Approved on December 1, 2009

The meeting was held at the residence of Stuart and Virginia MacPhail, 1133 Race Street. 

The minutes were taken by Eric Guetterman.  The meeting was called to order at 7:15 pm by Keith Rundle.

The following members were in attendance:  Keith Rundle (Unit 4a), Ken Coombs (unit 5), Stuart MacPhail (units 1a, 3, 4), Eric Guetterman (unit 8), Patrick Wobst (unit 2), Burton Solseth (unit 3a).  Pok  Payattakool (unit 2a) did not attend but provided a Proxy vote to Stuart MacPhail.

Ken and Stu presented the financial documents for Aug 2007 through July 31, 2008.  Stu motioned to accept this 4 page financial statement, Kieth seconded the motion and the Treasurers Report was unanimously approved.

The November 30, 2008 balance sheet was presented for review and Stu moved to accept it as current and to place it on the web site.  Eric seconded the motion and it was unanimously approved.

Stu moved that the Treasurer be allowed to summarize financial statements for placement on the website.  Eric seconded the motion and it was unanimously approved.

Stu presented proposals on Member Rules and suggested a modification to rule #3 concerning Transfer Fees.  Eric moved to modify the Member Rules by eliminating the transfer fee charged to owners upon leasing their unit to a new tenant and to add to rule #2 a requirement for Name, Address, Phone Numbers and Lease Terms.  Stu seconded the motion and it was unanimously approved.

Eric moved to accept the 2009 budget as presented by Ken, Stu seconded the motion and the 2009 budget was unanimously approved.

Stu presented the member owner and tenant roster for review and information was updated.

Ken presented a reserve budget study and funds escrow projected usage.

For future consideration the following issues were discussed:

 - A disparity between unit numbering was discussed but no action was taken.

 - The subject of moving to a calendar year accounting system was discussed

    but no action was taken.

 - The physical condition of the gutters was discussed but no action was taken.

 - The method of how condo fees are paid, currently through Ken, but possibly

    directly to the bank, was discussed but no action was taken.

Election of New Board Members was held and nominations were submitted for the following members:  Ken Coombs, Stuart MacPhail, Pok Payattakool, Eric Guetterman, and Patrick Wobst.  The nominations were all approved unanimously.

The Annual Membership Meeting was adjourned at 9:00 pm.