BOD minutes of November 5, 2022

Dec 21, 2022

 

San Francisco Suites

Board of Directors

Minutes of Open Meeting (draft)

November 5, 2022

 

  1. Call to Order

President Meibeyer called the meeting to order at 11:12 a.m. The meeting was held in person, with a Zoom link available for any owners wishing to attend remotely.

  1. Roll Call

Board Members present (in person):

Chuck Meibeyer, President

Jo Ann Trembath, Vice-President

Dwight Walker, Treasurer

Fred Munroe, Secretary

Jeff Reichel, Member at Large

Others present:

Cynthia Reid, General Manager

Susan & Max Josselyn, owners

 

III. Owners Forum:

Owner Susan Josselyn commented that she is pleased with the improvements to the appearance and condition of the landscaping on the roof patio.

  1. Approval of Minutes:

The minutes from the October 2, 2022 board meeting, with no corrections, were moved for
approval on a motion by Jeff, seconded by Jo Ann.  With no further discussion, the motion carried unanimously, with the minutes approved as submitted.

  1. President’s Report:
  • President Meibeyer’s report will be interspersed in other topics during the meeting.  However, he indicated his admiration for the efforts of our General Manager and all our dedicated staff, as we continue to move forward with the increased utilization of the Suites. He commended our staff and management for their exemplary service, as all are focused on moving forward in our return to a more normal operational environment.
  1. Treasurer’s Report:
  2. The Treasurer provided a single-page outline of our financial standing, which he refers to as “The Dashboard”.  (This shall be attached to the minutes for reference).  SEE LINK TO VIEW (pdf) Financial Dashboard
  3. As of September 30, 2022, the operating account balance was $138,060. Reserve account balances total $892,979.  We do have a $143,000 shortfall, in operating cash, projected as we head toward the end of the year.  This will be discussed further during the budget
    segment of today’s meeting.  Revenue through September is below the projected budget amount by $27,802; mostly due to fewer nights being booked, as “bonus time”.  However, our favorable savings in expenses currently exceed the noted revenue shortfall.
  4. It was also noted, with the window shade replacement project going forward under
    replacement reserve projects, our long-term utilization of reserve funds remains very
    conservative. 

VII. General Manager’s Report:

  1. As summarized at our last meeting, all 12 Parlors owned by the association have been
    adopted and assessments have been collected.
  2. Related to other share issues, there are 3 deed backs, which are all parlors.  One will be adopted and the other two will likely be sold in 2023. Two other shares are in foreclosure, with the auction expected to take place in December.
  3. All insurance renewals are on track as scheduled.
  4. Maintenance issues: The water heater has now been replaced with the diligent efforts of
    Israel.  A cracked window in suite 32 will be replaced with assistance from the original window installation contractor.  It was also noticed by Israel, that there is a leak needing attention in the boiler room piping, which shall be repaired in the near future.
  5. Interviews for a new houseman are currently taking place, to hire a replacement for Walter.
  6. The employee of the Quarter is Carlton Wing-Tang.  Carlton was not present today for the award.  The president mentioned and all present agreed, Carlton is a reasonably new member of our staff and has instantly demonstrated his value, charm, and diligent service to the Suites.

VIII. Old Business:

  1. 2023 Budget:  Cynthia presented a brief summary of the overall budget, as composed with the concurrence of the treasurer and president.  The 2023 assessment is proposed to be $1,555 per share.  The treasurer reminded the board that the budget being proposed does include a one-time only suspension in 2023 of any revenue being earmarked or transferred
    into reserves in order to provide adequate cash in operations and avoid future cash shortfalls.  On a motion by Fred, seconded by Jeff, it was moved to accept the 2023 budget, as presented.  With no further discussion, the motion carried unanimously.
  2. Changes in banking relationships:  Research was done that demonstrated the association would be favorably served by moving the reserves into accounts bearing greater interest
    returns.  The president summarized ways in which we can proceed.  A motion was made by Dwight to close out the Capital One account, reduce the total funds in Axos to $250,000 and move $600,000 into a 12 or 24-month T-bill account.  The motion was seconded by Jo Ann.  With no further discussion, the motion carried unanimously.
  3. Window Shade Update:  General Manager reported the installation of the window shades is scheduled for January 17 and 18.  Currently, the shade fabric is receiving the final review from the Fire Department.  The board collectively expressed their pleasure with the overall project and the working relationship with our contractor.
  4. New Business:
  1. Board Room chairs:  The overall condition of the boardroom chairs has been an ongoing concern.  The general discussion moved in the direction of making an effort to evaluate whether refurbishment or replacement is the best overall path.  On a motion by Jo Ann,
    seconded by Fred, it was agreed that one chair be sent out to be refurbished, in order to then evaluate the best course of action.  The motion carried unanimously.
  2. Property Tax Concerns: Cynthia met with a representative at the County Assessor’s office, to address the fact that some new owners have not been receiving their tax bills in a timely
    fashion.  It was indicated to her that it sometimes takes a year, after ownership transfer, for tax bills to get sent to the current owner, but the current owner is still legally responsible for payment, even if they did not receive the bill.  Cynthia informed the board that she sends a reminder related to this, to all owners, about the time they are likely to receive their annual tax bill, from the city, in the fall.
  1. Forward Planning:
  1. The General Manager advised the board that the Lobby wallpaper replacement is calendared for 2023.  This item is at the top of the list because the project is likely to include repairs needed for some segments of the lobby walls.
  2. With further discussion, it was agreed that the carpets in the individual suites is a higher
    priority than previously considered.  This item shall be addressed after the Lobby wallpaper replacement has been scheduled.
  3. On a motion by Dwight, seconded by Fred, it was agreed to remove the item related to Board Room remodel from the Forward Planning list, at this time.  This motion carried unanimously.
  1. Next Meeting Date: The meeting of the Board of Directors is January 21, 2023.

XII. Adjournment: On a motion by Dwight, seconded by Jeff, the meeting adjourned
by unanimous consent at 12:23 p.m.

Fred Munroe,  Secretary