January 2012

MINUTES OF A REGULAR MEETING

OF

THE BOARD OF DIRECTORS

OF

BROOK RIDGE HOMEOWNERS ASSOCIATION, INC.

A Regular Meeting of the Board of Directors of Brook Ridge Homeowners Association, Inc. (the “HOA”) was held on Tuesday, January 10, 2012 at 7:30 p.m. at the home of Paul Spindel.

There were present at the meeting: Carole Princer Levy, Carolyn Levy, Paul Spindel, Enrique Teuscher and Ted Waksman, constituting all of the directors of the HOA and, therefore, a quorum. Also present was Tom Pallman of Stillman Management, Inc.

Carole Princer Levy acted as Chair of the meeting and Ted Waksman acted as Secretary thereof.

Mr. Spindel gave a financial report and update on the 2011 results and projected 2012 budget. The HOA had a loss for 2011 of approximately $9,040, which is primarily related to the owner of unit 16 failing to pay monthly maintenance charges and related legal fees, and is projecting a $110 profit for 2012. A copy of such 2011 statement and 2012 budget is attached as an exhibit to these minutes. Barring any unexpected charges the Operating Account balance is slightly below budget and the Capital Account balance is on budget. As of January 10, 2012 the balances of the Operating Account and Capital Account are $16,779 and $185,683, respectively.

The HOA has arranged for sandblasting and resurfacing of the pool at a cost of $23,000, plus tax, to be paid from the Capital Account. The Board has received estimates for siding and painting of the development as follows: cedar siding - $1.5 million, Hardie Board siding (an engineered product) - $1 million, vinyl siding - $500,000 and painting - $230,000. The Board also received estimates for loans to fund new siding in the range of 6-8% interest and 4-10 year maturities. The Board also discussed the need and timing for an increase in the monthly common area maintenance charges and/or an assessment to cover the costs of siding or painting. Samples of vinyl siding with different colors were shown to the directors, and certain of the directors will view houses in the area that have such siding. Any decision of the Board to pursue siding will be subject to the requisite approval of the homeowners.

The next Board meeting is scheduled for February 21, 2012 at 7:30 p.m. at the home of Carolyn Levy.

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

Ted Waksman

Secretary of the Meeting