MINUTES OF THE BOARD OF DIRECTORS MEETING OF OREGON WASHINGTON COMMUNITY ASSOCIATION MANAGERS HELD MAY 11, 2004 AT 8:30 A.M. IN THE MEETING ROOM AT THE HOLIDAY INN, 1441 NE 2^nd AVENUE, PORTLAND, OREGON.

PRESENT:                                                         Cheryl Brendle, President

Ron Balash, Vice-Chairman

George Carter, Treasurer

Diane Wood, Secretary

Rich Thompson, Affiliate

ABSENT:                                                           Marshall Fant, Past President

I.        CALL TO ORDER  The meeting was called to order at 8:35 a.m. by President Brendle.

I.        MINUTES

II.     AGREED

III.    George Carter made a motion, Ron Balash seconded it and it unanimously carried to approve the minutes from the March 8, 2004 meeting as presented.

I.         PRESIDENT’S COMMENTS

IV.    President Brendle suggested liaisons be appointed to the organizations OWCAM interfaces with on a regular basis.

V.      AGREED - The Board appointed the following as liaisons:

Ø       Lawyer’s Condominium Working Group – Ron Balash and Rich Thompson

Ø       IREM – Rich Thompson and Diane Wood

Ø       CAI – LAC – Cheryl Brendle, George Carter and Rich Thompson

Ø       Real Estate Agency– Ron Balash

VI.    Ron Balash will draft letter to Brian Demarco regarding certification.

I.       FINANCIAL REPORT – GEORGE CARTER, TREASURER

VII.    AGREED - Diane Wood made a motion, Ron Balash seconded it and it unanimously carried to approve the Financial Report as presented. Carter will review the investment of $15,000 in a Certificate of Deposit and report at the next meeting. Diane Wood will purchase two gift certificates for the drawing to be held at the Annual Meeting.

I.       NEW MEMBER REPORT

II.      D & O INSURANCE   Ron Balash made a motion, Diane Wood seconded it and it unanimously carried to place the Directors & Officers policy with CID Insurance for an annual premium of $1,078. Diane Wood agreed to place the insurance.

III.      INCOME TAX FILING   It was reported Schwindt & Company have volunteered to prepare OWCAM’s taxes without charge.  Treasurer Carter will provide the necessary documents to Schwindt & Company so the taxes can be prepared.

IV.      SUMMARY OF GOALS

V.   SUMMARY OF MEMBER SURVEYS - SPEAKERS    Overall, the response to the Morrison & Hershfield presentation at the March 8, 2004 Meeting was favorable. Suggested future topics were discussed as well as improving the presentation method.

VI.      ANNUAL MEETING   The agenda for the Annual Meeting to be held June 15, 2004 was reviewed. It was agreed that Cheryl Brendle and Ron Balash will select on a speaker for the Annual Meeting.

VII.      CO-BRAND ENDORSEMENT AND INDEMNITY AGREEMENT   The Co-brand Endorsement & Indemnity Agreement was reviewed by the Board.  George Carter made a motion, Diane Wood seconded it and it unanimously carried to approve the Co-brand Endorsement & Indemnity Agreement as presented.

VIII.    POLICY FOR REIMBURSEMENT OF EXPENSES   Discussion followed relative to setting a policy for the reimbursement of expenses for the OWCAM Board. Diane Wood made a motion, Ron Balash seconded it and it unanimously carried to charge non-member and affiliate guests a $20 fee to attend the Annual Meeting and members will attend at no charge. It was agreed OWCAM will pay for the Board Retreat expenses and hosting refreshments at the member meetings.

IX.     CHARITABLE ORGANIZATIONS.   It was agreed to table the discussion until a later date.

X.     OWCAM BROCHURE.   A brochure will be prepared by OWCAM with the focus to educate sellers, buyers and realtors regarding the sales process of properties in an Association.

XI.     ADJOURNMENT   There being no further business, the meeting was adjourned at 10:30 a.m.

XXII.    Submitted By:  Diane Wood, Secretary