Minutes of the Board of Trustees Meeting

Thursday, February 22, 2007

5:00 P.M.

Norman Salisbury called the meeting, convened in the Community Room, to order at 5:00 p.m.

Residential Trustees present and participating: Norman Salisbury, Mike Gravitz, Sandra Lee Sterns, and John Patton

Commercial Trustees present and participating: Donna Boes, Taymour Semnani and Jonathan Arbuckle.

Approval of Previous Minutes

The Minutes of the January 25, 2007 Board of Trustees Meeting, upon motion duly made and seconded were unanimously approved.

Finance Committee

The Financial Statements from January 31, 2007 were reviewed by the Manager. The Association reported an unaudited operating surplus of $121,688 Year-to-Date as of January 31, 2007. The Common Reserve Fund has an unaudited balance of $255,348 and the Residential Reserve Fund has an unaudited balance of $298,505 as of January 31, 2006. The Board also reviewed the delinquency report.

The Finance Committee met on February 12, 2007 and reviewed the financial statements and the projects currently under consideration by the Board. One project is our security camera equipment scheduled for replacement last year was postponed. Some of that equipment has since failed. The committee reviewed the proposal and asked for updated bids for replacement. The Committee recommends approval of replacing the equipment contingent upon updated bids being in accordance with those bids previously obtained. The Board will review the bid proposals prior to final approval.

Building Improvement Committee

The Committee continues to evaluate and analyze our boiler situation. The Committee specifically recommends the expenditure of up to $2000 to purchase a data logging hazardous gas sensor and reader in order to more fully analyze and understand the extent of the problem of exhaust gases entering into the commercial fresh air intake. Upon motion made and duly seconded, the recommendation was unanimously approved.

Review of APP Meeting Minutes

Since the Board meeting is held earlier this month, there are no APP meeting minutes to review as the APP meeting will be held next week on February 27, 2007. It was noted that at the last meeting, the Parking Board requested the addition of credit card readers for guest parkers to facilitate easy exit and avoid congestion. The Parking Board is evaluating alternatives for financing and installing the readers.

Next Meeting

The next meeting was scheduled for March 29, 2007.


The meeting adjourned at 6:00 p.m.

Respectfully submitted,

Mike Gravitz