MINUTES OF THE MEETING OF OWCAM BOARD OF DIRECTORS

HELD ON TUESDAY, JANUARY 24, 2003

AT RIVERPLACE CONFERENCE ROOM

1730 SW HARBOR DRIVE, PORTLAND, OREGON

PRESENT:                                Marshall Fant, President

Bryce Stephens, Treasurer

                                                Cheryl Brendle, Secretary

MEMBERS PRESENT:              Rich Thompson, Regenesis

                                                George Carter, Sterling Properties

                                                Kaye Youngren, Community Management Inc.

                                                Steve Barber, Invest West

                                                Ron Balash, Multi Services Inc.

I.                  CALL TO ORDER

Marshall Fant called the meeting to order at 8:36 A.M.

II.      MINUTES APPROVED

The minutes of the November 2002 meeting were approved as previously circulated.

III.           2003 BUDGET APPROVED

IV.             OWCAM ETHICS

George Carter leads a discussion of a set of ethics that has been modeled after the CACM ethics. The changes made during the discussion will be incorporated and the Ethics document will be submitted to the OWCAM members for their consideration and approval.

V.                OWCAM BYLAWS

Adoption of the Bylaws is to be made a high priority. George Carter will spearhead the process of reviewing similar sets of bylaws and presenting a set to the Board for their consideration. The Annual Meeting will be postponed until after the Bylaws are approved. The target month for the meeting, however, is April 2003. If OWCAM is prepared to hold its annual meeting in April, a lunch meeting will be scheduled.

VI.             LEGISLATION – Washington Collection Agency Requirement for Management Companies

Steve Barber will check on the status of the efforts of Washington managers to repeal this requirement. OWCAM will support these efforts.

VII.                     NEXT MEETING DATES CONFIRMED

The next meeting of OWCAM will be held on Tuesday February 11, 2003. Rich Vial will be the speaker for this session.

VIII.                  ADJOURNMENT

The meeting was adjourned at 10:00 A.M.

SUBMITTED BY: Cheryl Brendle, Secretary