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SUNWATCH ON ISLAND ESTATES CONDOMINIUM ASSOCIATION, INC. Board of Director's Meeting March 30, 2004 CALL TO ORDER President Lars Warn called the meeting to order at 4 PM. Board members present were Bob Burwell, Cliff Snedeker, Susie Thatcher, Lars Warn and Terry Werner. MINUTES Minutes of the February 26, 2004 meeting were approved as presented. FINANCIAL REPORT Secretary/Treasurer Bob Burwell reviewed the February 29, 2004 Financial Report. The Operating Account had a balance of $40,811.61; however $21,250.65 of that amount was in Prepaid Owners Fees. The Reserve Account had a balance of $268,441.17. Total expenses and reserve funding for two (2) months was $84,551.33 compared to a budget of $80,638. Income for two (2) months was $5,621.01 over total expenses and reserve funding. Four owners were delinquent a total of $1,633.86 in monthly maintenance fees. MANAGEMENT REPORT Jill Ellis from Resource Property Management reviewed her report dated March 29, 2004. CORRESPONDENCE The suggestion boxes contained the following note: Jo Edler - Unit #205 - suggested that the barrel containing the swimming noodles be placed outside of the Ladies Room. The Board instructed Jill Ellis to see that the barrel be placed outside to the rear of the restroom building. SALE AND LEASE APPROVALS The following sales were approved: Unit #600 - Tracy Griffith Unit #705 - Irvin & Ida Schwartz COMMITTEE REPORTS Maintenance Committee - Cliff Snedeker reviewed the committee's report of forty (40) items that needed attention to maintenance. It was moved and seconded to authorize the Maintenance Committee to proceed with implementing the Proposed Maintenance Project List with the understanding that bids be submitted to the Board for final approval before any funds are expended. Motion carried. OLD BUSINESS Bob Burwell stated that the Board had received two (2) letters from the Association's attorney, Nathan Hightower, concerning who is responsible for the cost of replacing the eighteen (18) private garage doors. Mr. Hightower's letter dated March 22, 2004 states that based on Article XXI Section 2(a) of the Declaration of Condominium that the private garages are "limited common elements" and therefore the cost to replace the garage doors is the responsibility of the Association and not the individual garage owner. It was moved and seconded to approve an invoice in the amount of $3,823.20 to Genie of Clearwater, Inc. to be paid after the eighteen (18) private garage doors have been installed. Motion carried. Bob Burwell further stated that Mr. Hightower's letter dated March 22, 2004 states that Article XVI, Section 2 of the Declaration of Condominium allows the Association to charge a "fee" to reimburse the Association for the expense associated with maintaining the "private garage." The cost to reimburse the Association the $3,823.20 for replacing the garage doors amounts to $212.40 per garage. It was moved and seconded to charge each of the eighteen (18) garage owners $212.40 to reimburse the Association for maintaining the private garage doors. Motion carried. NEW BUSINESS Bob Burwell stated that at the request of our insurance agent, we had an appraisal made of our buildings by IPA Appraisal Services, Inc. a few years ago. That company has offered to update their appraisal without an onsite inspection for a minimal fee. It was moved and seconded to authorize IPA Appraisal Services, Inc. to update their appraisal for $195 on the Sunwatch buildings. Motion Carried. NEXT MEETING The next meeting is scheduled for 4 PM, Thursday, May 6, 2004. ADJOURNMENT There being no further business, the meeting was adjourned. Robert A. Burwell, Secretary/Treasurer