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.