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SUNWATCH ON ISLAND ESTATES CONDOMINIUM ASSOCIATION, INC. Board of Director's Meeting October 2, 2008 CALL TO ORDER President Jo Warn called the meeting to order at 9:32 AM. Board members present were Bob Burwell (via Telephone), Sue Clark, Joe Giacomini and George Powers. MINUTES Minutes of the April 21, 2008 Board Meeting were approved as presented. FINANCIAL REPORT Treasurer Bob Burwell reviewed the Financial Report for eight (8) months ending August 31, 2008. The Operating Account had a balance of $136,454; however $20,268 of that amount was in Prepaid Owners Fees. The Reserve Account had a balance of $520,432. Income for the eight (8) months exceeded Expenses and Reserve Funding by $21,337. Three owners were delinquent a total of $3,248 in monthly maintenance fees. Burwell reported that the Reserve Account purchased on February 15, 2008, a $100,000 CD from Indymac Bank paying 3.35% due September 15, 2008. The bank was closed and the FDIC paid the $100,000 on July 30, 2008. Sunwatch should have earned about $1,500 interest from February 15 to July 30, but we only collected $100. Burwell reported that he is now purchasing no more than $90,000 per bank in order that the interest will also be paid by the FDIC. MANAGEMENT REPORT Paula Nielsen from Resource Property Management presented her Management Report dated October 1, 2008. CORRESPONDENCE None COMMITTEE REPORTS Covenants Committee - No report. Emergency Committee - All owners MUST provide management with a key to their unit in case there is a need to enter a unit for an emergency. Guest Units Committee - No report. Landscaping Committee - Palm trees at the front of the building have died with some disease. Maintenance Committee - No report. Newsletter Committee - No report. Social Committee - No report. Welcome Committee - No report. SALE & LEASE APPROVALS It was moved and seconded to confirm approval of the following sales: Unit #908 to Bjorn and Agneta Andersson. Unit #805 to William and Barbara Lenz Motion carried unanimously. OLD BUSINESS The Board will draw up a proposal concerning dogs and forward to the Sunwatch attorney to prepare an amendment to the bylaws to be voted on at the Annual Meeting. It was moved and seconded to block long distance calls from the maintenance room telephone. Motion carried unanimously. NEW BUSINESS It was moved and seconded to grant confirming approval for the following contracts: Doug Van Alstine for $2,823.73 to re-strap pool chairs. National Heating & Air Conditioning Inc. for $12,500 to replace four air conditioners. Scrimshaw's Power Washing for $2,244 to repaint two (2) Cabana tile roofs. Artistic Pools of Florida Inc. to install three (3) Chemical Controllers for the pools and SPA. Frontier Lighting for $1,488 to replace ninety (93) exit signs with LEDs instead of bulbs. CO-OP Construction, Inc. for $1,280 to repair the roof. Rushmore Technical Service for $2,210 to replace the Bladder in the eighty (80) gallon water tank. I P Risk Services for $595 for the annual insurance appraisal of our buildings. Motion carried unanimously. It was moved and seconded to approve a two (2) year contract with Cut-Rite Lawn & Landscaping. Motion carried unanimously. There are now new mandatory Hurricane Pad Requirements for all newly installed air conditioner compressors. The elevator and elevator telephone contracts will be reviewed and presented to the Board at a later date. A special Board meeting will be called in late October or early November in the evening to discuss and vote on a contract for repair of the walkways and decks and an assessment to pay for those repairs. A special Insurance Information meeting will be called shortly in order that our insurance agent may explain the new State of Florida insurance for condominiums. NEXT MEETING Annual Membership Meeting, Monday, December 1, 2008. ADJOURNMENT There being no further business, the meeting was adjourned at 10:17 AM. Robert A. Burwell, Secretary/Treasurer SUNWATCH ON ISLAND ESTATES CONDOMINIUM ASSOCIATION, INC. Technical Workshop October 1, 2008 CALL TO ORDER President Jo Warn called the meeting to order at 10:05 AM. Board Members present were Bob Burwell (via telephone), Sue Clark, Joe Giacomini and George Powers. Maintenance Committee members present were Joe Giacomini, Chuck Goldsmith, Cliff Snedeker, Bob Thacher and Jo Warn. Matt Shane with Structural Preservation Systems (SPS) and Brian Kieter with Kerns-Whitehouse (KWA) were present to explain the SPS Proposal, dated September 18, 2008, to Re-Coat the outside walkways and decks. The BASE BID of $306,245 was reviewed in detail and all questions were answered. The next section of the proposal, ADDITIONAL WORK, was based on allowances for work that may be necessary in addition to the BASE BID. Those unknown repairs cannot be determined until the old floor is removed down to the concrete. The seven (7) items listed in the ADDITIONAL WORK section was reviewed in detail. During the discussion, it was determined that item four (4) should be removed from the proposal. The Board and the Maintenance Committee members present had no further questions and agreed that we need to proceed with this project since we are not doing this for aesthetics only, but for the integrity of the building. ADJOURNMENT There being no further business, the meeting was adjourned. Robert A. Burwell, Secretary/Treasurer