TIME & PLACE:  7:00 PM on Thursday, March 1, 2012 at the Moorage Office (C-7) located at 2630 N. Hayden Island Drive, Portland, Oregon, 97217

Board Members Present:

• Mr. Clyde Cornell, President
• Mr. Rick Ruffo, Vice President
• Ms. Ann Jacobsen, Treasurer

Board Members Absent:

• Ms. Nancy Lindgren, Vice President
• Mr. Charlie Arkebauer, Secretary

Order Of Business

• Call to Order:  Determination of Quorum.
  • The President called the meeting to order and announced that, with 3 Board Members present, a quorum was established.

• Reading & Approval of the Minutes of Previous Meeting.
  • The President (in Secretary’s absence) e-mailed the minutes from both of the previous meetings, the General Membership Meeting and the BOD Meeting, held January 29, 2012.
  • A motion was made, seconded and passed to approve the minutes from the previous meetings.

• Treasurer’s Report – Ann Jacobsen
  • January and February water were both under budget
  • Overall ops expenses are at 85% of budget
  • Hayden Island Business Park bill was $2,000 vs. $1,300 budgeted

• Based on overall costs divided by land area

• At the end of February, cash reserves total $389K at Schwabe

• Cash balance stands at $149K, Ann recommends investing in additional CDs

• Motion was made, seconded and passed to approve the Treasurer’s report

• Old Business
  • Standing Committee Report

• Facilities & Grounds – Rick Ruffo

·         Walkway leveling is to be scheduled soon

§  BOD will alert the Owners when date(s) are set

§  Bid is for NTE (not to exceed) $1,600

·         Curly willows and other trees have been pruned

·         Garage floors will be addressed in summer

§  Suggest completing one to test

• Fire, Security And Safety – Nancy Lindgren (absent)

• Architectural Review – Clyde Cornell

• #51 has been reminded to complete overdue project

• Has a window newly approved as part of that project

• By-Laws, CC&Rs And Rules – Ann Jacobsen
  • Nothing to report

• Violation & Adjudication – Charlie Arkebauer (absent)

o   Schwabe Account Resolution, letter and paperwork

·         Ann reports this has been completed

• New Business
  • Committees
    • Need to fill committee positions for 2012
      • Clyde to email and make postings at gazebos

• CD Investment
  • Ann recommends investing $50K in CDs, bringing cash to $100K
  • Currently have $240K in eight CDs, all short term or expiring within one year
  • Motion made, seconded and passed to invest $50K in two 6-month CDs

• Reminder Date, Time & Place for next Board Meeting.
  • This meeting will take place on April 5, 2012, 7:00pm at the moorage office.

• Adjourn
  • Motion was made, seconded and passed to adjourn
    • President adjourned this meeting at 7:42pm