San Francisco Suites

Open Meeting of the Board of Directors May 30, 2026

 

The meeting was called to order by President Geoffrey Bellah at 11:05 am. The Board Directors present were:

Geoffrey Bellah, President Nancy Hudson, Vice President Dwight Walker, Treasurer (Zoom) Jo Ann Trembath, Secretary

Fred Munroe, Director at Large (Zoom)

Others Present: Cynthia Reid, General Manager

Max and Sue Josselyn, Owners

President Geoffrey Bellah called the Open Meeting to order at 11:05 am. Roll call was conducted and a quorum was established.

Owners Forum: Owner Sue Josselyn commented that the plants on the roof looked attractive.

President’s Report: President Geoffrey Bellah gave the following report:

I would like to offer an explanation to the Association of our recent approval, in a

special meeting, of a contract to hire a real estate attorney. As you know, each member of this Association owns a share of real property here in San Francisco at the Suites, and it is not uncommon for us to receive requests from owners or from their trustees or heirs to give back to the Association their share or shares of ownership rather than their trying to sell the same shares on the open market. We appreciate these gifts, especially when we can then sell the same shares, extending ownership to new people and financially benefiting the Association.

One need for a real estate attorney derives from the fact that too often these generous gifts are not, in a legal sense, within the givers’ rights to give, due to flaws or irregularities in the titles to this property which every owner receives upon its legitimate purchase. Sometimes there is a forgotten or unknown or unreleased lien on the share. Sometimes the share was never moved into the owner’s trust or estate. Sometimes the share has multiple owners, all of whom must agree to the deed back, but who may not be available to do so, due to one or more of the dreaded three “Ds”: default, divorce, or death. Each situation seems very personal and seemingly intractable at the time.

Hence, our need for a skilled real estate attorney familiar with the unique system here at the Suites to help this grateful Association and the generous donors to it. Other complex legal issues involving ownership or corporation are also coming up more frequently that we cannot handle without consulting a real estate attorney precisely because our Association members are owners of this real property, not just members of a club or guests in a resort.

So, my report is an appeal to all members of this Association to make certain that your official tokens of ownership at San Francisco Suites are locatable, up to date, and in legal order. Doing so will prevent any legal complications from interfering with your full enjoyment of the Suites, or your ability to sell or gift your property when you are no longer able to use it.

Thank you.

Approval of the Minutes of March 7, 2026, Board Meeting: Dwight Walker moved and Jo Ann Trembath seconded the motion to approve the minutes of the Annual Meeting of the Board of Directors on March 7, 2026. The motion passed unanimously.

Treasurer’s Report: Dwight Walker gave the following report:

Introduction

This report provides a summary of the Suites’ financial activity for the year to

date, covering the period from January 1 through April 30. The report outlines income, expenses, and the current financial position to inform the Board and owners.

Income

Total Operating Income for the year to date includes all sources of revenue. As of April 30,

total income stands at $514,555. The breakdown is as follows:

• Membership Dues: $423,776
• Bonus Time: $12,073
• Sale of Shares: $10,344
• Rental Income: $50,821
• Interest Income: $2,305

Income was $1Sk over budget through April largely due to rental income.

Expenses

Total Operating Expenses for the period are $519,435, distributed as follows:

• Administration: $81,270
• Payroll-related: $325,556
• Repairs & Maintenance: $31,993
• Supplies & Services: $25,679
• Utilities: $29,536
• Bad Debts: $24,000

Expenses were $19,612 over budget through April with the largest variances being for Airbnb Fees of $7,528 that had not been separately budgeted. Upholstery Cleaning, Furniture Repair and Review/Tax Prep are over budget in total by $12,237 as a result of annual expenditures made in the period but budgeted across the entire year. Negative variances to budget for expenses were offset by lower-than-expected payroll expenses. Net Operating Income
The net operating income (loss) as of April 30 is ($4,881). Operating cash at the end of April was $783k which provides 191 days of operating funds vs. 245 days needed. That shortfall is the result of $131kin annual assessments not collected as of April 30. It will take continued diligence by Manager Reid to collect the remaining assessments, sell shares, and generate Airbnb revenue with room nights from nonperforming shares.

Cash Flow and Reserves

As of April 30, the organization maintains a replacement reserve cash balance of $846k. The projected reserve cash balance represents 50% of the “Fully Funded” balance reported in October 6, 2025, external reserve study.

So far in 2026 $67k has been spent on various reserve projects and another $26k is committed by the Board to complete the sofa bed replacement project.

Summary

The Suites remains in stable financial condition as of April. Continued attention to income generation and prudent spending will ensure sustainability through the end of the year.

General Manager’s Report: Cynthia Reid reported:

Financials

• Wells Fargo $157,195.45
• Fidelity Reserve $917,229.49
• Fidelity Ops $559,495.94

SFS Inventory (61)

• 61 non- performing shares
• 8 deed backs in progress (assessments paid)
• Sold 5 masters= $17,500 (assessment included)
• Adopted 2 parlors
• Adopted 5 masters

Total Revenue for January -May 2026 is $71,152.12

• Sale of shares $17,500

·Jan-May Airbnb $53,65212

• Total =$71,152.12

2026 assessments (758 assessments out of 816 have been paid)

• 16 owners have not paid the assessment= $31,640.30

· SFS 52 non- performing shares owed = $92,352

• 12 Delinquent shares will be placed in foreclosure in June Maintenance

Ongoing Business: General Manager Reid:

• Updated the Board on the sofa bed project. August is the estimated time that the new sofa beds will be delivered.

• Architect Kevin Hackett and Contractor Steve Barton are drawing up plans for the permanent Powell Street lobby entrance ramp and will present those plans to the Board at the September meeting.New Business: General Manager Reid:

Steve Barton and his crew completed the hallway floor panel and suite door trim repair and repainting project. Also, the outside siding and the Powell Street entrance were repainted along with the power washing of the two awnings.

24 chairs in need of repair or to be recovered are with Russian Hill Upholstery, and the work should be completed by the August Board meeting.

Forward Planning: Manager Reid:

The seven parlor suite mattresses and box springs will be replaced in July.

The hallway and staircase carpeting will be replaced in 2027.

Jo Ann Trembath moved that the meeting be adjourned and Nancy Hudson seconded the motion, which passed unanimously. The meeting adjourned at 12 noon.

Respectfully Submitted,

Jo Ann Trembath Secretary

The next Open Session Board meeting is September 19, 2026.

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.

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.

 Francisco Suites on Nob Hill

Emergency Meeting of the San Francisco Board of Directors

Wednesday, June 5, 2024

President Geoffrey Bellah called the emergency ZOOM open BOD meeting to approve the newly revised 2024 Rules and Regulations to order at 4:04 PM. The Board Directors present were:

Geoffrey Bellah, President (via ZOOM)

Fred Munroe, Vice President (via ZOOM)

Dwight Walker, Treasurer (via ZOOM)

Nancy Hudson, Secretary (via ZOOM)

Jo Ann Trembath, Director-at-Large (via ZOOM)

Others Present:

Cynthia Reid, General Manager

Dana Livingstone-Lopez, Owner (via ZOOM)

Donald Thomas, Owner (via ZOOM)

Mona Onstead, Owner (via ZOOM)

Jim White, Owner

1. President’s Report: President Bellah noted that the sole purpose of today’s meeting is to approve three changes to the Association’s Rules and Regulations. He noted that the changes were proposed and edited at the March meeting and were posted in the minutes to the San Francisco Suites Owners. The president also sent a letter explaining the proposed changes to the owners. The requisite 28 days has passed since that notification was sent. Furthermore, the issue of the rental of Association-owned shares through companies such as Airbnb was reviewed by legal council and found to be in compliance with the San Francisco Suites CC&Rs.
2. The three proposed changes in the Rules and Regulations relate to bonus time, fee for use of the board room, and rental of Association shares. If approved, the changes will go into effect on June 24, 2024.
3. Bonus Time: The revision in the matter of Bonus Time notes two areas of change. First, reservations for the use of bonus time can be made fourteen days in advance (previously it had been seven days). Second, bonus time “reservations are limited to two nights, weekday or weekend. If you desire additional nights beyond the two confirmed nights, they may be requested when you are actually using your Bonus Time within the fourteen-day period”.
4. Treasurer Walker moved and Director-at-Large Trembath seconded a motion to accept the proposed changes. After a brief discussion, the motion passed unanimously.
5. Board Room Rental Fee: Previously there was a fee for using the Board Room, a separate fee to set it up, and another for breaking it down after the event. The change involves consolidating those fees into a single fee of $100.00.
6. Vice President Munroe moved, and Treasurer Walker seconded the motion to approve this change. There was a brief discussion regarding the capacity of the board room, (General Manager Reid indicated that there was a capacity was 18 to 20.) If the renter needs additional staffing, there will be an additional fee to pay for staff time.) The motion passed unanimously.
7. Rental of Association Inventory through rental companies, such as Airbnb: The proposed addition to the Rules and Regulations is stated as item #13 under Miscellaneous Rules. “Can I rent out my share time on Craigs List, eBay, Airbnb, VRBO, or other short term vacation agencies? No. Individual City Share owners cannot rent their regular use or Bonus Time to third parties without any pre-existing relationship to the same owners or to the Suites, nor can they rent out share time, regular or Bonus, for commercial purposes. Owners with unused regular share time might consider offering this time to other owners on the Suites’ website or exchanging their Use Period through one of the Suites’ approved Exchange services. These rental restrictions on individual City Share owners do not apply to the City Share Association, which may rent non-performing shares in order to make up for an anticipated deficit in the annual budget.”
8. Treasurer Walker moved and Member-at-Large Trembath seconded the motion to approve the addition to the Rules and Regulations. At the moment these rentals will be limited to Parlors with a maximum of two individuals and a minimum age of 21 years. No parties are allowed. There was a discussion related to fees charged by the rental agency (Airbnb is charging the Suites about 3%). Additionally, there was a discussion regarding the differences between “Association owned” and “non-performing” shares. The motion passed unanimously. 

Member -at -Large Trembath moved, and Vice-President Munroe seconded the motion to adjourn the meeting. It was adjourned at 4:51 PM.

 Respectfully Submitted,

Nancy Hudson, Secretary