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SUNWATCH ON ISLAND ESTATES CONDOMINIUM ASSOCIATION, INC. Annual Meeting December 13, 2007 CALL TO ORDER The meeting was called to order by President Jo Warn at 7:05 PM. Board members present were Bob Burwell, Sue Clark and George Powers. Excused - Joe Giacomini. APPOINTMENT OF INSPECTORS Ernie Gonzalez and Bob Thatcher 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 and 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. Paula Nielsen of Resource Property Management verified that 54 units were represented in person or by proxy thereby establishing a quorum. MINUTES Minutes of the December 7, 2006 Annual Meeting were approved as presented. OFFICERS REPORTS President Jo Warn reported on the accomplishments of the Association for the past year. COMMITTEE REPORTS Maintenance Committee: Cliff Snedeker, Chairman, reported the committee has been working with the engineering consultant, KWA, to properly determine what needs to be done to repair and refurbish the common area walkways and decks to prevent damage from water intrusion. The committee's recommendations should be ready for presentation to the Board at the January meeting. NEW BUSINESS TRANSFER THE REMAINING SEGREGATED RESERVE FUNDS INTO THE POOLED FUND The Association has been using the Pooling Method (Cash Flow) of calculating the annual reserve contributions. There are five (5) remaining segregated reserve funds with total balance of $100,564.49. The proposal is to transfer those remaining segregated reserve funds into the Pooled Reserve Funds. The vote by person and/or proxy for the transfer was as follows: 49 FOR the transfer 1 AGAINST the transfer 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 any Surplus Funds was as follows: 50 FOR carry over 0 AGAINST carry over YEAR END FINANCIAL STATEMENT Florida Statute 718.111 (13) (d) requires a year end Audited Financial Statement prepared by a Certified Public Account unless waived by the owners. The Board recommends and Reviewed Financial Statement in lieu of an audit. The vote by person and/or proxy for a Reviewed Financial Statement prepared by a Certified Public Accountant was as follows: 44 FOR a Reviewed Financial Statement 6 AGAINST a Reviewed Financial Statement BORROW FROM THE RESERVES FOR INSURANCE PREMIUM Florida Statute 718.112 (2) (f) (3) allows the borrowing from the Reserves to pay the Annual Insurance Premium. The vote by person and/or proxy for authorizing borrowing from the Reserve Account for the 2007 Annual Insurance Premium was as follows: 50 FOR borrowing from Reserves 0 AGAINST borrowing from Reserves ADJOURNMENT There being no further business, the meeting was adjourned. Robert A. Burwell, Secretary/Treasurer SUNWATCH ON ISLAND ESTATES CONDOMINIUM ASSOCIATION, INC. Board of Director's Organizational Meeting December 13, 2007 CALL TO ORDER Jo Warn called the Organizational Meeting of the Board of Directors to order at 7:26 PM following the Annual Meeting. Board members present were Bob Burwell, Sue Clark, George Powers and Jo Warn. Excused - Joe Giacomini. ELECTION OF OFFICERS It was moved and seconded to elect Jo Warn as President. Motion carried unanimously. It was moved and seconded to elect Joe Giacomini as Vice President. Motion carried unanimously. It was moved and seconded to elect Bob Burwell as Secretary/Treasurer. Motion carried unanimously. President Jo Warn appointed Joe Giacomini as Assistant Treasurer. MINUTES Minutes of the November 28, 2007 Board Meeting were approved as presented. CORRESPONDENCE None OLD BUSINESS None NEW BUSINESS Treasurer, Bob Burwell, reviewed the Proposed 2008 Annual Budget which had been mailed to all owners together with the Notice of Annual Meeting. The Proposed Budget contained an increase of $25,184 in Maintenance Fees which is an increase of 3.7%. An additional $47,518 will be added to the General Property Reserve Funding in order to be fully funded after receiving current Reserve Study by GAB Robins. Questions were then answered from the floor. It was moved and seconded to adopt the 2008 Annual Budget for Total Expenses and Reserve Funding of $729,020. Motion carried unanimously. Jo Warn reported that John, our maintenance person, resigned December 12th without notice. Resource Property Management will provide part time help until a replacement can be hired. NEXT MEETING The next meeting will be Monday, January 21, 2008 at 9:30 AM. ADJOURNMENT There being no further business, the meeting was adjourned. Robert A. Burwell, Secretary/Treasurer