Arnold P. Mordkin and Cindy Mordkin - Page 16

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          operations that were prepared by the outside auditor of Crestwood           
               During each of the years at issue, the Crestwood Association           
          had an annual meeting of all its members (owners' meeting) that             
          was held at Crestwood immediately after the January board meet-             
          ing.  As president of Crestwood Association, petitioner presided            
          over that meeting.  The owners' meeting lasted approximately one            
          to two hours.  The owners attending that meeting received a                 
          summary audit report and were advised of significant activities             
          of the board.                                                               
               During the years at issue, in his capacity as a board member           
          and/or an officer of Crestwood Association, petitioner was in-              
          volved in quality assurance activities of Crestwood Association.            
          Petitioner expressed a strong interest in quality assurance and             
          collaborated with Ms. Gahm to ensure the implementation of poli-            
          cies to improve all aspects of the daily Crestwood Association              
          owners' operations and lodge operations.  During the years at               
          issue, petitioner communicated by telephone with Ms. Gahm and               
          other members of the Crestwood staff regarding quality assurance            
          and met with them in person regarding that matter during his                
          visits to Crestwood in the months of January, April, and Septem-            
          ber of each of the years at issue.                                          
               Throughout each of the years at issue, petitioner reviewed             
          the respective monthly financial statements of Crestwood Associa-           
          tion owners' operations and lodge operations and had telephonic             

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