San Francisco Suites
Minutes of the Annual Board of Directors Meeting
March 8, 2025
The meeting was called to order by President Geoffrey Bellah at 11:05 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: Susan Josselyn
Max Josselyn
Owners Forum: One owner noted that the thresholds to individual suite doors were inconsistent (brass vs. wood) and also commented about the fantastic appearance of the roof planters
President’s Report: President Bellah welcomed Dwight Walker and Fred Munroe back to the Board for another three-year term, as they were re-elected without opposition due to no other applicants. He then expressed appreciation to Jo Ann Trembath and Nancy Hudson for their contributions to the Board. He conveyed his optimism about the future of San Francisco Suites, acknowledging the team’s strength and General Manager Cynthia Reid’s skills.
Approval of Minutes of January 18, 2025, Board Meeting: Dwight Walker moved to approve the minutes of the January 18, 2025 Board Meeting and Jo Ann Trembath seconded the motion which passed unanimously.
Treasurer’s Report: 2024 and Current Financial Reports
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2024 Year-End Financials
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Year-end operating cash position was good due to advance assessment payments, though $30,000 of 2025 cash was used to cover 2024 expenses, which is not ideal long-term.
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39 shares were held by the Association at year-end, representing $69,000 in unpaid assessments. These shares represent 273 nights that will not be used by owners in 2025. This enables shares to be used for rental income.
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Year-to-date operating revenues were $74,000 over budget due to foreclosed share sales and rental income. Operating expenses were $88,000 over budget primarily due to foreclosures and bad debts, offsetting revenue gains. Supplies and services were $13,000 over budget.
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Net operating income was $51,000, which was $14,000 under budget. Cynthia Reid’s efforts dealing with deed backs, foreclosures, bad debts and Airbnb mitigated larger issues.
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Reserve cash position was over $647,000, including $30,000 interest income. 2024 reserve expenditures were $143,000 resulting in a 38% of Fully Funded balance according to the reserve study.
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January 2025 Financial Report:
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January started decently, mirroring the previous year’s assessment collection patterns. Airbnb program had a strong start in January, significantly better than the previous year.
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Audit for 2024 is pending completion. This and the January financial report represent preliminary numbers and are subject to change.
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End of January cash position was $966,000, replacement reserves of $768,000. Revenue and expenditures in January were close to budget, with no expenditures out of the reserve fund.
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General Manager’s Report:
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Financials as of February 28, 2025 included $277,784 in the Wells Fargo operating account and $717 600 in Fidelity Ops and $787,184 In the Fidelity Reserve account.
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There are 45 shares in the San Francisco Suites inventory, including 36 non-performing shares, 9 deed backs (6 with assessments paid). 7 adopted shares and 2 Masters sold.
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Airbnb revenues for January and February totaled $11,436.
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Total revenue for January and February from sales, adoptions, and Airbnb was $30,819.
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Maintenance included the annual inspections of the roof and the sprinklers as well as electrical, carpet and heater repairs.
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Assessments have been collected on 741 shares. 75 shares are delinquent.
Ongoing Business:
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Chronicle newspaper amenity: Data on newspaper requests show around 25 requests per month. The Suites pays $175 per month to purchase five newspapers per day ($1.25 per paper). Weekday papers are free to owners, but they are charged $3.00 for Sunday papers. After discussion, no motion was made to change the newspaper amenity. The amenity remains as is.
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February 2024 Foreclosure Auction Report: No bidders attended the February 2024 foreclosure auction. Six shares were auctioned (3 Masters, 3 Parlors) with no bids forthcoming. $15,498 was written off as bad debt; $1,514 in taxes were paid on these shares. The shares are now back in Association inventory for sale or adoption.
New Business:
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Spring Master Share adoption report: Four Master Shares have been adopted.
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Approval of IRS Revenue Ruling 70-606: Dwight Walker made a motion to approve the adoption of IRS Revenue Ruling 70-606, allowing the Association to move excess funds into the following year’s operating account to avoid IRS taxation. Nancy Hudson seconded the motion which passed unanimously.
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Sofa bed replacement: Cynthia reported receiving consistent owner complaints about uncomfortable and worn sofa beds, which were purchased in 2010. Cynthia suggested prioritizing sofa bed replacement (13 units needed) before mattress replacement. Jo Ann Trembath and Geoffrey Bellah will work with Cynthia and Decorator Pamela Murphy to deal with this matter. A report will be forthcoming at the May Board meeting.
Forward Planning:
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Replace hallway and staircase carpeting in 2025: There is no urgency to deal with the hallway and staircase carpeting, but Cynthia will contact a company to examine possible repair solutions.
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Mattress replacement in 2025: Jo Ann Trembath and Dwight Walker have agreed to explore the matter of changing some of the queen-sized beds to king-sized beds, before the mattresses are replaced. This committee will report back to the Board.
Adjournment: Jo Ann Trembath moved, and Dwight Walker seconded the motion to adjourn the meeting at 11:52. The motion passed unanimously.
Organizational Meeting of the Board of Directors
Choosing Board Officers for 2025-2026:
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Fred Munroe moved, and Jo Ann Trembath seconded a motion that Geoffrey Bellah continue as President of the Board. The motion passed unanimously.
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Dwight Walker moved, and Geoffrey Bellah seconded a motion that Fred Munroe continue as Vice President of the Board. The motion passed unanimously.
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Dwight Walker moved, and Jo Ann Trembath seconded a motion that Nancy Hudson continue as Secretary of the Board. The motion passed unanimously.
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Nancy Hudson moved and Fred Munroe seconded a motion that Jo Ann Trembath continue on the Board as Member at Large. The motion passed unanimously.
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Fred Munroe moved, and Geoffrey Bellah seconded a motion for Dwighr Walker to continue as Treasurer of the board. The motion passed unanimously.
Establishing meeting dates for 2025-2026: Following a discussion by the Board, there was agreement on the meeting dates for the following year. They are:
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Saturday, May 3
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Saturday, August 9
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Saturday, November 1
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Saturday, January 24,2026
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Saturday, March 7,2026
Organizational Meeting of the Board of Directors disbanded at 12:20 pm.
Respectfully submitted,
Nancy R. Hudson