FAIRLINGTON ARBOR

BOARD OF DIRECTORS MEETING

AUGUST 26, 2003

BOARD MEMBERS PRESENT: Tom McQuillan, Jincy Boerner, Pat Schoen, Marilyn Beck, Wendy Deker

BOARD MEMBERS ABSENT: None

MANAGEMENT PRESENT: David Pollard, Facilities Manager

MANAGEMENT ABSENT: Mike Maloney, CFM

HOMEOWNERS PRESENT: None

The Board Meeting was called to order at 7:00 p.m.

The minutes of the July Board meeting were approved.

The Board reviewed the 2004 Annual Budget Meeting package and approved the package to be forward to the homeowners.

The Board discussed the proposed two-year audit contract from Singleton and Bardowski. The Board approved the contract in the amount of $3,600.

VICE PRESIDENTS’ REPORTS:

Wendy Deker, VP Grounds, reported that she had given David Pollard the information on the person from Arlington County that had agreed to do the one-time mosquito spraying. Ms. Deker noted that it had been dry and that no complaints had been received.

Marilyn Beck, VP Buildings, reported that the painters are about to finish the exterior white painting and will be starting the doors shortly. The slate for the next roofing project should be arriving within the next two weeks.

Pat Schoen, VP Community Affairs, reported that the August pool party was very well attended. Ms. Schoen asked the Board about hosting a dog swim the last day, last hour of the pool on September 14, 2003. The Board discussed that the dog swim had grown in attendance over the years and that there were some liability issues. The Board agreed that there would be no dog swim this year and that the liability issues would be discussed with the Arbor’s attorney.

Ms. Boerner, Treasurer, reported that the financials were in good shape this month. Ms. Boerner noted that she had discussed with Michael Schwartz at Merrill Lynch changing the Arbor money market account to a different type of account that would be insured. Mr. Schwartz stated “ That he has transferred the money market account for Fairlington Arbor to the ISA (Insured Savings) money market which is SIPC (Security Investor Protection Corporation) insured with coverage to $2-1/2 million.” The SIPC insures money markets in case a firm holding these monies goes bankrupt.

FACILITIES MANAGEMENT REPORT: David Pollard had nothing to report.

MANAGEMENT REPORT: Mike Maloney was absent.

NEW BUSINESS:

The Board discussed the need to remove the dead and dying trees in the common areas of the Arbor. The Board agreed that these trees should be removed this fall.

The meeting adjourned at 7:35 p.m.