The meeting was called to order by Brian Barnes.

Main discussion at hand tonight will be the financial stability of The Greens. With the many expenses we incur on a regular basis, and with many factors contributing to the ongoing expenses, The Greens should expect financial hardship in 2010 and beyond. Brian opened for discussion if all Board members had the opportunity to review the financial reports. All agreed. Board members confirmed the need to have a reserve fund to insure the financial stability of The Greens Association. The Board members clearly understand the concerns that will arise with any financial decision, yet to keep the association afloat, the only manner in which to do so would be to proceed with an increase in the monthly association fees. Several amounts were considered. With the many expenses incurred each month and with the numbers of roofs in need of repair/replacement, it was unanimously agreed to proceed in a more aggressive manner. In our situation, should a surplus of funds ever occur, The Greens Board will monitor the financial records and possibly a reduction in monthly dues would be a favorable result. Next suggestion of assessing a one-time move-in association fee of $250 was also an unanimous agreement. Although not a significant amount of sales transaction occur each year, the board did agree this was a positive way to add funds to The Greens reserve. This $250 is in line with other associations within the Cedar Rapids/Iowa City areas, and very unlikely to impact the sales transaction of any perspective buyer.

Several of the remaining suggestions from the Nov. 2nd Board meeting will continue to be addressed in future meetings. All homeowners are encouraged to actively participate in The Greens meetings to ensure a broad range of ideas, suggestions, concerns, and so forth, for our community. It was then proposed Brian Barnes generate a letter to be delivered to every homeowner, with the details of the increased monthly association fee (from $125.00 per month to $175.00 per month) and the one-time move-in fee of $250.00. These changes will be effective January 1, 2010. The move-in fee would be sent directly to the reserve fund. The monthly homeowner fee will continue to pay the monthly assessed expenses and the remaining funds (approximately $50 per homeowner) will be directed to the reserve as well. Brian will draft the letter, provide a copy to all Board members and prepare for homeowner delivery early in December 2009. The meeting was adjourned.

Minutes submitted by: Secretary Mary White #1629