How do I change the text in this section?
 

I went through the AdminCP and couldn't find where to change the text in the section right above the title of the forum. See screenshot: http://screencast.com/t/1qCK5RGbX

Am I overlooking this setting somewhere? If someone could guide me into the right direction it would be greatly appreciated. Thanks in advanced.

That's a phrase called welcome_to_the_x. You can edit the phrase by going to Languages & Phrases > Search in Phrases and searching for welcome_to_the_x (click the "Phrase Variable Name Only" radio button before searching).

You could also edit the FORUMHOME template and search for welcome_to_the_x, and remove it or change it to whatever you want.