Minutes of the annual meeting of the directors of the playground affordable housing corporation a california public benefit corporation

      The Annual Meeting of the Board of Directors of THE PLAYGROUND AFFORDABLE HOUSING CORPORATION, a California Public Benefit Corporation, (the “Corporation”) was held at Oakland, California at 7:30 p.m. on November 12, 2011, pursuant the Bylaws of the Corporation which permit the holding of the Annual Meeting of the Corporation without notice.  A quorum of the Directors of the Corporation were present including Margo Nelson, Christopher Brooks, Mario Rosero and Maggie Lawson.  Margo Nelson called the meeting to order.   The following items were discussed:

1.         The Board  reviewed the physical condition of the Property and found the physical condition of the Property to be adequate, assuming repairs and on-going maintenance as discussed at the meeting are completed.  In particular, the board reviewed the condition of the windows, main bathroom leak, water damage to the ceiling of the crafts room, electrical outlets, the oven and the sewer line.

2.         The Board reviewed the income and expenses of the corporation for the past fiscal period and the projected income and expenses for the next fiscal period, including the automatic rent increase provided for in the lease, and found that the existing budget will adequately protect the interests of the corporation.

3.         The Board has reviewed the general condition of the corporation and is reasonably satisfied that no action from the Board to change any of the activities of the corporation are required at this time to respond to any conditions regarding the corporation of which the Board is aware.

4.         The Board delayed the appointment of new officers for 2010 until it received the recommendation of the residents regarding appointment of new officers.

There being no further business to come before the meeting, on motion duly made, seconded and unanimously carried, the meeting was adjourned.

 

_______________________

Secretary

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