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SUNWATCH ON ISLAND ESTATES CONDOMINIUM ASSOCIATION, INC. Annual Meeting December 3, 2003 CALL TO ORDER The meeting was called to order at 7:00 PM by President Lars Warn. Directors present were Bob Burwell, Ben Givens and Lars Warn. The Bylaws - Section 8 Quorum requires more than 33% of the units be represented. Since our association has 96 units a quorum requires a minimum of 32 units. Debbie Reinhardt of Resource Property Management verified that 73 units were represented in person or by proxy thereby establishing a quorum. MINUTESMinutes of the October 29, 2003, Board Meeting were approved as presented. FINANCIAL REPORTBob Burwell, Secretary/Treasurer, reviewed the October 31, 2003 Financial Report. The Operating Account had a balance of $57,328.50; however $15,482.01 of that amount was in Prepaid Owners Fees. The Reserve Account has a balance of $238,618.41. Total expenses and reserve funding for the first ten (10) months of 2003 were $358,979.26 compared to a budget of $389,800. Three owners were delinquent a total of $1,592.71 in monthly maintenance fees. SALE AND LEASE APPROVALS
The following lease was approved: Florida Statute 718.111(14) requires a year end Audited Financial Statement prepared by a Certified Public Accountant unless waived by the unit owners. The vote by person and/or proxy for a Year End Audited Financial Statement was as follows: The Internal Revenue Service Administrative Code requires the Association to address the issue of Surplus Funds. The vote by person and/or proxy to Carry Over of any Surplus Funds was as follows: Bob Burwell, Secretary/Treasurer stated that the Proposed 2004 Budget had been mailed to all owners November 4, 2003 by Resource Property Management. He reminded the owners that turnover of Sunwatch by the developers was October 29, 1999. The following is a history of the Maintenance Fees since turnover:
A discussion followed concerning various items in the proposed budget. It was moved and seconded to adopt the 2004 Proposed Budget with $469,548 in Annual Maintenance Fees. Motion carried. ANNUAL MEETING MINUTESMinutes of the November 20, 2002 were approved as presented. REPORTS OF OFFICERSThe officers gave brief reports. REPORTS OF COMMITTEESChairpersons of the Emergency Committee, Lightning Committee and Landscaping Committee gave brief reports. NEW BUSINESSPresident Lars Warn stated that on November 7, 2003 Resource Property Management mailed to all owners a letter and four Limited Proxies containing amendments to various Articles of Association and By-Laws. Approval for any of these changes requires a seventy-five (75) approval by the unit owners. (96 units times 75% equals 72 YES votes.) NONE of the proposed changes received the required YES votes. The results of the votes were as follows:I. Reducing the affirmative votes to amend the Articles of Association from 75% to 50%. For 36 Against 32 II. Authorizing levy of fines. For 38 Against 29 III. Reducing the affirmative votes to amend the By-Laws from 75% to 50%. For 35 Against 32 IV. Limiting the number of pets per unit. For 43 Against 24 ELECTION OF BOARD OF DIRECTORS Section 718.112(2)(d)3, Florida Statutes provides in part -- "Not withstanding the provisions of this subparagraph 3, an election is not required unless more candidates file notices of intend to run or are nominated than board vacancies exist." Whereas only five (5) candidates filed notices of intent to run and 5 Board vacancies exist; therefore the following five (5) candidates are deemed to be elected to the Board of Directors of Sunwatch on Island Estates Condominium Association: Bob BurwellCliff Snedeker Susie Thatcher Lars Warn Terry Werner President Lars Warn thanked Ben Givens, who was first appointed to the Board April 30, 2001 for his loyal and dedicated service as a Board member. There being no further business, the meeting was adjourned. Robert A. Burwell, Secretary/Treasurer SUNWATCH ON ISLAND ESTATES CONDOMINIUM ASSOCIATION, INC. Board of Director's Meeting December 3, 2003 CALL TO ORDER Lars Warn called to meeting to order after adjournment of the Annual Meeting of Owners. Board Members present were Bob Burwell, Cliff Snedeker, Susie Thatcher, Lars Warn and Terry Werner. ELECTION OF OFFICERS
It was moved and seconded to elect Lars Warn as President. Motion carried. The next meeting is scheduled for 4 PM, Thursday, January 22, 2004. ADJOURNMENTThere being no further business, the meeting was adjourned. Robert A. Burwell, Secretary/Treasurer |