CORCORAN MEWS CONDOMINIUM ASSOCIATION

Quarterly Board Meeting
November 7, 2007

Attending:
Board Members:
Timothy Foley – Vice President
Jeff Hertrick – Treasurer
Wayne Maffett – Member-at-Large
Salman Anees – Secretary
Mike McGovern, Counsel
Matthew Ash – Resident, 1756-3B

Property Management–Tilton Bernstein Management:
Cheng Sithole – Property Manager (202-232-5247 ext. 21)

The meeting was called to order by President Kassie Lynch at approximately 6:30 PM in 1748 Corcoran Street, # 3B Washington, DC 20009 (President's residence).

Roof Repair Case: 1756 Corcoran Street, Unit 3B

• Kassie asked Matthew Ash to explain the issue of a persistent leak in his roof. He provided his perspective and suggested remedial options. The discussion took place in an "Executive Session" in which CMCA Counsel explained the position of the Association to Mr. Ash. At Mr. Ash's request, the Board agreed to give Mr. Ash a week’s worth of time to think through the issues associated with his case to see how best to resolve the matter of the leak from his unit's roof.

Management Report

• Cheng reported on the progress of exterior painting. It is going well but there may be some additional costs that the Board was made aware of.

Treasurer's Report

• There was a discussion of the 2008 budget. Since the budget had been discussed extensively in an earlier meeting, line-by-line review of items was not necessary. However, there was a broad discussion of how much the condo fees should be raised.
• In an earlier meeting, the proposed increase in condo fees for next year was 3%. However, with the reserve position declining due to exterior painting (done every 7 years) and the potential impact of roof repair in unit 1756-3B, there was a discussion about how much more condo fees should rise.
• Some members (Salman, Tim) argued that other options such as a special assessment be evaluated. The rationale put forward was that the increase in condo fees should reflect an increase in current expenditures, whereas painting and roof repairs were one-time charges that could be paid from the reserves or through a special assessment.
• Given that the reserves were already low due to a transfer of funds for painting purposes, it was decided that the best option would be to go ahead with a 4% increase for 2008, which while more than the previously proposed increase of 3%, was less than what might be needed to restore the reserves in a single year. The Board agreed that reserves will have to built up but it should be done over a few years since this year was particularly expensive and not representative of typical years.
• MOTION: CMCA condo fees to be increased by 4% in 2008 (Moved by: Wayne; Seconded by: Jeff; unanimously passed).

Other Business

• Dates of Board meetings in 2008 were discussed and set as follows:
  • Wednesday, February 6, 2008
  • Wednesday, May 7, 2008
  • Wednesday, August 6, 2008
  • Wednesday, September 10, 2008 (Annual Meeting)
  • Wednesday, November 12, 2008

Salman moved to adjourn the meeting. All present agreed.

Submitted by:
Salman Anees
CMCA Secretary