1. Brentwood of Palatine Condominium Board Meeting 12.10.2008 Treasurer’s Report – Cash Position – Fixed Cost Analysis – Assessment Collection Realities Labor Requirements / Strategy Management – Vanguard Insurance Claim Update Committees Snow Removal Policy

2. Treasurer’s Report – Scorecard

3. Treasurer’s Report – Financials Cash Position Cash Assets October 2008 ending – Operating Accounts - $ 1,652.94 – Reserve (CDs)- $21,455.55 Cash Assets - $23,108.49 Accounts Payable:$16,527.84 Accounts Receivable: $78,919.59

4. Treasurer’s Report – Financials Cash Position YTD

5. Treasurer’s Report – Financials Monthly Fixed Cost Realities Legal$ 350.00 Management$ 2,833.00 Accounting$ 208.00 Insurance$ 5,250.00 Staff$ 4,021.00 Utilities$13,750.00 Contracts$ 8,417.00 Loan$ 4,000.00 Total Fixed Costs$38,113.00

6. Treasurer’s Report – Financials Delinquencies Receivables Total:$78,919.59 – 4 Units > $5k$25,693.53 – 9 Units $2-$5k$30,618.72 – 7 Units $1-$2k $11,156.30 – Collection legal fees through October - $20,229.85 – Strategy is needed that will increase probability of recovering assessments. Up front costs must be minimized. Foreclosures will continue. How we plan for them, and prepare a plan of action will determine success or failure. – Board is investigating all options, and will publish action plan by Jan 31 st, 2009

7. Labor – Terry Ellis is our maintenance person – Volume of needed repairs is large, and grows daily – Board is scheduling interviewing process for additional resources – Cost & Capability of candidate are primary factors. – Requirements include: Grounds cleaning Medium skill set abilities; Light fixtures, Drywall, Painting, Physical seasonal work (snow removal, landscape improvements) Flexible scheduling willingness.

8. Insurance Claim Update (1467 Fire) Association Paid outlay - $72,736.26 Insurance proceeds to date - $47,592.56 Owner paid deductable - $5,000.00 Net “loss” of Association - $20,143.70 Available amounts not claimed by Association: Depreciation amount from Proof of Loss - $13,161.61 “Extras” determined post facto - $5,438.64 Total opportunity that may be lost due to un-timely follow-up filing by previous Board & Management - $18,600.25 Actions being taken by current Board

9. Management Issues Vanguard termination letter dated Nov 20 th, 2008 citing Article VIII, Section 3 of contract Effective January 31 st, 2009 Standard Property Manager model- H&J, PSI, Vanguard- has not worked, and is no longer financially viable. Standard Model - $3600 - $5400 /month $16.75 - $25.00 per Unit Financial Model – $1296 - $1350 /month $6.00 - $6.25 per Unit

10. Management Issues To exploit this opportunity, proposals have been solicited from several companies that consist of the following services only: – Independent, professional financial management – Collection of assessments – Invoice processing – Financial statements – Service call / Work order clearing house service – Property Daily operations will be managed by the Board. Target date for final selection Dec 17 th, 2008

11. The critical need for Owner involement Committees Volunteer support by Ownership is needed for survival Key committees include: Maintenance (Plumbers, Painters…) Landscape Finance (Banking, Capitol, Attorneys…) Building Representative (Monitor and report maintenance needs, violations…) Official committee membership is needed for safe utilization of volunteer resources and effective community involvement.

12. Snow Remediation Policy Funds are not available for 3 rd party contract Association resources must be fully utilized. Pre-positioning of hand equipment and supplies “Day Labor Now” contracted for emergency labor requirements as needed ($15.00 per hour) Two phase approach - Primary and secondary: – Drive way and entrances – Balance of property Policy monitored and will adjust when needed according to conditions, funds and demonstrated effects.

13. Looking Ahead Last 30 Days Election: Jolanta Zinevich, Richard Pinelli, Patrick Plunkett elected. Jan Jakubik resignation, Rebecca Stack appointed by Board. Energy: Natural gas fees reduced 84%. Electric rate reduced 7%. Snow policy developed. Next 30 Days 2009 Budget adoption (12/17) Selection of management company (12/17) Comprehensive rework of Rules and Regulations (1/31/09) Labor resource selection. Initial Committee meetings Laundry

14. Next Meeting Dec 17 th, 2008 2009 Budget