AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting*

Thursday, March 28, 2002

5:00 P.M.

Blane van Pletzen called the meeting, convened in the community room, to order at 5:00 p.m.

Residential Trustees present and participating: Blane van Pletzen, Irene Link and Norman Salisbury

Commercial Trustees present and participating: Donna Boes and Deborah Pariseau

Excused: Tom Halleran, Larry Shelton

Management present and participating: Joe Toronto

Approval of Previous Minutes: January 31, 2002

The Minutes of the January 31, 2002 Board of Trustees Meeting, upon motion duly made and seconded, were unanimously approved.

Financial Statements: February 28, 2002

The Financial Statements for February 28, 2002 were reviewed by the manager. The Association reported an unaudited loss of $9,628 Year-to-Date for the Operating Fund. The Common Reserve Fund has an unaudited balance of $115,022 and the Residential Reserve Fund has an unaudited balance of $231,402. The Board also reviewed the Delinquency Report and the managers explanation report of each delinquency. The Board commended Joe Toronto for working diligently with the delinquent owners to bring themselves current with their Owners Association obligations. The number of delinquencies has been reduced to three.

Finance Committee

Willard Homer presented the written report of the Finance Committee meeting of February 26, 2002 to the Board. The committee is concerned about the level of our Reserve Funds and recommends that the Board should be vigilant in minimizing expenditures from these funds during these years of rebuilding the fund balances. The committee also reported that the Association incurred some extra expenses related to the Olympic Games, primarily from the additional security required. The committee plans to review the long-term service agreements and contracts to ensure that the providers are performing as required and providing the Association with first class service.

The Committee, in November, began reviewing drafts of the Operating Budget for the fiscal year 2002-2003 which begins on May 1, 2002. At their meeting on February 28, 2002, the committee forwarded the final draft to the Board for approval. The committee noted that the budget does not assess separately the energy surcharge that has been in place for several months, but that it will be included in the Operating Assessment and will result in a minimal change in the present overall assessment.

Willard Homer requested the Board to appoint an additional Finance Committee member.

The Finance Committee commended Joe Toronto for his work on the 2002-2003 budget.