Minutes of the Board of Trustees Meeting

Thursday, July 26, 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 Dunn.

Approval of Previous Minutes

The Minutes of the June 13, 2007 Board of Trustees Meeting, upon motion duly made and seconded were unanimously approved.

Finance Committee

The Financial Statements from June 30, 2007 were reviewed by the Manager. The Association reported an unaudited operating surplus of $35,173.30 Year-to-Date as of June 30, 2007. The Common Reserve Fund has an unaudited balance of $251,723 and the Residential Reserve Fund has an unaudited balance of $320,869 as of June 30, 2007. The Board also reviewed the delinquency report.

The liability and property insurance renewal proposals were presented and reviewed. Our existing carrier Affiliated FM proposed a renewal that reduced our premium from $149,214 to $148,856. The competing proposal from Philadelphia/Great American proposed an annual premium of $152,209 but also reduced the earthquake coverage by $35 million. Following discussion, the Board decided to continue with full coverage with the lower premium. Upon motion duly made and seconded, the Board approved renewal of the Affiliated FM insurance proposal.

Building Improvement Committee

The Building Committee reported that our mechanical systems are all performing well. During this summer period of extended triple digit weather, our air conditioning system is showing its true capability and for the most part is coasting even during the hottest afternoons. Even though we are running our chilled water at 42 degrees, the two chillers rarely run at greater than 50% capacity.

Review of APP Meeting Minutes

The Board reviewed the minutes of the American Parking Plaza board meeting minutes of June 5, 2007.

Next Meeting

The next meeting was scheduled for August 30, 2007.


The meeting adjourned at 6:00 p.m.

Respectfully submitted,

Mike Gravitz