Anderson “And one of them is on September’s meeting minutes and one is October, the second one?” Serda “Correct.”

So this only leaves the one set of October minutes. You can read them but after Stephanie’s next statement, we will show the lie and the page of the October minutes she read from.

Pg 1001 Anderson “Was this something you guys then presented to the board?” Serda “I didn’t see it in here. And I don’t remember that it actually went to the board for a vote or anything. It was a discussion in my office.” Anderson “What was your reaction to that? And what did you say about PHCA doing real estate investments?” Serda “Just that I wasn’t positive on all of the laws on a nonprofit being allowed to do something, you know, that would be for profit; is that allowed and what would we have to do if we could do that.” Anderson “Were there specific plans made by you and him to do projects such as this?” Serda “No.”

Now to the TCF withdrawal. Pg. 1004 Anderson “And then at some point you decide to initiate a draw on the endowment fund.” Serda “Correct.” Anderson “What was the process to do that?” Serda “So we would have to talk about it in a board meeting. There would have to be a vote. And then I would have to send a letter to TCF requesting that money be released, the amount that is allowed to be reached.” Anderson “And did you do that?” Serda “Yes.” Anderson “Do you recall what month you made that request?” Serda “I think it was November. I can see if it’s in here. I’m not seeing it right now.” Anderson “So it’s not in the minutes?” Serda “October 2012 it’s approved.“ Anderson “Is that in October?” Serda “2012. It’s the minutes with the border, no — I’m not sure. I didn’t look at the minutes without the border.” Anderson “Take a look to look at the one without the border and see if it’s in there?”

Serda “Okay. There’s not a vote. There’s discussion about TCF and Jason feels that the endowment has been worthless to us. Over the last five we’ve been with them, we’ve lost a percentage. Does not include money for administration fees. We’re in a closed endowment fund. We can close it if need be and pull out the money. We also have disbursements and we should take it out and invest it. It says I disagree. It says we have agreed to TCF. But there’s no, there’s no vote on anything here. That’s just discussion.”

A couple of things we noticed. In the minutes Stephanie was directed to read, there was no vote on TCF. The minutes she is reading are not actually from October. It is a double copy of September. So this conversation was had in September and there was no vote taken. Hypothetically speaking, if this is the set of minutes the prosecution is basing everything on, then without a vote for TCF funds, that would mean Stephanie Serra made an unauthorized request for funds. Also, long-time respected board member Lupe Hinojosa made the following statement in the September meeting. Lupe “We have the ability to take the dollars out of it and invest in the interest of the PHCA. We would buy homes/lots, rent them, resale them back into our community, and reinvest the monies.” That is just hypothetical, but we found the truth in the actual October minutes.