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SUNWATCH ON ISLAND ESTATES CONDOMINIUM ASSOCIATION, INC. Board of Director's Meeting April 30, 2007 CALL TO ORDER President Jo Warn called the meeting to order at 9:35 AM. Board members present were Bob Burwell, Sue Clark, Joe Giacomini and George Powers. MINUTES Minutes of the March 19, 2007 Board Meeting were approved as presented. FINANCIAL REPORT Treasurer Bob Burwell reviewed the Financial Report for three (3) months ending March 31, 2007. The Operating Account had a balance of $86,438; however $24,055 of that amount was in Prepaid Owners Fees. The Reserve Account had a balance of $424,556. Income for the three (3) months exceeded Expenses and Reserve Funding by $27,696. Two owners were delinquent a total of $2,132 in monthly maintenance fees. Our attorney has placed a lien on the unit where the owner is delinquent in excess of $2,000. MANAGEMENT REPORT President Jo Warn introduced Paula Nielsen as our new Property Manager from Resource Property Management. Paula Nielsen presented her Management Report for April. CORRESPONDENCE There were no notes in the Suggestion Boxes. No letters were received. COMMITTEE REPORTS Covenants Committee - No report. Bob Burwell reminded the Board that our attorney advises that we must enforce ALL Rules and Regulations, not just selected ones. He noted that "Open House" signs have been placed on the common property on several occasions in violation of the Condo documents. Emergency Committee - George Powers reported that Joe Giacomini made a cabinet with a lock for our security video equipment. The Board thanked Joe for the cabinet. Guest Units Committee - Sharon Givens reported that one renter had exceeded the 11 AM checkout time and that caused our housekeeper to stand around and wait two hours before she could start cleaning. Landscaping Committee - No report Social Committee - No report Maintenance Committee - Joe Giacomini, Bob Burwell and Paula Nielsen met with representatives of KWA and BASF concerning the new coatings for the outside walkways. KWA suggested the Board pick out a color before the specifications can be drawn up. It was moved and seconded to select a "Cocoa Brown" base with a "Dark Sandstone" topping. Motion carried unanimously. Newsletter Committee - Betsy Garfield reported that a spring newsletter will be mailed shortly and asked for suggestions to be published in the newsletter. Welcome Committee - No report SALE & LEASE APPROVALS It was moved and seconded to grant confirming approval for the following sale: Unit #900 to Bob and Marianne Remark. Motion carried unanimously. OLD BUSINESS None NEW BUSINESS It was moved and seconded to confirm a contract in the amount of $4,750 with American Roll Up Door Co to replace the east 670 garage door. Motion carried unanimously. NEXT MEETING To be determined. ADJOURNMENT There being no further business, the meeting was adjourned at 10:45 AM. Robert A. Burwell, Secretary/Treasurer