San Francisco Suites
Open Meeting of the Board of Directors
August 9, 2025
The meeting was called to order by President Geoffrey Bellah at 11:02 am. The Board Members 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)
Owners Present: Laura Ricci
Anette Harris via Zoom
Mark Solomon via Zoom
Jim White via Zoom
Cynthia White via Zoom
Owners Forum: The Board heard owners’ comments. It was noted that the staff at the San Francisco Suites are appreciated by the owners.
President’s Report: President Bellah reviewed how the reserve fund underlies the preservation and the maintenance of the building and its contents. The reserve fund is based on the reserve study that catalogs all of the material assets owned by the Association, as well as the life expectancy and the value of each item. This study is updated annually. It allows the manager and the Board to anticipate which items may need to be repaired or replaced, using this fund without impinging on the operations budget.
Approval of the Minutes of the May 3, 2025, Board Meeting: Fred Munroe moved to approve the minutes of the May 3, 2025, Board Meeting. Dwight Walker seconded the motion which passed unanimously.
Treasurer’s Report:
Some highlights of the Association’s financial performance through June 30, 2025, are
-
Operating cash position of $686k is probably the best seen in many years. There are 176 days of cash on hand vs 184 days left in the year. The deficit of 8 days is remarkable given the balance of 48 assessments still outstanding.
-
Accounts receivable balance of $86k represents 14 owners on payment plans or in foreclosure and 34 shares owned by the Association.
-
Fortunately the diligence and dedication by Cynthia Reid has yielded rental income of $42k and sales of foreclosed shares $22k to offset $64k of the uncollected assessments. Just another $22k in rental income or sale of shares during the second half of the year will address the assessment revenue shortfall. Thank you Cynthia!
-
Replacement Reserve cash balance of $777k continues to be invested in federal securities earning an average of 4%. Through June $19k reserve expenditures have been made and are detailed on the Financial Dashboard.
-
Positive variances to budget for revenue include Bonus Time, Sale of Foreclosed Units and Rental Income.
-
Expense negative variances to budget are largely the result of line items budgeted over 12 months, but expenditures recorded as paid, except for Bad Debts. Shares turned over for foreclosure have been recorded as bad debts for P&L purposes and totaled $19k through June.
General Manager’s Report:
-
There are currently 34 non-performing shares, 7 deed backs in progress, 10 shares in the foreclosure process and 5 shares that are on an installment plan.
-
To date, 18 Master shares and 11 Parlor shares have been sold for a total of $80,223.
-
Four Master shares and 11 Parlor shares have been adopted.
-
2025 Airbnb revenue through the end of July is $53,260.
-
The total revenue from the sale of shares and Airbnb so far this year is $133,483.
-
Maintenance items include:
-
Replacement of Murphy bed in 43P at a cost of $6,000 from the reserve.
-
Annual boiler inspection was completed on July 25.
-
A temporary ramp was installed for a disabled guest.
-
-
Cynthia Reid reviewed the year-to-date occupancy rates.
-
The Employee of the Quarter is Andrew Gee, the Night Auditor.
Ongoing Business:
-
President Bellah requested that the Board add an action item to the agenda involving the purchase of new mattresses for the 1, 2, and 5 suites. Dwight Walker so moved. Nancy Hudson seconded the motion which passed unanimously.
-
Jo Ann Trembath moved that the queen size mattresses in the 1 and 2 suites be replaced with king size mattresses in the 1 and 2 suites. Dwight Walker seconded the motion. The motion passed. (The vote was four in favor and one opposed.)
-
Cynthia Reid reported that the estimated cost of replacing the beds, including frames, mattresses and linens is $23,190. (This estimate does not include bed skirts or taxes.) The cost for a standard king mattress and a California king mattress is the same.
-
After some discussion, Fred Munroe moved that the replacement king beds be consistent with the size of the beds in the 5 suites, which are standard kings. Nancy Hudson seconded the motion. The motion did not pass. (The vote was two in favor and three opposed.)
-
Nancy Hudson made the motion that all of the Master suites (1s, 2s, and 5s) be fitted with California king mattresses. Dwight Walker amended the motion to add that there be designer assistance in furniture placement. The motion passed. (The vote was three in favor and two opposed.)
-
Cynthia Reid reported that two vendors have been asked to present estimates for replacing the sofa beds in 2026. These estimates will be brought to the Board at the November Board meeting.
-
The Board discussed the presentation that Ken Johnson from Gallagher Insurance made to the Board earlier in the day. When the insurance renewal takes place on September 1, 2025, the premiums will go down from $146,000 to $132,000 For a savings of $13,000. Other items to be considered in the future are:
-
the fact that we have less than full property of $7.5 million vs $12.5 million
-
a new no-deductible earthquake insurance plan (also called parametric) is now available and may be considered in the future
-
the estimate for the cost of full property coverage would increase the annual assessment by $25.00 per owner.
-
-
Workers Comp Insurance was purchased from Markel, for $17,846. This reflects a savings of $1,335 over the previous year’s premium of $19,181.
New Business:
-
Draft Budget Report was presented to the Board. It reflects a three percent increase from last year. This is a very preliminary draft, with information needed to finalize it. This information includes estimates of non-performing shares, medical insurance premiums and other line items. The Board reviewed guidelines of a 3% increase in wages for budget purposes. The final budget will be presented for approval by the Board in November.
-
New BOD Meeting and Minutes Guidelines – After President Bellah presented a revised draft, Dwight Walker moved that the Guidelines be approved, Fred Munroe seconded the motion which was approved unanimously.
-
President Bellah proposed a modification to the Rules and Regulations that imposes a $50 per hour late fee for unauthorized late check out after 11 am . Dwight Walker moved that this modification to the Rules and Regulations be posted. Fred Munroe seconded the motion which was approved unanimously.
-
President Bellah proposed a modification to the Rules and Regulations that outlines the process for relinquishing shares in the San Francisco Suites Association. Dwight Walker moved that this addition to the Rules and Regulations be posted. Fred Munroe seconded the motion which was approved unanimously.
Forward Planning:
-
Replace hallway and stairway carpeting in 2026
-
Mattress replacement in 2025
-
Sofa beds replacement in 2026
Dwight Walker moved that the meeting be adjourned at 12:51 pm. Jo Ann Trembath seconded the motion which was approved unanimously.
Respectfully submitted,
Nancy R. Hudson, Secretary
The next meeting of the Board of Directors of the San Francisco Suites will be held on November 1, 2025 at 11:00 am.