Fairlington Arbor
Board of Directors' Meeting

January 23, 2001

Board Members Present: Patricia Schoen, Ann Rogers, Gus Wescott, Tom McQuillan

Board Members Absent: Jincy Boerner

Management Present: Mike Maloney, CFM Management Services, David Pollard, Facility Manager

No Homeowners Present

Ms. Schoen opened the meeting at 7:00 p.m.

MINUTES

Ms. Schoen moved and Ms. Rogers seconded a motion to approve the minutes of the November 28, 2000 as presented. The minutes were approved 4:0:0.

OLD BUSINESS

Discussion on placement of satellite dishes in common property areas. Mr. Maloney was asked to write to the Association attorney for further clarification of the FCC rules and regulations regarding this. Further discussion was tabled until such information is obtained in writing. Homeowner will be notified that this will be discussed at the March meeting.

Vice-President's Reports

Mr. Wescott reported that roof slate replacements in Court 6 are finished. Courts 11 and 12 are to be next.

Treasurer's Report

Mr. McQuillan presented the draft audit report to the Board.

Mr. McQuillan reported on the T-strips that are maturing. It was his opinion that they be rolled over. A motion was made by Ms. Rogers that the T-strips stay as is and that a few days prior to their roll-over date, a re-vote by the Board members be taken to determine if this is still the best investment. Seconded by Mr. McQuillan and was passed unanimously. Vote 4:0:0.

Adjusting journal entries will be taken up at the February meeting. General operating reserve is over-. Funded. Mr. Maloney suggested that the excess should be placed in roofing repair, and Mr. Pollard agreed, Tax returns for Fairlington Arbor are due April 15, 2001. The Board was commended by the auditors for their excellent preparation and investment strategies.

MANAGEMENT REPORT

Mr. Maloney reported that he had put the basis adjustments report into the hands of Singleton and Bardowski.

OLD BUSINESS

Mr. McQuillan made a motion to move to finalize the finance committee guidelines. Seconded by Ms. Rogers and passed unanimously. Vote 4:0:0. The Finance Committee was invited to participate at the February Board Meeting.

NEW BUSINESS

Gounds Committee - Gus Wescott reported on on-going projects. Proposed guidelines for the Grounds Committee were presented for review and will be acted on at the February or March 2001 Board Meeting.

There being no further business before the Board, Ms. Schoen entertained a motion to adjournment. It was seconded by Ms. Rogers and the vote was unanimous. Vote: 4:0:0.

The meeting was adjourned at 8:00 p.m.