River Oaks Gardens Board of Directors Meeting

Minutes for

January 24, 2008 – 6:00 PM

The meeting was called to order at 6:10 pm.

The October minutes were read, approved, and entered into record.

Financial Report

1) KRJ Property Manager, Pam Rabus reviewed the financial report including:

Operating Account Balance $19,164.62

Reserves

Pre-paid Insurance Reserve $7,360.00

Reserve Account Balance $80,709.58

Accumulated Interest $9,387.29

CD Account Balance $120,000.00

Total Reserve Balance $217,456.87

2) Payments for all operating expenses and the reserve transfer for January had been made.

Manger's Report

1) Pam recapped common areas projects scheduled for February, including various concrete repairs throughout the property, repair of interior walk gates 3 and 5, and landscaping.

2) No other business items to report.

Board Report

1) No new items to report

Homeowners’ Open Forum was held.

The meeting was adjourned at 7:00 pm, and the Board of Directors entered into Executive Session.