Board

The EBAC has a 15-member Board of Directors, five of whom are elected for a term of three years at each annual meeting of Shareholders. The property, business and affairs of the Corporation are managed by or under the direction of its Board of Directors and, except as otherwise expressly provided by the law, all the powers of the Corporation shall be vested in such board.

The officers of the Corporation are a President, one or more Vice Presidents (the number thereof to be determined by the Board of Directors), a Treasurer, and a Secretary, and such assistant treasurers, assistant secretaries or other officers as may be elected or appointed by the Board of Directors. Any two or more offices may be held by the same person, except the offices of President and Secretary.

StandingCommittees

The following Standing Committees are constituted each year by the Board to guide it in the fulfillment of its essential responsibilities to Shareholders.

The Executive Committee consisting, minimally, of the President, Vice-President, Secretary and Treasurer, shall function in a consultative and decision-making capacity between regular meetings of the Board of Directors.

The Governance Committee assists the Board to promote effective and continuing governance of the EBA through review of all governing documents; facilitating Board/Officer election and succession; overseeing Board education, orientation and self-assessment; and administering the screening of potential shareholders.

The Finance Committee assists the Board by helping it to review the EBA’s financial performance and recommending policies, strategies, goals and budgets that protect and promote shareholders’ investments. To assure independent financial reporting, the Finance Committee includes an Audit Sub-Committee.

The Facilities Committee is responsible for assisting the Board to assure an attractive building and grounds through the review, evaluation and recommendation of plans, projects and contracts consistent with the EBA’s residential and commercial real estate strategic goals. The Real Estate and Infrastructure Sub-Committees, with Board approved memberships, function as standing Sub-Committees of the Facilities Committee.

The Events and Community Outreach Committee (ECO) is responsible for planning/resourcing/managing EBA events; connecting EBA and its shareholders to the local Edgewater community; promoting the public image of the EBA as a vibrant, diverse, elegant, desirable place to live and shop; and engaging shareholders and commercial retail tenants as EBAC ambassadors to the community.

CommunityCommittees

The Board may create Community Committees which enhance the welfare of the Edgewater Beach Apartments community in various ways. These committees may, but need not, be chaired by Board members. Each Community Committee shall operate under a Board-approved charter and shall from time to time report to the Board on their activities. Community Committees may be asked to provide guidance or other assistance to Standing Committees of the Board.

Staff

The Edgewater Beach Apartments has a professional staff of over 25, including 24-hour doormen, office staff, full maintenance staff, parking attendants, and is managed by Draper and Kramer, Incorporated.