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SUNWATCH ON ISLAND ESTATES CONDOMINIUM ASSOCIATION, INC. Annual Meeting November 20, 2002 CALL TO ORDER The meeting was called to order at 7:00 P. M. by President Ben Givens. Directors present were Bob Burwell, Ben Givens and Lars Warn. Bill Martin from Rampart Properties verified that 61 units were represented in person or by proxy thereby establishing the required thirty three percent (33%) to constitute a quorum. COUNTING THE BALLOTS Ballots were counted by Bill Martin of Rampart Properties and owners Claretha Davis and Ed Waterstradt. ANNOUNCEMENT OF NEW BOARD MEMBERS Bill Martin presented to Bob Burwell the results of the vote tally. Bob Burwell announced that the three new Board Members were Bob Burwell, Ben Givens and Lars Warn. ADJOURNMENT There being no further business, the Annual Meeting was adjourned. Robert A. Burwell Secretary/Treasurer SUNWATCH ON ISLAND ESTATES CONDOMINIUM ASSOCIATION, INC. Board of Director's Meeting November 20, 2002 CALL TO ORDER President Ben Givens called the meeting to order after adjournment of the Annual Meeting. Board members present were Bob Burwell, Ben Givens and Lars Warn. ELECTION OF OFFICERS It was moved and seconded to elect Lars Warn - President, Ben Givens - Vice President and Bob Burwell - Secretary/Treasurer. Motion carried. MINUTES Minutes of the October 28, 2002, meeting were approved as presented. FINANCIAL REPORT Secretary/Treasurer Bob Burwell reviewed the October 31, 2002, Financial Report. The Operating Account had a balance of $42,223.32 however $17,781.24 of that amount was Prepaid Owners Fees. The Reserve Account had a balance of $171,781.71. The first ten months had total expenses of $266,093 compared to budget of $284,680. The report showed five (5) owners delinquent for a total of $954.24 in monthly maintenance fees. However only two (2) owners were delinquent in maintenance fees while the other three (3) were delinquent in late fees. MANAGEMENT REPORT Bill Martin from Rampart Properties stated that he did not have a report. CORRESPONDENCE The following notes were from the Suggestion Boxes: Cliff Snedeker Unit #1003 - Requested that hot water be provided to the washtub in the garage. The Board took no action on this request. Cliff Snedeker Unit #1003 - Requested the date when the outside railings are to be painted and suggested that interim maintenance of the railings were the responsibility of the association. The outside of the buildings were painted in August 2000, and the vendor provided a seven (7) year warranty. This means that the buildings should not need to be repainted through August 2007. The Board suggested that the unit owners should maintain their railings just as they do with washing their outside windows and deck floors. SALE AND LEASE APPROVALS The following application for purchase was approved: #806 John & Deborah Szostak COMMITTEE REPORTS None OLD BUSINESS Ben Givens gave an update on the progress to reduce the noise for the bank of five (5) air conditioners on each floor. The Board appointed Terry Werner and Cliff Snedeker to a new A/C Noise Reduction Committee. NEW BUSINESS Secretary/Treasurer Bob Burwell reviewed the 2003 proposed budget which had previously been mailed to all owners. Burwell then stated that the proposed budget was prepared with financial information through August 2003, and he now had new information through October 2003. He presented the Board with a revised 2003 Budget that did not change the total income or expenses but modified four (4) line items. It was moved and seconded to adopt the Revised 2003 Budget. Motion carried. Several owners voiced concerns about the income and expenses for the two (2) rental apartments. Suggestions included that the owners be sent a poll to see if there is enough interest in selling the units. The Board reminded the owners that the sale of the units would require amendments to the condominium documents which require an affirmative vote of seventy-five (75) percent of the owners. The Board will take the suggestions under advisement. It was moved and seconded to approve $200 from General Maintenance for additional holiday decorations. Motion carried. NEXT MEETING The next meeting is scheduled for Monday, January 27, 2003 at 7 P. M. ADJOURNMENT There being no further business, the meeting was adjourned. Robert A. Burwell, Secretary/Treasurer