Arnold P. Mordkin and Cindy Mordkin - Page 14

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          compensation.  At the board meetings that occurred during the               
          years at issue, the board, inter alia, also reviewed reports                
          submitted by the Crestwood management staff relating to the                 
          following issues:  (1) The operations of Crestwood Association,             
          (2) its financial results, (3) the installation of a fire protec-           
          tion system at Crestwood,14 (4) the proposal by the town of Snow-           
          mass Village for terminating its ownership of Crestwood's parking           
          lots and roads,15 (5) the occurrence of fires on the Crestwood              

          budget committee of the board with assistance from the Crestwood            
          management staff and submitted by that committee to the board for           
          12  The facilities committee of the board advised the board of              
          the quality of housekeeping services, quality of maintenance                
          services, and structural problems with the Crestwood buildings,             
          and it proposed that certain improvements be made to the rental             
          13  During each of the board meetings in September 1989 and 1990,           
          the board considered the nominations of candidates to serve as              
          its members.                                                                
          14  During each of the board meetings in January and April 1989,            
          the board considered issues relating to the installation of a               
          fire protection system at Crestwood, reviewed the bids submitted            
          by various contractors for the installation of such a system, and           
          selected contractors after giving consideration to the recommen-            
          dations made by the Crestwood management staff.  During each of             
          the board meetings in September 1989 and January 1990, the                  
          Crestwood management staff apprised the board of issues relating            
          to the completion of that project.                                          
          15  The town of Snowmass Village owned and maintained the parking           
          lots and roadways of Crestwood.  The town sought to terminate               
          that ownership and to shift the maintenance responsibilities to             
          Crestwood Association.  During the April 1989 board meeting, the            
          Crestwood management staff advised the board of that matter, and            
          the board charged the Crestwood management staff with the respon-           
          sibility of resisting the town's attempt to terminate that owner-           

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