MINUTES

BOARD MEMBERS PRESENT:      President:                      Nancy Spero    

                                                Vice President:              Morton Beebe

                                                 Treasurer:                     Barry Shiller

                                                             Secretary:                     Kathy Jewett

                                                Member at Large          Ram Kumar

PROPERTY MANAGER:                 Adele Laurence

LAURENCE MANAGEMENT

6:30    

1.         CALL MEETING TO ORDER & ESTABLISH A QUORUM

President Nancy Spero called the meeting to order at 6:30 PM and noted that there was a quorum present.

2.         APPROVAL OF MINUTES OF PREVIOUS MEETING

The minutes of the November 19, 2004 Board of Directors meeting were approved as revised.

3.         OPENING HOMEOWNERS’ INPUT

Members were reminded of the Special Members’ Meeting scheduled for January 27 at 7:00p.m. to review and discuss the proposed changes to the governing documents, the CC&R’s and ByLaws. The association’s attorney, Ann Rankin will be available to answer any questions about changes in the law that affect the governing documents.  The Rules Committee members will be available to discuss the drafts and the drafting process.

4.         TREASURER’S REPORT

Treasurer Barry Shiller reported that the preliminary net operating revenue for 2004 was slightly above budget, and the preliminary net operating expenses slightly below budget giving the association a net positive cash balance of $9,500 for the year versus negative forecast of $76,000.

The preliminary reserve balance as of 12/31/04 was $2,388,000.  Barry presented an analysis of the reserve fund expenditures and balances over a five year period.  (See attached addendum)

The Helsing Group’s draft reserve study is being finalized and should be completed shortly.

5.         NEW BUSINESS

Mort Beebe reported that he and director Barry Shiller had interviewed five different engineering firms for the purpose selection one to advise Telegraph Landing on its capital projects over the next several years.  All of them had considerable waterproofing expertise.  Mort and Barry recommended that the association select Ferrari Moe Architects & Engineers to continue as the association’s expert consultants because of their accumulated knowledge of Telegraph Landing, having worked over the past few years on several Telegraph Landing projects and because their rates were comparable to the others.  Ram Kumar made the motion which was duly seconded and carried by unanimous vote.

Leaks at a variety of locations at TL were listed.  The Board intends to, with the advice of its engineering consultant, address the capital needs of Telegraph Landing.

The following people will serve on the Nominating Committee for the Annual Meeting elections:  Nancy Spero, Florence Schwartz, and Pat Yap.  Owners who would like to run for the two available seats on the Board should contact the Nominating Committee.

The Board directed to the Rules Committee the issue of dogs being permitted to relieve themselves on unit patios and requested the manager to address violations of our current rules as they arise.

The Board considered a proposal by an owner to leave the gym unlocked.  During discussions, homeowners expressed concerns about safety, especially if no one knew that someone was in the gym.  After consideration, the board unanimously decided to continue the current policy of requiring that residents check out the gym key from the front desk, and return it when finished.

The Board unanimously approved the renewal of Condominium Financial Management’s Contract with a 3% increase.

The Board tabled the vote to renew the association’s insurance policy until the premium amount was available.  The Board subsequently voted unanimously by email to renew the insurance through Acordia of California Insurance Services’ CCCASA program for a total premium amount is $67,238.49 with a $10,000 deductible.  The Board voted to reject Terrorism Insurance.

The Board approved the proposal by CommAir Mechanical to replace the faulty exhaust fan motor in the west side of the garage as required by code for $1,431.25.

6.         COMMITTEE REPORTS

The Rules Committee reported that the draft governing documents is posted on the website and available for owners to review prior to the informational January 27 Special Meeting for homeowners.  At that meeting, homeowners will be able to ask questions of the Association’s attorney, Ann Rankin, and of the Rules Committee members and discuss the documents.

Building 2 Lobby Committee reported results of the survey sent to all unit owners in building 2 confirmed the recommendation to replace the existing rug with a rug that extends all the way to the mat at the door approximately 10-12 feet longer than the present rug by 6 ft wide.  Kathy Jewett volunteered to order the rug.

The Social Committee reported on the very successful Faire and Auction on December 3, which raised $1,833 for the San Francisco Food Bank, as well as the well attended winter holiday party on December 19.

7.         SET DATE OF NEXT MEETING & ADJOURNMENT

A Special Meeting of Homeowners is scheduled for Thursday, January 27, 2005.

The next meeting of the Board of Directors is scheduled for Wednesday, February 16, 2005.

The Annual Meeting is scheduled for Monday, April 4, 2005.

There being no further business to come before the Board, the meeting adjourned at 8:30 p.m.

Respectfully submitted by Laurence Management:

___________________________________________          ___________________________

Approved by the Board                                                 Date approved by the Board