Board of Directors Announcement

Fellow BFC Owners,

We have several changes to announce. As we shared last week, Amy Rahe has stepped down as Treasurer and as a Director due to life changes and positive developments in her career. She continues as a member of our Owner community. In addition, we have recognized the termination of Chris Wong as a Board Director under Bylaw 4.5 "Termination".

"The term of office of a Director may be terminated prior to its expiration in any of the following ways: (i) absence from three regularly scheduled consecutive Board meetings."

The Board documented 3 absences without warning on 8/28/2019, 9/29/2019, and 10/23/19 and, as of 10/23/2019, officially terminated Chris's Director term. We wish him well and would like to thank him for his service as a Director and as a former Treasurer. This will not impact his standing as an Owner in the co-op.

We have voted in two interim directors to replace these directors, Morgan Vlad-McCabe and Brittni Zotos. Morgan and Brittni have worked productively as Co-Chairs of the Ownership committee--currently leading our Call-a-Thon to reach former and inactive Owners, raise awareness of our needs, and to fundraise. We are excited to welcome them as leaders in our community. Morgan and Brittni will fill interim positions until our next annual meeting in April 2020.

Finally, our current Board President Ali Toxtli has stepped down from this role. He will continue on the Board as a Director and will complete his elected term. Sarah Overholt, our current Vice President, will serve as acting President until an official Board vote can be taken at the next scheduled Board meeting. The vacant role of Treasurer is currently filled by Jesse Ross-Silverman, our Chair of Finance Committee, as an interim and a non-Director. We will be recruiting for the Treasurer position going forward.

We feel confident that we are able to move forward and continue to meet the needs of the co-op in the near term. We would like to stress that five directors is the minimum required for our Board under New York State Law. Our Bylaws allow for 9 Directors. Five directors aren't enough in an organization of over 400 members.

We would like to encourage all Owners to consider joining the Board. It is essential for our accountability to Owners that we have maximum participation in our leadership structures. A complete board membership means more input, more perspectives, more insight to allow us to better meet our current challenges and plan strategically for a stable and successful future. Please reach out to any current Board member, Governance Committee, or our GM to express your interest or plan to attend the next Board meeting. Our meetings are always scheduled on the co-op Calendar and call-in information will be provided.

In cooperation,

Board of Directors

Fran Sanhueza