Annual BOD Meeting March 7, 2026

Mar 7, 2026

(DRAFT)

San Francisco Suites

Annual Meeting of the Board of Directors

March 7, 2026

The meeting was called to order by President Geoffrey Bellah at 11:05 am. The Board Directors present were:

Geoffrey Bellah, President

Fred Munroe, Vice President

Dwight Walker, Treasurer

Nancy Hudson, Secretary

Jo Ann Trembath, Director at Large

Others Present: Cynthia Reid, General Manager

Don Thomas, Owner

Sue Jocelyn, Owner

President Bellah called the meeting to order at 10:59 am.

Owners Forum: Don Thomas, a member of the Union Square Alliance, said that he would share weekly updates about neighborhood improvements. He noted that the Annual Tulip Day where 80,000 tulips will be displayed in Union Square Park will occur on March 21st.

President’s Report: President Bellah noted that the only nomination for the one vacant seat on the Board was Geoffrey Bellah. Since there were no other nominees, there was no need to have conduct balloting, and Mr. Bellah was, by acclamation, reappointed as a Board member. He then presented a scenario of how he might welcome himself if he was a new member of the Board and encouraged other owners to step forward and contribute to the association

Approval of the Minutes of January 24, 2026 Board Meeting: Dwight Walker moved and Fred Munroe seconded the motion to approve the minutes of the Open Meeting of the Board of Directors on January 24, 2026. The motion passed unanimously.

Treasurer’s Report: Dwight Walker noted that this report covers the 12 months’ ending

December 31, 2025, as well as a separate summary for the month of January 2026.

The report includes income, expenses and net income (loss) for each period, along with key

highlights and observations.

Financial Summary: 12 Months Ended December 31, 2025 (Preliminary until audit completed in April)

Summary of Income and Expenses (2025)

Category Amount (USD)

Income $1,499,563

Expenses $1,505,915

Net Income (Loss) ($ 6,652)

Key sources of income included owner assessments of $1,288,464 and Airbnb rental

income of $98,947, while major expenses were related to payroll costs of $980,803

operating costs of $303,029, insurance of $144,151and bad debts of $73,563. Cynthia Reid

is to be commended for offsetting the uncollectible owner assessments through Airbnb

rental income and sales of shares. At the end of the year there were 49 Ownership Shares

held by SF Suites.

Replacement Reserve cash balance as of the end of 2025 was $824,836 which represents

roughly 43% of the Reserve Study’s “Fully Funded” balance of $1,718,750. During 2025 just

under $75,000 was spent out of the reserve with the largest projects related to mattress

and wall bed replacements.

Financial Summary: January 2026

Summary of Income and Expenses (January 2026)

Category Amount (USD)

Income $129,660

Expenses $125,090

Net Income (Loss) $ 4,570

In January 2026, the Suites continued its positive financial trend, with net income slightly

exceeding budget thanks to Cynthia Reid’s diligence in spending withing budget and

through Airbnb rental income almost $4,000 over budget. The challenge for 2026 remains

the same as 2025 with 160 ownership assessments not collected as of the end of January.

That translates into over $284,000 in cash not collected to fund 2026 operations. It takes

extra effort to follow up on uncollected assessments, and it jeopardizes owners who do pay

their assessments of the possibility of a special assessment to fund operations for the year.

Cynthia Reid devotes an inordinate amount of time in collections, sales of shares and

managing Airbnb rentals in order to avoid a special assessment. We thank Cynthia for her

efforts in offsetting uncollected assessments!

At the end of January, $894,480 was available in Replacement Reserve cash representing

roughly 46% of the “Fully Funded” balance.

General Manager’s Report: Cynthia Reid reported:

Financials

  • Wells Fargo $315,108.17

  • Fidelity Reserve $909,324.95

  • Fidelity Ops $561,013.17

SFS Inventory (59)

  • 59 non-performing shares owe $104,784.00

  • 3 deed backs in progress (assessments paid)

  • Sold 4 masters = $14,000(assessment included)

  • Adopted 1 parlor

Total Revenue for January-February $33,757.85

  • Sale of shares $14,000

  • Jan- February Airbnb $19,757.85

  • Total =$33,757.85

2026 assessments (710 assessments have been paid)

  • 47 owners have not paid the assessment = $87,024

  • SFS 59 non- performing shares owe = $104,784

  • Shares are now delinquent and will have a 10% late fee ($177.69) added in March

  • Delinquent assessment = $1,953.69

  • Delinquent shares will be placed in foreclosure in June

  • Adopt a parlor notice will soon be sent out

SF City Parking increases

  • Self-Park was $38 and will be increased to $41.00 in April

Projects

  • 9 Cal King mattresses have been installed in all Master Suites

  • 13 new sofa beds are in process

Maintenance

  • Annual carpet and upholstery cleaning was completed in the week of February 23

  • LED light bulbs and dimmers repaired in all Suites

  • New painted, wooden thresholds replaced in all Suites

Ongoing Business: Cynthia Reid:

  • Updated the Board on the costs related to the mattresses and linens. The mattresses cost $27,253.53 and the linens cost $20,235.28 for a total of $48,488.81

  • Noted that the fabric for the sofa beds was being treated with flame retardant

  • Indicated that various options for the lobby ramp are being studied

  • Action Item – Fred Munroe moved and Jo Ann Trembath seconded the motion to accept the proposed changes to the Rules and Regulations allowing owners and share adopters to book up to seven nights bonus time in a Parlor Suite for $160 per night. The motion passed by a margin of four to one.

New Business: Dwight Walker moved and Fred Munroe seconded the motion to approve IRS Revenue Ruling 70-606, allowing the Association to move excess funds into the following year’s operating account to avoid IRS taxation. The motion passed unanimously.

Forward Planning:

Cynthia requested, and the Board agreed, that the hallway and staircase carpeting replacement be moved to 2027. In the future only one major project be undertaken each year.

Jo Ann Trembath moved that the meeting be adjourned and Fred Munroe seconded the motion which passed unanimously. The meeting adjourned at 11:54 am.

Respectfully Submitted,

Nancy R. Hudson

The Board reconvened after the meeting to select Directors for the coming year. They are as follows:

Geoffrey Bellah, President

Nancy Hudson, Vice President

Dwight Walker, Treasurer,

Jo Ann Trembath, Secretary

Fred Munroe, Director at Large

Dates for future meetings are:

May 30, 2026

September 19, 2026

November 7, 2026

January 16, 2027

March 6, 2027

The next meeting of the Board of Directors of the San Francisco Suites is scheduled for

May 30, 2026.

MARCH 2026 GM LETTER

Mar 4, 2026

Happy Lunar New Year!

Cable cars are festooned with red and gold lanterns, heralding the 2026 Chinese New Year and marking the beginning of the Year of the Fire Horse which only appears every 60 years.

The Fire Horse signifies a dynamic year of independence, passion and rapid change, bringing bold actions, speed and resilience. The Year of the Fire horse rewards bravery and forward momentum.

The Chinese Lunar Parade will be held on Saturday, March 7 at 8pm

  • Parade begins at 2nd and Market and features the 288 ft Golden Dragon

Chinese Restaurants to experience:

  • China Live 644 Broadway

  • Mr. Jiu’s 28 Waverly Place

  • R&G 631 Kearney

  • Z & Y Restaurant 655 Jackson

The 2026 Super Bowl held on February 8 at Levi Stadium in Santa Clara was not just a win for the Seahawks but for the entire Bay Area, especially San Francisco.

Alex Bastion, CEO of Hotel Council, writes for SF Business Times.

“We showed the world why San Francisco remains a premier destination for global events.

There is no city quite like it. Its geography, history, creativity and contradictions set it apart.

You can taste the uniqueness in our restaurants, see it in our architecture and feel it in our neighborhoods. Above all, you experience it through the people who live and work here.”

This success came together due to working San Franciscans collaborating, together with civic pride. Mayor Lurie led the way with city workers, hospitality workers, public safety officers and transit operators. The city felt clean, safe and welcoming and even Karl the Fog stayed out of the way.

Super Bowl 2026 may have been the best marketing plan, not due to slogans, banners or ads but because of the reality of first-hand experience.

San Francisco Suites is also reaching out to attract new owners and trying to change the narrative that timeshares are no longer popular. Due to a generational shift at the Suites, which has resulted in many non-performing shares, due to original owners having to relinquish their shares, there have been discussions about the need for a marketing plan. However, the Airbnb rental program, just like the Super Bowl experience, gave new guests first-hand experience to enjoy the uniqueness of an Edwardian property filled with European art, antiques and sparkling chandeliers coupled with exceptional hospitality.

Not only do we now have a worldwide presence on a booking platform, but the result is when a new guest experiences the Suites, they not only want to return but they want to become an owner.

At the end of a stay, at a great property, it is not only the surroundings that make an impact, but it is how you were made to feel during your stay that makes a lasting impression.

The result of the overwhelming success of the rental program, which brought in $91,000 in revenue last year and offset the deficit due to the large number of non-performing shares, along with the help of owners bringing in their friends to experience the Suites, we now have 16 new owners.

It is the personal experience that changes the narrative.

This is the best marketing plan for both the City and San Francisco Suites.

Here is an open invitation to any owner who has a friend or family member who may be interested in becoming an owner, we will have a complimentary night for them at the Suites.

The Board and I would like to thank owners, Rick Osgood, David Maul and Linda Nicolay, who sent their friends to stay at the Suites and now have become new owners.

San Francisco Suites is also on the rise.

Lastly, San Francisco continues to rise

  • March 1, the Huntington Hotel and Spa have now reopened with the Big Four opening on March 17.

  • The Bay Bridge Illuminate light installation with 50,000 LED lights creating a

360 -degree display will return at the end of March.

Happy Spring!

Cynthia Reid

General Manager

San Francisco Suites

3/3/2026

bod meeting jan. 24, 2026

Mar 3, 2026

San Francisco Suites

Open Meeting of the Board of Directors

Januaury 24, 2026

The meeting was called to order by President Geoffrey Bellah at 11:05 am. The Board Directors present were:

Geoffrey Bellah, President

Fred Munroe, Vice President

Dwight Walker, Treasurer

Nancy Hudson, Secretary

Jo Ann Trembath, Director at Large (via ZOOM)

Others Present:
Cynthia Reid, General Manager

Tony Verastegui, House Manager

Owners Forum: No owners were present.

President’s Report: President Bellah shared recent correspondence from the City of San Francisco. The Tax Collector has informed us that the San Francisco Suites is listed both as an apartment building at 796 Pine Street and as a timeshare at 710 Powell Street. He also shared some humorous potential responses to guests, but not the owner’s complaints about the San Francisco Suites. Obviously, these replies would never be sent.

Approval of the Minutes of November 1, 2025, Board Meeting: Fred Munroe moved, and Dwight Walker seconded the motion to approve the minutes of the Open Meeting of the Board of Directors on November 1, 2025. The motion passed unanimously.

Treasurer’s Report: Dwight Walker noted that this report covers the period of January 1, 2025, to November 30, 2025.

  • Income was nearly $1.4 million, mostly from membership dues, but also from bonus time, the sale of shares, rental income, and interest income. Total income was $52 thousand over budget, mostly due to rental income and the sale of shares.

  • Operating expenses were $1.3 million, with the majority related to payroll and bad debts. The remaining expenses included repairs and maintenance, supplies and services, utilities, bad debts, and other expenses. Expenses were $20 thousand over budget, which was partially offset by lower-than-expected bad debt and ownership resolution expenses.

  • Net Operating Income was $52,580 with operating cash of $458 thousand, including the receipt of 2026 dues payments.

  • Cash Flow and Reserves during 2025 included $53 thousand spent on reserve projects and $15 thousand committed for the mattress replacements. At the end of November, the replacement reserve cash balance was $758 thousand.

  • In summary, the Suites is in stable financial condition, and attention to income generation and prudent spending will ensure stability through the end of the year.

General Manager’s Report: Cynthia Reid reported:

  • Money in the San Francisco Suites bank accounts:

Wells Fargo $565,588

Fidelity Reserve $914,291

Fidelity Operations $250,000

  • 2025 non-performing shares totaling $54,859 were written off as bad debt, and $3,120 was paid in property taxes.

  • All but 82 owners have paid their 2026 assessments, which will become delinquent after February 1, 2026. On that date, a 10% late charge will be assessed to each delinquent account.

  • The 2026 SFS Association-owned inventory is 57 shares. Of those, 54 are non-performing shares ($95,904), 3 masters are in escrow ($10,500), and 7 deed backs are in process.

  • Revenue (to date) in January was $23,639, including $12,276 from shares sold and $11,363 in Airbnb revenue.

  • Total revenue in 2025 was $172,054. This included $80,156 shares sold (23 masters & 6 parlors) and $91,898 Airbnb revenue.

  • Seven new mattresses have been installed, with the remaining two to be installed in February.

  • $25,166 from reserve funds was spent on maintenance in 2025. Of this amount, $13,150 was used for heater vents, door sweeps, door thresholds, and wall repairs. An additional $5,416 was spent on rooftop electrical repairs, and $6,600 on computer system upgrades.

  • Erik Tedeev, the Front Desk Supervisor, was named Employee of the Year.

Ongoing Business: Ms. Reid updated the Board on the costs related to the mattresses and linens. The Board requested that King-sized pillows be included in the project. She also updated the information on the cost for the new sofa beds and provided photographic samples of the fabrics chosen for these sofas.

New Business:

  • There were no bidders at the delinquent assessment auction held on January 8th, so $16,071 was written off, and $2,663 in property taxes was paid. Three master suites are now in escrow for a total of $10,500.

  • Geoffrey Bellah will run unopposed for the open position on the Board of Directors if no additional applications are received by 5 pm on February 2. 2026.

  • Options for improving the lobby ramp are under consideration.

  • President Bellah and Ms. Reid suggested that the currently allowed two days of bonus time in a parlor be increased in order to generate income from non-revenue-producing shares. Dwight Walker moved, and Jo Ann Trembath seconded a motion to increase the number of nights of bonus time that can be reserved at one time in a parlor from two to seven. The motion passed unanimously, so this potential change to the Rules & Regulations will be posted on the website for owner comment and will become an action item for the March open meeting of the Board of Directors.

Ken vonBerg reviewed best practices for ZOOM meetings.

Nancy Hudson moved, and Jo Ann Trembath seconded a motion to adjourn the meeting. The motion passed unanimously, and the meeting was adjourned at 12:18 pm.

Respectfully Submitted,

Nancy R. Hudson

The next meeting of the Board of Directors of the San Francisco Suites is scheduled for March 7, 2026.