I. President Don Thomas called the meeting to order at 12:15 p.m.  Board members present were Daryl Clark, Bob Egan, Ernie Mongeon, Don Thomas and Les Yeffa.  Lexis Allen was excused, and LeRoy Gilsdorf arrived at the meeting later due to prior commitments. Also present were Larry Stephens, CFO and committee chairs Cleland Noret, Wayne Jerves, Dennis Myers, and Earl Corin.  Other Owners present were Jan Clark, Julie Jerves, Kathy Meyers and Nancy Yeffa. Team Management Member Marie Vergara was also in attendance.

II. Following roll call, we held the Pledge of Allegiance.

III. The agenda was approved as presented.

IV. It was moved by Bob Egan and seconded for the confirmation of the electronically approved minutes of the Board Meeting of April 12, 2006, and the minutes of the Executive Session of April 12, 2006.  Motion passed unanimously.

IV. OWNERS FORUM
A. Daryl Clark commended the Housekeeping Team as the rooms were ready at 11:15 when he checked in.
B. Wayne Jerves asked if the CDOA paid a portion of the landscaping cost out on the 5th and 15th floor terraces.  Don explained that the landscaping obligations for the PPCA included all interior and exterior landscaping for the Donatello building, except for inside the 93 Hotel and 45 Club lodging units.
C. Bob Egan commented that the sheets on the bed in Room 1415 were rough.  Marie said that Mandy Vergara had new sheets coming in.  Housekeeping is working on a three-par system.  Don Thomas discussed the possibility of replacing the comforters with duvets.  This would be done on a seasonal basis, responds to requests from several of our Owners, and would add a little change to the rooms.

VI. REVIEW OF ANNUAL REPORT TO OWNERS.
A. At this time, the Board and Committee Chairs reviewed the drafts of the Annual reports of the Officers, Committee Chairs and Team Management to be presented at the Annual Owners Meeting. After going through each report and making minor changes, Daryl Clark moved to approve the Annual Reports as changed.

Bob Egan seconded the motion, which passed unanimously. Marie Vergara will make the changes and have copies ready for all Owners at the meeting. B. The Board reviewed the updated external CPA Financial Review report.  Daryl Clark moved the Board accept the final update of the report.  Motion seconded by Bob Egan and passed unanimously.
C. The Board then reviewed the external Reserves Analysis Report.  Bob Egan moved that it be accepted and presented at the Annual Owners Meeting. Motion seconded by Daryl Clark and passed unanimously.

VII.    OLD BUSINESS
A. Mandy Vergara is putting together a report to present to the Hotel to collect the past overpayments made due to the difference between the per diem billing of booked/reserved rooms versus the actual occupied rooms.  There should be an amount between $124,000 and $132,000 over the six-year period from 2000 - 2005.  We will receive it back either as a payment or a credit against our regular monthly billing and payment to the Hotel for these services.  A procedure is now in place where the Club and the Hotel confirm the actual room occupancy on a daily basis.B. The CDOA Task Force is working on the PPCA Capital Assets Accounting changes. It is necessary to go back to the original document to figure out how much land the PPCA actually owns.  Once this has been done, the PPCA will change its accounting procedures on their balance sheet.  A draft will be approved by the CDOA Board and then sent to the PPCA.
C. The new Policy and Procedures for the reinstated Exchange Service and the fees for the service will be highlighted at the Annual Owners Meeting

VIII.   NEW BUSINESS
A. Don Thomas discussed the fact that it had been several weeks that the building had been without full capacity on our air conditioning.  The new chiller has malfunctioned and is under warranty.  It will be repaired temporarily and then replaced at no cost by the middle of June.
B. CDOA QUORUM – 339 votes and proxies are required for a quorum for the Annual Meeting.  Currently there are a total of 426, so we have the necessary
quorum for the meeting.
C. The Board reviewed the draft of the proposed goals and objectives for 2007-2007.  Daryl Clark moved the draft be accepted after several minor changeshad been made. Motion seconded by LeRoy Gilsdorf and passed unanimously.

IX. EXECUTIVE SESSION
    The Board moved to Executive Session at 1:40 p.m.  HRM, legal issues and Owner discipline was discussed. No further business appearing, it was moved seconded and passed the meeting be adjourned.

Meeting was adjourned at 2:10 p.m.

Respectfully submitted,

 /s/ Leslie A. Yeffa           
Leslie A. Yeffa, Secretary


 /s/ Don R. Thomas                    
Don R. Thomas, President & CEO

* Complete reports are on file in the Administration Office.