
the Council shall determine under Section 5238(e) of the California
Corporations Code whether the applicable standard of conduct set forth
in Section 5238(b) or Section 5238(c) has been met and, if so, the Council
members present at the meeting in person or by proxy shall authorize
indemnification.
C. Advancement of Expenses:
To the fullest extent permitted by law and except as otherwise determined
by the Board in a specific instance, expenses incurred by a person seeking
indemnification under Section 6 of these bylaws in defending any
proceeding covered by those Sections shall be advanced by the
Corporation before final disposition of the proceeding. On receipt of the
Corporation of an undertaking by or on behalf of that person, the advance
will be repaid, unless it is ultimately determined that the person is entitled
to be indemnified by the Corporation for those expenses.
Section 7. Insurance.
The Corporation shall have the right to purchase and maintain insurance to
the full extent permitted by law on behalf of its Officers, Directors,
employees, and other agents, against any liability asserted against or incurred
by any Officer, Director, employee, or agent in such capacity or arising out of the
Officer's Director's, employee's, or agent's status as such.
Section 8. Amendments.
These bylaws may be amended or repealed and new bylaws adopted by the vote
of a majority of the members of the Board of Directors. No bylaw shall be
amended or repealed and new bylaws shall not be adopted, without the prior
Page 35 of 52
approval of the City Council.
Section 9. Dissolution.
The Corporation may only be dissolved by a vote of the El Segundo City Council.
10
Page 36 of 52
EL SEGUNGO SENIOR CITIZEN CORPORATION
dba PARK VISTA
July 7, 2025
Hoffman Short
An Accountancy Corporation
1037 Park View Drive
Covina, CA 91724
This representation letter is provided in connection with your audit of the financial statements of El Segundo
Senior Citizen Corporation dba Park Vista, which comprise the statements of financial position as of
December 31, 2024 and 2023, and the related statements of activities, and cash flows for the years then
ended, and the disclosures (collectively, the "financial statements"), for the purpose of expressing an opinion
as to whether the financial statements are presented fairly, in all material respects, in accordance with
accounting principles generally accepted in the United States (U.S. GAAP).
Certain representations in this letter are described as being limited to matters that are material. Items are
considered to be material, regardless of size, if they involve an omission or misstatement of accounting
information that, in light of surrounding circumstances, makes it probable that the judgment of a reasonable
person relying on the information would be changed or influenced by the omission or misstatement. An
omission or misstatement that is monetarily small in amount could be considered material as a result of
qualitative factors.
We confirm, to the best of our knowledge and belief, as of July 7, 2025, the following representations made to
you during your audit
Financial Statements
1) We have fulfilled our responsibilities, as set out in the terms of the audit engagement letter dated January
24, 2024, including our responsibility for the preparation and fair presentation of the financial statements
in accordance with U.S. GAAP.
2) The financial statements referred to above are fairly presented in conformity with U.S. GAAP.
3) We acknowledge our responsibility for the design, implementation, and maintenance of internal control
relevant to the preparation and fair presentation of financial statements that are free from material
misstatement, whether due to fraud or error.
4) We acknowledge our responsibility for the design, implementation, and maintenance of internal control to
prevent and detect fraud.
5) The methods, significant assumptions, and data used in making accounting estimates and their related
disclosures are appropriate to achieve recognition, measurement, or disclosure that is reasonable in
accordance with U.S. GAAP.
6) Related -party relationships and transactions have been appropriately accounted for and disclosed in
accordance with U.S. GAAP.
7) All events subsequent to the date of the financial statements and for which U.S. GAAP requires adjustment
or disclosure have been adjusted or disclosed.
Page 37 of 52
8) The effects of uncorrected misstatements are immaterial, both individually and in the aggregate, to the
financial statements as a whole. A list of the uncorrected misstatements is attached to the representation
letter.
9) The effects of all known actual or possible litigation, claims, and assessments have been accounted for
and disclosed in accordance with U.S. GAAP.
10) Material concentrations have been appropriately disclosed in accordance with U.S. GAAP.
11) Guarantees, whether written or oral, under which the Organization is contingently liable, have been
properly recorded or disclosed in accordance with U.S. GAAP.
Information Provided
12) We have provided you with:
a) Access to all information, of which we are aware, that is relevant to the preparation and fair
presentation of the financial statements, such as records (including information obtained from outside
of the general and subsidiary ledgers), documentation, and other matters.
b) Additional information that you have requested from us for the purpose of the audit.
c) Unrestricted access to persons within the Organization from whom you determined it necessary to
obtain audit evidence.
d) Minutes of the meetings of the governing board or summaries of actions of recent meetings for which
minutes have not yet been prepared.
13) All material transactions have been recorded in the accounting records and are reflected in the financial
statements.
14) We have disclosed to you the results of our assessment of the risk that the financial statements may be
materially misstated as a result of fraud.
15) We have no knowledge of any fraud or suspected fraud that affects the Organization and involves:
a) Management,
b) Employees who have significant roles in internal control, or
c) Others where the fraud could have a material effect on the financial statements.
16) We have no knowledge of any allegations of fraud or suspected fraud affecting the Organization's financial
statements communicated by employees, former employees, grantors, regulators, or others.
17) We have no knowledge of any instances of noncompliance or suspected noncompliance with laws and
regulations whose effects should be considered when preparing financial statements.
18) We have disclosed to you all known actual or possible litigation, claims, and assessment whose effects
should be considered when preparing the financial statements.
19) We have disclosed to you the names of all of the Organization's related parties and all the related -party
relationships and transactions, including any side agreements.
20) The Organization has satisfactory title to all owned assets, and there are no liens or encumbrances on
such assets nor has any asset been pledged as collateral.
Page 38 of 52
21) We are responsible for compliance with the laws, regulations, and provisions of contracts and grant
agreements applicable to us.
22) El Segundo Senior Citizen Corporation dba Park Vista is an exempt organization under Section 501(c)(3)
of the Internal Revenue Code. Any activities of which we are aware that would jeopardize the
Organization's tax-exempt status, and all activities subject to tax on unrelated business income or excise
or other tax, have been disclosed to you. All required filings with tax authorities are up-to-date.
23) We acknowledge our responsibility for presenting the supplementary information in accordance with U.S.
GAAP, and we believe the supplementary information, including its form and content, is fairly presented
in accordance with U.S. GAAP. The methods of measurement and presentation of the supplementary
information have not changed from those used in the prior period, and we have disclosed to you any
significant assumptions or interpretations underlying the measurement and presentation of the
supplementary information.
Signature:
Title:
Page 39 of 52
EL SEGUNDO SENIOR CITIZEN HOUSING CORPORATION
dba PARK VISTA
FINANCIAL STATEMENTS
AND SUPPLEMENTARY INFORMATION
December 31, 2024 and 2023
t
.]
Page 40 of 52
EL SEGUNDO SENIOR CITIZEN HOUSING CORPORATION
dba PARK VISTA
TABLE OF CONTENTS
Independent Auditors' Report
Financial Statements
Statements of Financial Position
Statements of Activities
Statements of Cash Flows
Notes to Financial Statements
Supplementary Information
Schedules of Administrative, Utilities, Maintenance,
Taxes, and Insurance Expenses
Page
1 -2
3
4
5
6-10
11
Page 41 of 52
:9)0
HOFFMAN •
SHORT
JOANNE HOFFMAN, CPA, CFE, MBA
AN ACCOUNTANCY CORPORATION
JIM SHORT, CPA, CITP, CVA
1037 PARK VIEW DRIVE I COVINA, CA 91724
I PH: 626.932.0100
626,915.7666 1 FAX: 626.932.0095 626.331.7607
INDEPENDENT AUDITORS' REPORT
To the Board of Directors
El Segundo Senior Citizen Housing Corporation
dba Park Vista
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of El Segundo Citizen Housing Corporation dba
Park Vista, which comprise the statements of financial position as of December 31, 2024 and 2023, and the
related statements of activities and cash flows for the years then ended, and the related notes to the
financial statements.
In our opinion, the financial statements present fairly, in all material respects, the financial position of El
Segundo Senior Citizen Housing Corporation dba Park Vista as of December 31, 2024 and 2023, and the
changes in its net assets and its cash flows for the years then ended in accordance with accounting
principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United States of
America. Our responsibilities under those standards are further described in the Auditor's Responsibilities
for the Audit of the Financial Statements section of our report. We are required to be independent of El
Segundo Senior Citizen Housing Corporation dba Park Vista and to meet our other ethical responsibilities in
accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence
we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America, and for the
design, implementation, and maintenance of internal control relevant to the preparation and fair presentation
of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or
events, considered in the aggregate, that raise substantial doubt about El Segundo Senior Citizen Housing
Corporation dba Park Vista's ability to continue as a going concern within one year after the date that the
financial statements are available to be issued.
Page 42 of 52
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes
our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore
is not a guarantee that an audit conducted in accordance with generally accepted auditing standards will
always detect a material misstatement when it exists. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered
material if there is a substantial likelihood that, individually or in the aggregate, they would influence the
judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with generally accepted auditing standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of El Segundo Senior Citizen Housing Corporation dba Park Vista's
internal control. Accordingly, no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
• Conclude whether, in ourjudgment, there are conditions or events, considered in the aggregate,
that raise substantial doubt about El Segundo Senior Citizen Housing Corporation dba Park
Vista's ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit, significant audit findings, and certain internal control related matters
that we identified during the audit.
Supplementary Information
Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a
whole. The accompanying supplementary information shown on page 11 is presented for the purposes of
additional analysis and is not a required part of the financial statements. Such information is the
responsibility of management and was derived from and relates directly to the underlying accounting and
other records used to prepare the financial statements. The information has been subjected to the auditing
procedures applied in the audits of the financial statements and certain additional procedures, including
comparing and reconciling such information directly to the underlying accounting and other records used to
prepare the financial statements or to the financial statements themselves, and other additional procedures
in accordance with auditing standards generally accepted in the United States of America. In our opinion,
the information is fairly stated in all material respects in relation to the financial statements as a whole.
HOFFMAN SHORT
AN ACCOUNTANCY CORPORATION
Covina, California
July 7, 2025
Lead Auditor: Joanne Hoffman, CPA Employer Identification Number: 81-3709413
Page 43 of 52
EL SEGUNDO SENIOR CITIZEN HOUSING CORPORATION
STATEMENTS OF FINANCIAL POSITION
December 31, 2024 and 2023
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Restricted cash
Prepaid expenses
Total Current Assets
PROPERTY AND EQUIPMENT
Building improvements
Equipment
Furnishings
Total Property and Equipment
Less: accumulated depreciation
Net Property and Equipment
Total Assets
LIABILITIES AND NET ASSETS
CURRENT LIABILITIES
Accounts payable
Prepaid rent
Total Current Liabilities
TENANT SECURITY DEPOSITS
Total Liabilities
NET ASSETS
Without donor restrictions
Undesignated
Designated by the City
Total Net Assets
Total Liabilities and Net Assets
See notes to financial statements.
2024 2023
$ 153,216
$ 729,060
2,108,116
1,234,789
56,801
53,269
2,318,133
2,017,118
1,046,041
1,046,041
184,779
184,779
153,863
153,863
1,384,683
1,384,683
1,084,089
1,049,598
300,594
335,085
$ 2,618,727
$ 2,352,203
$ 11,429
$ 11,000
10,953
6,402
22,382
17,402
82,147
74,933
104,529
92,335
406,082
1,025,079
2,108,116
1,234,789
2,514,198
2,259,868
$ 2,618,727 $ 2,352,203
-3-
Page 44 of 52
EL SEGUNDO SENIOR CITIZEN HOUSING CORPORATION
STATEMENTS OF ACTIVITIES
Years Ended December 31, 2024 and 2023
2024
2023
REVENUES
Rent
$ 999,644
$ 916,305
Parking
19,564
19,122
Interest
73,328
62,299
Other revenue
7,462
29,990
Total Revenue
1,099,998
1,027,716
EXPENSES
Administrative
51,041
74,426
Management fees
195,500
186,000
Utilities
148,972
135,518
Operating and maintenance
316,030
246,674
Licenses and permits
470
120
Insurance
99,164
85,045
Depreciation
34,491
36,292
Total Expenses
845,668
764,075
Change in Net Assets Without Donor Restrictions
254,330
263,641
Previous Year Net Assets Without Donor Restrictions
2,259,868
1,996,227
Net Assets Without Donor Restrictions
$ 2,514,198
$ 2,259,868
See notes to financial statements.
-4-
Page 45 of 52
EL SEGUNDO SENIOR CITIZEN HOUSING CORPORATION
STATEMENTS OF CASH FLOWS
Years Ended December 31, 2024 and 2023
2024
2023
CASH FLOWS FROM OPERATING ACTIVITIES
Change in net assets
$ 254,330
$ 263,641
Adjustments to reconcile change in net assets
to net cash provided by operating activities:
Depreciation
34,491
36,292
(Increase) decrease in assets:
Accounts receivable
-
4,000
Prepaid expenses
(3,532)
(11,506)
Security deposits, net
7,214
5,711
Increase (decrease) in liabilities:
Accounts payable
429
4,856
Prepaid rent
4,551
(1,982)
Net Cash Provided by Operating Activities
297,483
301,012
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of equipment
-
(17,585)
Net Increase in Cash '
297,483
283,427
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year
1,963,849
1,680,422
Cash, Cash Equivalents, and Restricted Cash at End of Year
$ 2,261,332
$ 1,963,849
Cash, Cash Equivalents, and Restricted Cash Comprised of:
Cash in bank - checking
Restricted cash
Total
See notes to financial statements.
$ 153,216 $ 729,060
2,108,116 1,234,789
$ 2,261,332 $ 1,963,849
-5-
Page 46 of 52
EL SEGUNDO SENIOR CITIZEN HOUSING CORPORATION
NOTES TO FINANCIAL STATEMENTS
December 31, 2024 and 2023
i Welaeun i m,mroP►
El Segundo Senior Citizen Housing Corporation dba Park Vista ("the Corporation") is a California nonprofit
public benefit corporation formed by the City of El Segundo ("the City") in 1984 to operate a low income
senior apartment complex. The apartment complex was built and funded by the City. In 1987, the complex
was ready for occupancy and was turned over to the Corporation for operation and management. The
Corporation is governed by a seven -member Board of Directors which is appointed by the City Council. All
members of the Board of Directors are unpaid volunteers.
The apartment complex consists of 97 apartment units, known as Park Vista ("the Project"), located at 615
East Holly Avenue in the City of El Segundo. The Corporation is responsible for the operation of Park
Vista pursuant to an Operating Agreement dated May 6, 1986, between the City and the Corporation (see
Note 4).
The Park Vista apartment complex is owned by the City of El Segundo and is recorded as 'Asset' under
the Enterprise Fund of the City. The Corporation's role is to oversee its operation and management of the
apartment complex. The facility is managed by an independent property management company (see Note
4).
The accompanying financial statements are those of the Corporation and do not represent the financial
statements of the City of El Segundo.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The financial statements are prepared on the accrual basis of accounting and in accordance with
accounting principles generally accepted in the United States of America.
Cash and Cash Equivalents
For purposes of the Statements of Cash Flows, the Project considers all highly liquid debt instruments
purchased with an initial maturity of three months or less to be cash equivalents.
Accounts Receivable and Allowance for Credit Losses
The Project is subject to the provisions of Statement of Financial Instruments — Credit Losses (Topic 326):
Measurement of Credit Losses on Financial Instruments of the Financial Accounting Standards Board
(FASB) Accounting Standards Update ASU No. 2016-13. Under the Standard, the entities are required to
measure credit losses of financial assets using the current expected credit loss (CECL) model for
estimating an allowance for credit losses. Under the CECL model, the allowance for credit losses is
determined by using the accounts receivable aging schedule.
The Project believes all receivables will be collected; therefore, no allowance for credit losses has been
established for the years ended December 31, 2024 and 2023.
Page 47 of 52
EL SEGUNDO SENIOR CITIZEN HOUSING CORPORATION
NOTES TO FINANCIAL STATEMENTS
December 31, 2024 and 2023
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Prooerty and Eauloment and Depreciation
Property and equipment are stated at cost. Assets are depreciated over their estimated useful lives of 5 to
27.5 years using the straight-line method. Major additions, betterments and improvements are capitalized,
while expenditures for maintenance and repairs are charged to expense as incurred. Upon disposal of
depreciable property, the appropriate property accounts are reduced by the related costs and accumulated
depreciation. Depreciation expense as of December 31, 2024 and 2023, was $34,491 and $36,292,
respectively.
Impairment of Lona-Lived Assets
The Project reviews its long-lived assets for impairment whenever events or changes in circumstances
indicate that the carrying value may not be recoverable. Recoverability is measured by a comparison of
the carrying amount to the future net undiscounted cash flow expected to be generated and any estimated
proceeds from the eventual disposition. If long-lived assets are considered to be impaired, the impairment
to be recognized is measured at the amount by which the carrying amount exceeds the fair value as
determined from an appraisal, discounted cash flow analysis, or other valuation technique. No impairment
loss was recognized during the years ended December 31, 2024 and 2023.
Rental Revenue t 4
Rental revenue is recognized as rents become due. Rental payments received in advance are deferred
until earned. All leases between Project and tenants of the property are operating leases.
Advertising Costs
Advertising and marketing costs are expensed as incurred. Total advertising and marketing costs for the
years ended December 31, 2024 and 2023 totaled $9,199 and $10,902, respectively.
Income Taxes
The Project is exempt from federal and state income taxes under Section 501(c)(3) of the Internal
Revenue Code and Section 23701(d) of the California Revenue and Taxation Code, respectively.
Accordingly, no provision for income taxes is included in the financial statements.
The Project's federal and state income tax returns are subject to possible examination by the taxing
authorities until the expiration of the related statutes of limitations on those tax returns. In general, the
federal income tax returns have a three-year statute of limitations, and the state income tax returns have a
four-year statute of limitations.
The Project evaluates all significant tax positions. As of December 31, 2024 and 2023, the Project does
not believe that it has taken any positions that would require the recording of any additional tax liability nor
does it believe that there are any unrealized tax benefits that would either increase or decrease within the
next year. It is the Project's policy to recognize any interest and penalties in the year incurred. There was
no interest or penalties incurred in 2024 and 2023.
-7-
Page 48 of 52
EL SEGUNDO SENIOR CITIZEN HOUSING CORPORATION
NOTES TO FINANCIAL STATEMENTS
December 31, 2024 and 2023
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Description of Net Assets
The Project is subject to the provisions of Presentation of Financial Statements for Not -for -Profit Entities in
accordance with Topic 958. This guidance includes presentation of two classes of net assets and
enhances disclosures for board designated amounts, compositions of net assets with donor restrictions
and how the restrictions affect the use of resources, qualitative and quantitative information about the
liquidity and availability of financial assets to meet general expenditures within one year of the statement of
financial position date, and expenses by both their natural and functional classification, including methods
used to allocate costs among program and support functions.
Net assets are classified based on existence or absence of donor -imposed restrictions as follows:
Without Donor Restrictions - Undesignated are resources available to support operations and not
subject to donor restrictions. The only limits on the use of net assets without donor restrictions are
the broad limits resulting from the nature of the Organization, the environment in which it operates,
the purposes specified in the corporate documents and its application for tax-exempt status, and
any limits resulting from contractual agreements with creditors and others that are entered into in
the course of its operations.
Designated by the City are funds held by the City in accordance with the Agreement for
Investment of Funds, entered into on May 20,1998, by and between the City and the Corporation.
The Corporation has access to the funds within 14 days of providing notice to the City of its desire
to withdraw some or all of the funds. Under this Agreement, the City is holding these funds in its
investment pool and as of December 31, 2024 and 2023, the balances are $2,108,116 and
$1,234,789, respectively.
Use of Estimates
Management uses estimates and assumptions in preparing financial statements in accordance with U.S.
generally accepted accounting principles. Those estimates and assumptions affect the reported amounts
of assets and liabilities, the disclosure or contingent assets and liabilities and the reported revenues and
expenses. Actual results could vary from the estimates that were utilized in preparing the financial
statements.
3. RESTRICTED CASH
Investment with City
Investment with City are funds held by the City in accordance with the Agreement for Investment of Funds,
entered into on May 20,1998, by and between the City and the Corporation. The Corporation has access
to the funds within 14 days of providing notice to the City of its desire to withdraw some or all of the funds.
Under this Agreement, the City is holding these funds in its investment pool. During 2024, the Board
approved the transfer of $800,000 from the operating account to the investment account to earn interest.
Page 49 of 52
EL SEGUNDO SENIOR CITIZEN HOUSING CORPORATION
NOTES TO FINANCIAL STATEMENTS
December 31, 2024 and 2023
3. RESTRICTED CASH (Continued)
As of December 31, 2024 and 2023 restricted cash consists of the following:
Beginning Ending
Balance Additions Deductions Balance
Investment with City $ 1,234,789 $ 873,327 $ - $ 2,108,116
Total $ 1,234,789 $ 873,327 $ - $ 2,108,116
4. FACILITY OPERATIONS — OPERATING AND MANAGEMENT AGREEMENTS / RELATED PARTY
TRANSACTIONS
Operating Agreement - On May 6, 1986, the City entered into an Operating Agreement with the
Corporation to operate and manage the Park Vista facility for the City. This Agreement provides that the
Corporation's relationship with the City is one of an independent contractor and that the City, through its
City Council, at all times has ultimate control and authority overthe Park Vista facility. Under the Operating
Agreement, the Corporation (through its Board of Directors) is charged with preparing an annual Plan of
Operation which covers matters necessary and appropriate to the efficient and effective management of
the Park Vista facility. The Plan of Operation includes such items as eligibility standards, rental contracts,
rental rates, methods and standards for general maintenance and upkeep of the facility, insurance
coverage, ongoing management of the facility through the retention of a professional real estate
management firm and a recommended annual budget.
The Operating Agreement provides that the Corporation is responsible for hiring, supervising and
discharging of employees, contractors and other persons necessary to properly maintain and operate the
Park Vista facility. The Corporation also must maintain the Park Vista facility in good order and condition
according to standards consistent with the Plan of Operation. The Operating Agreement further requires
that any check drawn in an amount equal to or greater than $5,000 shall require the signature of the City
Treasurer. Finally, the Agreement provides that it may be terminated by either the City or by the
Corporation at any time upon giving at least thirty days prior written notice of such termination.
4. FACILITY OPERATIONS — OPERATING AND MANAGEMENT AGREEMENTS / RELATED PARTY
TRANSACTIONS (continued)
Property Management Agreement - The Corporation entered into a Management Agreement with
Cadman Group, a property management firm. The Agreement provides that Cadman Group will manage,
maintain, operate, lease, and rent the Park Vista units for the Corporation. The term of service also
provides that Cadman Group will: hire, discharge and supervise all labor required for the operation and
maintenance of the property as employees of Cadman Group; make repairs and alterations, decorations
of the premises, purchases of supplies, and payments of all bills of the Park Vista facility; assume
responsibility for periodic cleaning and maintenance of the facility as provided in the Agreement. The
Property Management Agreement provides compensation at $16,250 per month, which includes rent
payments and payroll -related expenses. Effective November 1, 2024, the compensation increased to
$16,500 per month. Total management fees for the years ended December 31, 2024 and 2023 was
$195,500 and $186,000, respectively.
Page 50 of 52
EL SEGUNDO SENIOR CITIZEN HOUSING CORPORATION
NOTES TO FINANCIAL STATEMENTS
December 31, 2024 and 2023
5. LIQUIDITY AND FUNDS AVAILABLE
The following reflects the Project's financial assets as of December 31, 2024 and 2023, reduced by
amounts not available for general use because of contractual or donor -imposed restrictions within one
year of the statement of financial position date.
Financial assets available to meet cash needs for general expenditures within one year as December 31,
2024 and 2023:
Financial assets
Cash and cash equivalents
Investment with City
Total Financial Assets
Less those unavailable for general expenditure
within one year, due to:
Investment with City not available
within the next 12 months
Financial Assets Available to Meet Cash Needs
for General Expenditures within One Year
6. SUBSEQUENT EVENTS
2024
2023
$ 153,216 $ 729,060
2,108,116 1,234,789
$ 2,261,332 $ 1,963,849
(2,108,116) (1,234,789)
$ 153,216 $ 729,060
The Project has evaluated events and transactions occurring subsequent to the Statement of Financial
Position date of December 31, 2024 for items that should potentially be recognized or disclosed in these
financial statements. The evaluation was conducted through July 7, 2025, the date these financial
statements were available to be issued. No such material events or transactions were noted to have
occurred.
P DIN
Page 51 of 52
EL SEGUNDO SENIOR CITIZEN HOUSING CORPORATION
SCHEDULES OF ADMINISTRATIVE, UTILITIES, MAINTENANCE,
TAXES AND INSURANCE EXPENSES
Years Ended December 31, 2024 and 2023
ADMINISTRATIVE EXPENSES
Advertising
Office expenses
Manager rent-free unit
Auditing
Legal
Telephone
Miscellaneous administrative
Total Administrative
MANAGEMENT FEES
UTILITIES
Electricity
Water
Gas
Cable TV
Total Utilities
MAINTENANCE EXPENSES
Janitorial contract
Exterminating contract
Ground contract
Repairs material
Repairs contract
Elevator maintenance
Decorating contract
Decorating supplies
Fire protection expense
Total Maintenance
LICENSES AND PERMITS
Miscellaneous
INSURANCE EXPENSE
Property insurance
Earthquake insurance
Total Insurance
2024
$ 9,199
6,368
27,000
6,000
812
1,650
12
2023
$ 10,902
4,401
27,000
5,875
890
25,146
212
$ 51,041 $ 74,426
$ 195,500 $ 186,000
$ 22,196
$ 26,277
57,007
43,960
14,605
19,567
55,164
45,714
$ 148,972
$ 135,518
$ 30,977
$ 23,852
3,155
3,270
15,933
20,343
42,639
27,253
94,473
102,733
17,092
14,380
87,346
6,896
22,406
31,189
2,009
16,758
$ 316,030 $ 246,674
$ 470 $ 120
$ 20,433 $ 19,158
78,731 65,887
$ 99,164 $ 85,045
See independent auditors' report.
-11-
Page 52 of 52