(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
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Wells Fargo $315,108.17
-
Fidelity Reserve $909,324.95
-
Fidelity Ops $561,013.17
SFS Inventory (59)
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59 non-performing shares owe $104,784.00
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3 deed backs in progress (assessments paid)
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Sold 4 masters = $14,000(assessment included)
-
Adopted 1 parlor
Total Revenue for January-February $33,757.85
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Sale of shares $14,000
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Jan- February Airbnb $19,757.85
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Total =$33,757.85
2026 assessments (710 assessments have been paid)
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47 owners have not paid the assessment = $87,024
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SFS 59 non- performing shares owe = $104,784
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Shares are now delinquent and will have a 10% late fee ($177.69) added in March
-
Delinquent assessment = $1,953.69
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Delinquent shares will be placed in foreclosure in June
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Adopt a parlor notice will soon be sent out
SF City Parking increases
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Self-Park was $38 and will be increased to $41.00 in April
Projects
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9 Cal King mattresses have been installed in all Master Suites
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13 new sofa beds are in process
Maintenance
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Annual carpet and upholstery cleaning was completed in the week of February 23
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LED light bulbs and dimmers repaired in all Suites
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New painted, wooden thresholds replaced in all Suites
Ongoing Business: Cynthia Reid:
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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
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Noted that the fabric for the sofa beds was being treated with flame retardant
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Indicated that various options for the lobby ramp are being studied
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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.