MINUTES

OF

MASTER’S BOARDMEETING

ON

OCTOBER 25, 2007

AT

DICK MERRILL’S HOME

The meeting was called to order at 7:00 p.m.  Present were the Board members andCindy Pedersen of Cedar Management.

The first item of business was Cedar Management’s monthly report.  Cindy reported that a standard AIAcontract had been prepared with Chismar Construction to repair the damage tohome described in State Farm’s Claim No. 23-Z086-047. The Board reviewed and approved the contract.  Due to the delay in getting the claimapproved, the work will not commence until next spring.  The funds have been received from StateFarm and have been deposited in a separate interest-bearing account at VillageBank. Cindy also reported thatsome homeowners’ problems had been resolved. Cedar Management was directed to look into a pest controlfirm to control the invasion of ants and spiders following the complaints ofseveral homeowners. The resultswill be discussed at a later meeting.

Karen Sturm presented the Treasurer’s Report.  A motion was made to invest any operatingfunds in excess of current needs in short-term CDs. The Board agreed to delay any capital expenditures to thebuildings, such as painting, etc. until 2009.

The Board reviewed Cedar Management’s proposed budget for2008 and made some modifications. The operating budget totals $68,400.00, of which $7,500.00 will bedeposited to the reserve account. Monthly dues will remain at $190.00 per month for 2008.

The Board approved the agenda for the annual meeting, whichwill be held of November 29, 2007 at the TPC Clubhouse at 7:00 p.m.  The next scheduled Board meeting be atthe conclusion of the annual meeting on November 29, 2007 to elect officers for2008.

The meeting adjourned at 9:10p.m.

Respectfully submitted by DickMerrill.

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