San Francisco Suites
Open Meeting of the Board of Directors
November 1, 2025
The meeting was called to order by President Geoffrey Bellah at 11:08 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)
Owners’ Present: Christine Shipman
Joseph Sweeney via Zoom
Kathy Lange via Zoom
Dana Livingstone Lopez via Zoom
Ana Schmidt via Zoom
Susan Josselyn via Zoom
Owners Forum: No owners had comments to share with the Board at this time.
President’s Report: President Bellah noted that, at the August Board Meeting, the Board of Directors was divided on the matter of new mattresses for the Master Suites. After a vigorous discussion, the vote was three in favor of purchasing California King Mattresses and two against. President Bellah named the individuals who voted for and against the motion (these individuals were not named in the meeting minutes). He expressed his concern that the Board of Directors did not reach a consensus on this matter, which made him uncomfortable.
Dwight Walker and Jo Ann Trembath disagreed with President Bellah’s analysis.
Approval of the Minutes of the August 9, 2025 Board Meeting: Jo Ann Trembath moved to approve the minutes of the August 8, 2025 Board Meeting. Fred Munroe seconded the motion. After a brief discussion, the motion passed unanimously.
Treasurer’s Report: Dwight Walker presented the following report with supportive documentation attached.
-
First and foremost, Cynthia and her team should be recognized for their successful year in offsetting the $77,000 in annual assessments that could not be collected. This has been achieved through Airbnb rental income of $69,000 through September and sales of shares or adoptions totaling $35,000. These efforts should provide great comfort to owners, as without them, a special assessment would have been required to fund operations. Thank you, Cynthia, for your leadership and perseverance in these efforts!
-
Operating cash was $298,000 at the end of September, equivalent to 76 days of cash on hand, short of the 92 days until the end of the year. Additional cash was used in September because 12 months of insurance premiums totaling $133,000 had to be paid, which benefits 8 months in 2026. The Suites are the strongest cash position in many years.
-
Replacement Reserve cash/investments total $791,000, earning interest at approximately 4% and invested in federal securities.
-
Action item: Prepaid insurance was not relieved for the September expense, so the Profit and Loss Statement net income is overstated by approximately $11,000.
-
Year-to-date revenue is over budget by $54,000 for the items mentioned above for sales of shares and rental income. In addition, Bonus Time Income and Interest Income are over budget by $8,000.
-
Year-to-date expenses are under budget by $5,000, but this figure is somewhat misleading due to an understatement of insurance expenses of $11,000 and a positive variance in bad debts of $21,000, both of which will diminish before the end of the year. Nevertheless, major expense budget variances are reasonable.
-
Action item: Credit card and bank fees of $13,000 are $5,000 over budget and require review with the bank. Cynthia has indicated that this is on her to-do list.
-
Payroll expenses are over budget by $4,000 due to increased participation in the employee medical insurance plan.
-
Overall, revenue exceeds expenses through September by $59,000, but after adjusting for the insurance and bad debts mentioned above, the surplus is closer to $27,000. If this surplus continues through the end of the year, the board will need to decide whether to build working capital in operations to pay for annual insurance premiums or transfer excess funds to the Replacement Reserves.
General Manager’s Report: Cynthia Reid s reported the following:
-
Financials – As of November 1st, the Wells Fargo account balance was $233,184. The Fidelity Reserve account balance was $792,820, and the Fidelity Operations Account had a balance of $734 for a total of $1,026,738.
-
Kaiser – The Medical renewal for 2026 is $126,000, a 14% increase over the current year. This is due to an increase in the number of staff insured and to the Kaiser rate increase.
-
Vota Delinquent Assessment Foreclosure Auction – Three Master Suites and five Parlor Suites will be auctioned off in January 2026
-
The San Francisco Suites Inventory is 46 units.
-
30 non-performing shares owe $53,070
-
17 deed backs are in progress with assessments paid
-
8 shares in foreclosure owe $17,106
-
5 owners on the installment plan owe $3,056
-
23 Master Suites were sold for $75,500
-
12 Parlor Suites were sold for $21,450
-
12 Parlor Suites and 4 Master Suites were adopted
-
-
Total Revenue from January through October was $200,254, including $96,950 from the sale of shares and $103,304 from Airbnb
-
Mattresses – 2 California King beds were installed in the Master Suites, and another will be installed on November 4th. The remaining 6 will be installed on February 28th
-
Maintenance
-
Electrical outlets were replaced in the Board Room and in the Lobby by Jason Lloyd
-
Heater vents, door sweeps and wall repairs are being done by Israel Garcia
-
Water heater repair was completed by Flowmaster
-
-
Employee of the Quarter is Israel Garcia, Maintenance Contractor
Ms. Reid also presented graphs on the year-to-date occupancy rates.
Ongoing Business:
-
The 2026 Draft Budget was presented by Cynthia Reid and Dwight Walker. The Draft Budget proposed an assessment of $1776 per share, an increase of $7.00 per share. Jo Ann Trembath moved to accept the proposed budget. Nancy Hudson seconded the motion. After a brief discussion, the motion passed unanimously.
-
Changes to the Rules and Regulations regarding a fee for late checkout and for the process for relinquishing a share in the San Francisco Suites have been posted for the required 30 days. No owners objected to the proposed changes. Dwight Walker moved that the changes be accepted as posted. Nancy Hudson seconded the motion. After a brief discussion, the Board voted to pass the motion. The vote was unanimous.
-
Mattress and Linen Report was presented by Cynthia Reid. She noted that 3 California King Mattresses would be installed in Suites 31M, 32M, and 35M by November 4, 2025, at a cost of $12,153.76. Six additional mattresses will be installed on February 28, 2026, at a cost of $18,230.40 (total cost $30,384.40). The estimate for additional linens is $15.000.
-
The current estimate is to replace the 13 sofa beds. Roxanne Robinson, the designer, submitted an estimate of $49,424. for the sofa beds. Fred Munroe moved to accept this proposal. Jo Ann Trembath seconded the motion. After a brief discussion, the Board voted to accept the motion, provided the purchase price does not exceed the estimate. The vote was unanimous.
New Business:
-
Cynthia Reid reviewed the results of the completed No-Site-Visit Reserve study. 2026 repair costs are $106,487. ($136,435 in costs have been removed.) Fred Munroe moved that the study be accepted, and Dwight Walker seconded the motion. After a brief discussion, the motion passed unanimously. Next year a walk-through Reserve Study will be completed.
-
The discussion on furniture placement will be taken up at a future meeting.
Jo Ann Trembath moved that the meeting be adjourned. Nancy Hudson seconded the motion. The board voted unanimously to adjourn the meeting at 12:21 pm.
Respectfully submitted,
Nancy R. Hudson, Secretary
The next meeting of the Board of Directors of the San Francisco Suites is scheduled for January 24, 2026.