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SUNWATCH ON ISLAND ESTATES CONDOMINIUM ASSOCIATION, INC. Board of Director's Meeting November 28, 2007 CALL TO ORDER President Jo Warn called the meeting to order at 9:30 AM. Board members present were Bob Burwell, Sue Clark and Joe Giacomini. Excused - George Powers. MINUTES Minutes of the October 23, 2007 Board Meeting were approved as presented. FINANCIAL REPORT Treasurer Bob Burwell reviewed the Financial Report for ten (10) months ending October 31, 2007. The Operating Account had a balance of $110,568; however $20,256 of that amount was in Prepaid Owners Fees. The Reserve Account had a balance of $449,811. Income for the ten (10) months exceeded Expenses and Reserve Funding by $54,494. One owner was delinquent a total of $48 in monthly maintenance fees. MANAGEMENT REPORT Paula Nielsen from Resource Property Management presented her Management Report for November. CORRESPONDENCE The following notes were in the Suggestion Boxes: Fred Bleakley - Unit 610 - Expressed concern about rumors of "enhancement" to the walkways in the 670 building. Jo Warn stated that no action has been taken by the Board regarding the common area walkways. The Board is still waiting for recommendations by our engineer and the Maintenance Committee. Claudette Healy - Unit 703 - Sent a copy of a letter to the Maintenance Committee containing several questions concerning resurfacing the common walkways. The Board assumes that the Maintenance Committee will address those concerns. C. E. Vincent - Unit 309 - Sent a letter to the Board concerning the lack of proper Reserves. Treasurer, Bob Burwell, handed out a Reserve analysis showing all of the contributions and expenditures to the Reserves from inception in December 1996 thru December 2006. He stated that our Property Manager suggested that we engage a professional to conduct a Reserve Study. In February 2002 we engaged GAB Robins to prepare on Reserve Study and beginning with the 2003 Budget we contributed what they recommended as an annual contribution for fully funded reserves based on the Cash Flow Analysis. In January 2006 we received a Reserve Study update and again contributed the amount they recommended beginning with the 2007 Budget. Because of the steep increase in building costs, the Board requested a third update which was just received today in time for the adoption of the new funding requirement in the 2008 Proposed Budget. COMMITTEE REPORTS Covenants Committee - No report. Emergency Committee - No report. Guest Units Committee - No report Landscaping Committee - No report Maintenance Committee - Cliff Snedeker, Chairman submitted a copy of a Maintenance Committee Meeting of November 7, 2007, and a Memorandum dated November 14, 2007 concerning the committee meeting. The report made several suggestions to the Board concerning the condition of our floors and walkways. The report requested time for the Maintenance Committee to work with KWA to properly determine their finding and specifications and to work with them to refigure any areas of concern. The committee also requested that KWA perform some tests on the floors to determine if salt intrusion into the slab has occurred. It was moved and seconded to approve a bid from KWA in the amount of $1,050 to conduct a salt intrusion test in seven (7) areas of the slab. Motion carried unanimously. Newsletter Committee - No report Social Committee - No report Welcome Committee - No report SALE & LEASE APPROVALS It was moved and seconded to grant confirming approval for the following lease: Unit #400 to Tabitha A. Eiseman for twelve (12) months beginning November 20, 2007 Motion carried unanimously. OLD BUSINESS Treasurer, Bob Burwell presented the Proposed 2008 Budget which contains a 3.70% increase in the Maintenance Fees. The Annual Contribution to the Reserves increased 54.65% from $86,952 to $134,470 based on a Fully Funded Cash Flow Analysis in the just received Reserve Study. It was moved and seconded to approve the Proposed 2008 Budget for a total of $729,020 for presentation at the Annual Meeting. Motion carried unanimously. NEW BUSINESS None NEXT MEETING The next meeting will be Annual Meeting, Thursday, December 13, 2007 at 7:00 PM. ADJOURNMENT There being no further business, the meeting was adjourned. Robert A. Burwell, Secretary/Treasurer