Residents Voice 1

LWVJune 10, 2008

Residents Voice

06/10/08

Residents Voice 206/10/08

“Following the Money”

Residents Voice 306/10/08

Review ofCorporate Documents

Residents Voice 406/10/08

Trusts & Regulatory Agreement

Desc Trust Agmt OtherOriginal Trust 3/6/64

Original Reg Agmt – GRF & HUD 3/2/64

Amendment to Orig Trust 4/6/64

Original Reg Agmt – ULHM & HUD 7/1/64

HUD loses funding 1968/9

Amendment – Co-op & Condo = same 1/9/69

Amendment – Co-op & Condo = same 10/13/71

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10

11

12

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Residents Voice 506/10/08

Original Trust (3/6/64)

• Excerpt from trust.

5

Residents Voice 606/10/08

Original Regulatory Agreement

(3/2/64)• Original Reg Agmt – GRF & HUD

• Excerpt from GRF Regulatory Agreement

• Exerpt from ULHM Regulatory Agreement

5

Residents Voice 706/10/08

Amended Original Trust(4/6/64)

• Amendment to Orig Trust

5

Residents Voice 806/10/08

Original Regulatory Agreement

(7/1/64)• Original Reg Agmt – ULHM & HUD

5

Residents Voice 906/10/08

Congress Closes HUD(1968/69)

• HUD loses funding• Co-ops no longer funded by HUD

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Residents Voice 1006/10/08

Trust Clarification(1/9/69)

• Amendment to the Trust defines the terms “Co-op” & “Condo” as interchangeable.

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Residents Voice 1106/10/08

Further Trust Clarification(10/13/71)

• Additional Amendment to the Trust further defines the terms “Co-op” & “Condo” as interchangeable.

Residents Voice 1206/10/08

2008 Total Budget

Mutual Mutual Amt GRF Amt Total

United $32,533,847 $15,528,272 $48,062,119

Third $24,467,165 $14,985,532 $39,452,697

Fifty $5,303,943 $763,766 $6,067,709

Total(GRF Op)

(GRF Reserve)

$62,304,955 $31,277,570$26,539,778

$4,737,792

$93,582,525

Residents Voice 1306/10/08

Layout of Red Book

• 1st Third defines the Headcount & Costs by Division & Work Center

• Middle Third defines the Costs by Mutual

• Back Third contains the Business Plans for the Mutuals.

Residents Voice 1406/10/08

Consolidated Financial Statement

• Defines the costs that make up the Management Fee.– The only money that is paid to PCM.– Their costs to provide Milt Johns services.

Residents Voice 1506/10/08

% Increase for 2002-2007

0.00% 0.00%2.83% 1.83% 2.70%

5.26%

53.33%

1.63%

0%

10%

20%

30%

40%

50%

60%

2001 2002 2003 2004 2005 2006 2007 2008

% Inc

74%

Residents Voice 1606/10/08

Total $ per Year$200,000 increase 2006-2007

324 324 333 339 348 367

562 572

$0$50

$100$150$200$250$300$350$400$450$500$550$600

2001 2002 2003 2004 2005 2006 2007 2008

year

K D

oll

ars

K $ Total-

Residents Voice 1706/10/08

Pension Plans

• Includes the Union Contract for union employees.

• In 2006-7 a 401K plan was included for non union employees.

• Total Cost to the Mutuals:– 2006 = $1,395,000– 2007 = $1,425,000

Residents Voice 1806/10/08

THE END