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SUNWATCH ON ISLAND ESTATES CONDOMINIUM ASSOCIATION, INC. Annual Meeting December 1, 2008 CALL TO ORDER The meeting was called to order by President Jo Warn at 7:06 PM. Board members present were Bob Burwell, Sue Clark, Joe Giacomini and George Powers. APPOINTMENT OF INSPECTORS Susie Thatcher and Mona Cleary were appointed Inspectors for the Annual Meeting. ELECTION OF BOARD OF DIRECTORS The Florida Statutes provides that an election is not required unless more candidates file notices of intent to run or are nominated than board vacancies exist. Whereas only one (1) candidate filed notice of intent to run and five (5) Board vacancies exist; therefore the current Board members 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 65 units were represented in person or by proxy thereby establishing a quorum. MINUTES Minutes of the December 13, 2007 Annual Meeting were approved as presented. OFFICERS REPORTS: President Jo Warn reported on the accomplishments of the Association for the past year. Included were the refinishing of the pools and SPA, re-strapping the pool deck chairs, adding chemical controllers to the pools and SPA, replacing the 670 garage doors, replacing the air conditioning units in the two (2) rental units and two (2) elevator control rooms and approving a contract to resurface the common area floors and decks. NEW BUSINESS: CARRY OVER OF ANY SURPLUS FUNDS The Internal Revenue Service Administrative Code requires the Association to address the issue of Surplus Funds. The vote to carry over any Surplus Funds was as follows: 64 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 vote for a Reviewed Financial Statement was as follows: 50 FOR a Reviewed Financial Statement 13 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 for authorizing borrowing from the Reserve Account for the 2008 Annual Insurance Premium was as follows: 55 FOR borrowing from Reserves 7 AGAINST borrowing from Reserves ADMEND DECLARATION OF CONDOMINIUM Restrict owners to no more than one dog. The vote to adopt the amendment was as follows: 31 FOR the Amendment 33 AGAINST the Amendment ADJOURNMENT: There being no further business, the meeting was adjourned at 7:35 PM. Robert A. Burwell, Secretary/Treasurer SUNWATCH ON ISLAND ESTATES CONDOMINIUM ASSOCIATION, INC. Board of Director's Organizational Meeting December 1, 2008 CALL TO ORDER Jo Warn called the Organizational Meeting of the Board of Directors to order at 7:35 PM following the Annual Meeting. Board members present were Bob Burwell, Sue Clark, Joe Giacomini, George Powers and Jo Warn. RESIGNATION OF BOARD MEMBER and APPOINTMENT TO FILL VACANCY Sue Clark submitted her resignation from the Board. Jo Warn announced that Bob Thatcher had agreed to fill Sue Clark's vacancy. ELECTION OF OFFICERS It was moved and seconded to elect Bob Burwell as President. Motion carried unanimously. It was moved and seconded to elect Jo Warn as Vice President. Motion carried unanimously. It was moved and seconded to elect George Powers as Secretary. Motion carried unanimously. It was moved and seconded to elect Joe Giacomini as Treasurer. Motion carried unanimously. President Bob Burwell appointed Bob Thatcher as Assistant Treasurer. NEW BUSINESS Bob Burwell reviewed the Proposed 2009 Annual Budget which had been mailed to all owners together with the Notice of Annual Meeting. The Proposed Budget contained an increase of 4.21% in Maintenance Fees. After the Proposed Budget was mailed, the invoices for insurance were less than expected and Progress Energy received permission from the State of Florida to raise their rates 25%. After applying those revisions to the Proposed Budget, the Maintenance Fees amount to $722,604 for a 2.37% increase. Questions were answered from the floor. It was moved and seconded to adopt the 2009 Annual Budget for Total Expenses and Reserve Funding of $747,060. Motion carried unanimously. New Florida Statutes require that the Board disclose the Total Possible Deductible for our insurance. The Insurance appraisal dated June 23, 2008 by IP Risk Services, Inc. indicates that the insurable reproduction of our buildings, pools and tennis courts is $31,432,614. Our windstorm policy contains a 3% deductible which would be $940,200 for a TOTAL loss. The Board must decide where the funding for this TOTAL LOSS would come from. It MUST come from the operating budget, reserves or special assessment. It was moved and seconded to fund the Total Possible Deductable from a Special Assessment. Motion carried unanimously. It was moved and seconded to accept the engagement letter from Elizabeth Wadsworth, C.P.A. to prepare the Reviewed 2008 Financial Statements for $3,000 and the 2008 Tax Returns for $180. Motion carried unanimously. NEXT MEETING The next meeting will be determined later. ADJOURNMENT There being no further business, the meeting was adjourned at 7:55 PM. George Powers, Secretary