We are a five member board...we had no discussion,

If you turn down Medicare Part D now and change your mind later, you'll pay a higher premium, a penalty they call it.

That's true if the company, the plan, has a premium that's at or below the average. If it's above the average then they are obligated to pay the difference.

I think it's a prime property, ... I know that we're looking for funds, but if we need any properties in the future, it would cost considerably more (to purchase property).

Was there a problem with the process?

You had no right to do this, ... You're way over your head.