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December 7, 2006

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SUNWATCH ON ISLAND ESTATES
CONDOMINIUM ASSOCIATION, INC.
Annual Meeting
December 7, 2006

CALL TO ORDER

The meeting was called to order by President Jo Warn at 6:42 PM. Board members present were Bob Burwell, Sue Clark, Joe Giacomini and George Powers.

APPOINTMENT OF INSPECTORS

Ray Sturgis and Jan Johnson of Resource Property Management were appointed Inspectors for the Annual Meeting.

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 intent to run or are nominated than board vacancies exist."

Whereas only five (5) candidates filed notices of intent to run and five (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 Burwell
Sue Clark
Joe Giacomini
George Powers
Jo Warn
ESTABLISHMENT OF QUORUM

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. Ray Sturgis of Resource Property Management verified that 42 units were represented in person or by proxy thereby establishing a quorum.

MINUTES

Minutes of the November 28, 2005 Annual Meeting were approved as presented.

OFFICERS REPORTS

President Jo Warn reported on the accomplishments of the Association for the past year and stated that the painting of the outside railings and the outside caulking was ongoing. We plan to paint the exterior of the building and refinish the outside corridor floors the latter part of next year.

COMMITTEE REPORTS

Emergency Report
George Powers reported that in 2006, security cameras had been installed, security bars had been installed in the garage openings and for better security control, the telephone entry security codes had been eliminated.

Maintenance Report
Joe Giacomini reported that a solution to the leaking doors in the stairwells has been found and should be corrected next year.

Newsletter Committee
Betsy Garfield reported that the Fall Newsletter was just published.

NEW BUSINESS

Information Sheets
Ray Sturgis from Resource Property Management reported that an Emergency Information Form had been sent to all owners in the Notice of Annual Meeting. He stated that it is very important for ALL OWNERS to fill out the form and return to Resource Property Management in case of an emergency in a unit.

YEAR END FINANCIAL STATEMENT

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 Reviewed Financial Statement in lieu of the State Mandated Audit was as follows:
   41 FOR the Reviewed financial statement
   1 AGAINST the Reviewed financial statement

CARRY OVER OF ANY SURPLUS FUNDS

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:
42 FOR Carry Over
0 AGAINST Carry Over

BORROWING FROM THE RESERVES FOR INSURANCE PREMIUM

Florida Statute 718.112(2)(f)(3) allows the borrowing of the 2005 Annual Insurance Premium from the Reserve Account. The vote by person and/or proxy for authorizing borrowing from the Reserve Account for the 2006 Annual Insurance Premium was as follows:
42 FOR borrowing from Reserves
0 AGAINST borrowing from Reserves

ADJOURNMENT

There being no further business, the meeting was adjourned at 7:15 PM.

Robert A. Burwell, Secretary/Treasurer


SUNWATCH ON ISLAND ESTATES
CONDOMINIUM ASSOCIATION, INC.
Board of Director's
Organizational Meeting
December 7, 2006

CALL TO ORDER

Ray Sturgis of Resource Property Management called the Organizational Meeting of the Board of Directors to order following the Annual Meeting. Board members present were Bob Burwell, Sue Clark, Joe Giacomini, George Powers and Jo Warn.

ELECTION OF OFFICERS

It was moved and seconded to elect Jo Warn as President. Motion carried unanimously.

It was moved and seconded to elect Jo Giacomini as Vice President. Motion carried unanimously.

It was moved and seconded to elect Bob Burwell as Secretary/Treasurer. Motion carried unanimously.

MINUTES

Minutes of the November 16, 2006 Board Meeting were approved as presented.

FINANCIAL REPORT

Treasurer Bob Burwell reviewed the Financial Report for the ten (10) months ending October 31, 2006. The Operating Account has a balance of $57,119; however $18,158 of that amount was in Prepaid Owners Fees. The Reserve Account had a balance of $441,413. Expenses and Reserve Funding exceeded Income by $3,655 for the ten (10) months. There were no delinquencies in the monthly maintenance fees.

CORRESPONDENCE

Julian Greengold - Unit 310 sent a letter concerning a van in the parking lot outside his unit. He was under the impression that the van had not been moved in some time and was being used for storage. He also felt that two additional spaces next to the current spaces reserved for car washing should also be reserves for car washing. Jo Warn stated that John and Laurie noted that the van has been moved several times in the past month. She further stated that there is a shortage of parking spaces therefore no additional spaces would be reserved for car washing.

SALE & LEASE APPROVALS

None

OLD BUSINESS

None

NEW BUSINESS

Treasurer, Bob Burwell, reviewed the Proposed 2007 Annual Budget which had been mailed to all owners together with the Notice of Annual Meeting. The Proposed Budget contained an increase of $159,324 in Maintenance Fees which is a 31% increase. $144,000 of that increase was due to increased insurance premiums. The remainder of the total increase is $15,324 which is less than 3%.

It was moved and seconded to adopt the 2007 Annual Budget for Total Expenses and Reserve Funding of $700,836. Motion carried unanimously.

NEXT MEETING

The next meeting will be Monday, January 22, 2007 at 9:30 AM.

ADJOURNMENT

There being no further business, the meeting was adjourned at 7:32 PM.

Robert A. Burwell, Secretary/Treasurer