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SUNWATCH ON ISLAND ESTATES CONDOMINIUM ASSOCIATION, INC. Board of Director's Meeting March 23, 2009 CALL TO ORDER President Bob Burwell called the meeting to order at 9:30 AM. Board members present were Joe Giacomini, George Powers, Bob Thatcher and Jo Warn. MINUTES Minutes of the February 16, 2009 Board Meeting were approved as presented. FINANCIAL REPORT Treasurer Joe Giacomini reviewed the Financial Report for two (2) months ending February 28, 2009. The Operating Account had a balance of $108,513; however $22,488 of that amount was in Prepaid Owners Fees. The Reserve Account had a balance of $601,813. Income for two (2) months exceeded Expenses and Reserve Funding by $7,456. Six owners were delinquent a total of $8,128 in monthly maintenance fees. Eight owners were delinquent a total of $24,854 in Special Assessments. MANAGEMENT REPORT Sue Duncan of Resource Property Management presented her written Management Report dated dated March 23, 2009. CORRESPONDENCE A letter from Carla Ulgen — Unit 509 inquired about the holiday lights that are still on a few balconies. Rather than pass another rule concerning holiday lights, the Board asked Sue Duncan to contact the two owners that still have their lights hanging. COMMITTEE REPORTS Covenants — No report Emergency — No report Guest Units — No report Landscaping — No report Maintenance — Cliff Snedeker reported that a bid has been received from SPS to correct water leaks around the Meeting Room windows. Cliff and Chuck Goldsmith are reviewing the bid. It was moved and seconded to accept a bid for no more than $6,500 from Structural Preservation Systems (SPS) to repair the water leaks around the Meeting Room windows. Motion carried unanimously. Cliff reported that the Maintenance Committee recommends that a consultant be hired to develop exterior paint specifications and they have contacted three consultants to submit bids. It was moved and seconded to allow the Maintenance Committee to accept a bid for no more than $2,500 from a Protective Coating and Corrosion Control Specialist. Motion carried unanimously. Newsletter — No report Social — No report Welcome — No report SALE & LEASE APPROVALS It was moved and seconded to grant confirming approval for the following sale: Unit #806 — Poong Jo Jee and Sook Ja Jee. Motion carried unanimously. It was moved and seconded to grant approval subject to a personal interview by a Board member for the following lease for one year: Unit #400 — Tomas E. Grajales and Lise Grajales. Motion carried unanimously. OLD BUSINESS Bob Thatcher gave an update on the floor repairs. Bob Burwell reminded the Board of the letter dated February 10, 2009 from our attorney concerning updating the Sunwatch Documents. That letter suggested that the first step was to amend all the documents at a General Membership Meeting allowing amendments by an affirmative vote of 75 percent o the unit owners "who participate In the voting in person or by proxy." The Board decided to take no action. Bob Burwell presented a letter dated January 27, 2009, from the Clearwater Assistant Fire Marshal granting Sunwatch additional time until August 31, 2010, to comply with the requirements of Florida Statue #399.15, Regional Emergency Elevator Access. NEW BUSINESS Bob Thatcher and SPS are conducting inspections of all non-tiled outside balconies to determine if any repairs are needed. An owner has suggested that the Board adopt a rule banning live plants on the outside balconies. The Board took no action. NEXT MEETING The next Meeting will be, Monday, April 27, 2009, at 9:30 AM. ADJOURNMENT There being no further business, the meeting was adjourned at 10:12 AM. George Powers, Secretary