The NOVEMBER 20, 2014 BOARD OF DIRECTORS (henceforth referred to as "the Board") meeting of the MUSEUM PARK LOFTS CONDOMINIUM ASSOCIATION 125 EAST 13TH STREET (henceforth referred to as "the Lofts Association") began at 7:00 P.M. The Board PRESIDENT of the Lofts Association (henceforth referred to as "President"), Harry O'Halloran, asked BOARD OF DIRECTOR MEMBERS (henceforth referred to as "Directors") to refer to the agenda.

ACTION ITEM #1: APPROVE MINUTES

Vice President James Skakolski moved that the minutes from the September 30, 2014, meeting be approved. Secretary Dean Valentine seconded. The motion passed without dissent.

PRESIDENT'S REPORT

President Harry O'Halloran delivered the President's Report, which included an update on the 2014 operating expenses vs the budget and advised owners that the Board, Management and Staff are keeping on top of expenses.

TREASURER'S REPORT

President Harry O'Halloran ceded the floor to Laurie Wishnoff, Property Supervisor, for the Financial Report.

MANAGEMENT REPORT

President Harry O'Halloran ceded the floor to Cherie Schmidt, Property Manager for the Association Management Report.

ACTION ITEM #2: 2015 BUDGET ADOPTION

The Board resolved to adopt the 2015 budget which calls for a 3.95% increase in assessments

President Harry O'Halloran moved to approve. Vice President James Skakolski seconded. The motion was approved without dissent.

ACTION ITEM #3: 2014 AUDIT PROPOSAL

The Board resolved to approve engagement letter from provided by Picker & Associates to complete the 2014 audit at a cost of $3,900.

Vice President James Skakolski moved to approve. Director Diane Sabol seconded. The motion was approved without dissent.

MEETING ADJOURNMENT

Vice President James Skakolski moved that the meeting be adjourned at 7:11 pm. President Harry O'Halloran seconded. The motion was approved without dissent.