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CWCAC committee backs sale proceeds and reserve funds to pay multiple mortgages after Mauston purchase
Summary
The EPF&A Committee approved using proceeds from the planned sale of a Necedah single-family house and an $84,000 replacement reserve to pay down mortgages on several affordable-housing properties, following a finance report that recorded a Dec. 31, 2025 acquisition and accompanying appraisal of Mauston Senior Village.
Donna Maly called the Central Wisconsin Community Action Council’s EPF&A Committee to order on March 13, and staff presented an end-of-year finance report that included a recent property acquisition and several recommended financial moves. Jim Dahlke, who presented the finance materials, reported that for the period ending Dec. 31, 2025 the Statement of Revenue and Expenses showed revenues of $13,011,015, expenses of $9,764,762 and unrestricted net income of $3,489,687.
Dahlke told the committee the agency completed the acquisition of Mauston Senior Village on Dec. 31, 2025, which added $3,090,766 to the organization’s budget. A recently completed appraisal listed the property’s market value at $3,245,000 and an insurance replacement value of $2,865,000; the appraisal also assigned $250,000 to a vacant 3.943-acre site associated with the property. The minutes note that WIPFLI approved the acquisition date.
After discussion, the committee voted unanimously to use proceeds from the planned sale of the Single Family Necedah House at 513 Oak Grove Drive to pay off mortgages on Pine Grove Apartments, Kirk-Wood Apartments and the Beaver Street House. The committee also voted to close an $84,000 replacement reserve account—since Mauston Senior Village carries no mortgage—and apply those funds to reduce the Gomoll Senior Village mortgage. The motions passed by unanimous vote; the minutes do not identify individual movers or seconders.
The minutes also record that the PBP Committee previously approved resolutions authorizing the sale of the Necedah single-family house and 407 Beaver Street in Beaver Dam; EPF&A’s minutes note those PBP approvals without repeating the earlier vote tallies. The Beaver Dam men’s shelter insurance claim was noted but not discussed further at the EPF&A meeting. The committee set its next meeting for April 10, 2026.
The finance actions change how the agency will deploy near-term cash from asset sales and reserves to reduce outstanding mortgage liabilities across several housing properties. The minutes do not specify closing dates for the planned sales, the remaining principal balances for the named mortgages, or which entity will handle sale closings.
