SUNWATCH ON ISLAND ESTATES
CONDOMINIUM ASSOCIATION, INC.
Board of Director's Meeting
May 6, 2004

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 of the March 30, 2004 meeting were approved as presented.

Secretary/Treasurer Bob Burwell reviewed the March 31, 2004 Financial Report. The Operating Account had a balance of $50,849.87; however $24,312.91 of that amount was in Prepaid Owners Fees. The Reserve Account had a balance of $276,376.53. Total expenses and reserve funding for three (3) months was $121,493.33 compared to a budget of $120,957.00. Income for three (3) months was $11,610.09 over total expenses and reserve funding. One owner was delinquent a total of $846.92 in monthly maintenance fees.

Jill Ellis from Resource Property Management reviewed her report dated April 30, 2004.

It was moved and seconded to pay Genie of Clearwater, Inc. $135.00 for caulking around the garage doors. Motion carried.

It was moved and seconded to accept a bid from Economy Caulking, Inc. not to exceed $2,500 for sealant repair. Motion carried.

It was moved and seconded to accept a bid from Sunbelt Holdings, Inc. in the amount of $8,975 water control parts of the second floor deck and walkways. Motion carried.

The suggestion boxes contained the following note:

George Powers – Unit # 701 – Inquired as to the qualifications for a handicap parking space. The Board stated that the rules and regulations concerning handicap parking and qualifications were controlled by the state.

The following letter was received:

Sam Rosengarten – Unit #401 sent a letter dated April 6, 2004 concerning a unit owner parking two (2) automobiles in the handicap parking area, another parking in the handicap parking area while on vacation and a request to post speed limit signs in the parking lot. The Board instructed Jill Ellis to write letters to the two (2) owners parking more than one automobile at a time in handicap parking and using handicap parking while on vacation. Susie Thatcher was requested to include a paragraph in the newsletter concerning slowing down in the parking lot.

The following sale was approved:
Unit #703 – Claudette Healy

Landscaping Committee – Jo Warn was requested to investigate installing a hedge to block off the strip of grass east of the tennis court to discourage neighbors from walking their dogs in that area.

Maintenance Committee – Cliff Snedeker stated that he and Terry Werner are attacking the approved list of Maintenance Items needing attention.

None.

Bob Burwell reported that the Insurance Appraisal by IPA had been received. The Insurable Reproduction Cost of the buildings, pools and tennis court is $23,248,040 and that the Flood Valuation of the same items is $27,671,768.

Bob Burwell stated that the Reviewed Financial Statements as of December 31, 2003 prepared by our CPA have been received and that a letter will be mailed to all the owners.

Bob Burwell stated that two (2) owners in the 680 building had recently replaced their air conditioner compressors in violation of the Rules and Regulations because the compressors had a SEER less than the required 15 or above. Jill Ellis was instructed to order stickers to be placed on all air conditioner compressors and air handlers to contact the Board BEFORE replacing any air conditioner units.

Bob Burwell inquired as to the Clearwater Plumbing charges of $640 caused by an owner placing papers towels in the sewer system. Lars Warn will discuss with the owner responsible for the damage. The Board felt that the owner should reimburse the Association.

The next meeting is scheduled for 4 PM, Thursday, June 24, 2004.

There being no further business, the meeting was adjourned.

Robert A. Burwell, Secretary/Treasurer