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SUNWATCH ON ISLAND ESTATES CONDOMINIUM ASSOCIATION, INC. Board of Director's Meeting May 15, 2006 CALL TO ORDER President Jo Warn called the meeting to order at 9:30 AM. Board members present were Bob Burwell, Sue Clark, Joe Giacomini and George Powers. MINUTES Minutes of the April 24, 2006 Board Meeting were approved as presented. FINANCIAL REPORT Treasurer Bob Burwell reviewed the Financial Report for the four (4) months ending April 30, 2006. The Operating Account had a balance of $40,082.72; however $19,485.41 of that amount was in Prepaid Owners Fees. The Reserve Account has a balance of $411,978.85. Income exceeded Expenses and Reserve Funding by $6,532.61 for the four (4) months. There were no delinquencies in monthly maintenance fees. The "Reviewed" Financial Statements as of December 31, 2005, have been received from our CPA and are available to any owner requesting a copy. Our CPA had a couple of verbal comments concerning our financials. She stated that the "Contingency" line item in the budget should be reserved for unexpected events. We should not charge the Symbiont (pool heaters) payments to Contingency, but should have had a separate line item in the budget for those monthly payments since we knew they had to be made at the time the budget was adopted. Her second comment was that our Operating Cash of $17,000 was too low. That amount is only about two (2) weeks of operating expenses. We should have operating cash at thirty to sixty days of operating expenses. MANAGEMENT REPORT Ray Sturgis presented a written Management Report dated May 15, 2006. Ray Sturgis was instructed to obtain bids to install a security bar at each ground level opening in the garage. CORRESPONDENCE The following notes were in the Suggestion Boxes: Jo Edler #205 - Requested that the car bumpers in garage spaces #63 and # 68 be painted yellow because someone might trip over them since they are near a "Cart Area." Ray Sturgis was asked to instruct Dan to paint those two (2) bumpers. Jo Edler #205 - Requested that a small dip net for retrieving bugs and leaves from the pools be available in the pool area. The Board was concerned about children playing with a net and did not feel that bugs and leaves were a problem with the pool skimmers and Dan's daily cleaning of the pools. COMMITTEE REPORTS Covenants Committee - No report. Emergency Committee - The security cameras are being installed and the additional fuel tank for the generator has been ordered. There have been a few negative comments about the elimination of the entry codes, but most have been positive. Guest Unit Committee - No report. Landscaping Committee - No report. Social Committee - No report. Maintenance Committee - The committee submitted their monthly report dated May 8, 2006. The committee recommends that all of the teal railings be repainted. It was moved and seconded to approve a bid of no more that $30,000 from G. L. Robinson to repaint all of the teal railings, to be paid out of the Reserves, provided the Maintenance Committee is satisfied that the railing fasteners will be properly prepped and that there be minimum brush marks. Motion carried unanimously. The Maintenance Committee has been experimenting with the outside hallway lights trying to reduce the wattage. They are going to use 9 watt bulbs above the 01, 02, and 03 residences and the elevator #4 doors. Cool white 2 watt bulbs will be installed in the remaining areas. It was moved and seconded to approve a "corrected" bid of no more than $7,200 from Transdor Corp. to replace nine (9) outside doors. Motion carried unanimously. It was moved and seconded to approve a bid up to $1,000 from Kerns-Whitehouse & Associates, Inc. to investigate possible options to reduce or eliminate ponding water on the outside walkways as well as prevent water intrusion into the stairwells. Motion carried unanimously. Newsletter Committee - No report. Welcome Committee - No report. SALE & LEASE APPROVALS None. OLD BUSINESS None. NEW BUSINESS None. NEXT MEETING The date and time of the next meeting will be determined later. ADJOURNMENT There being no further business, the meeting was adjourned at 10:50 AM. Robert A. Burwell, Secretary/Treasurer