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SUNWATCH ON ISLAND ESTATES CONDOMINIUM ASSOCIATION, INC. Board of Director's Meeting November 9, 2009 CALL TO ORDER President Bob Burwell called the meeting to order at 9:05 AM. Board members present were Joe Giacomini, George Powers, Bob Thatcher and Jo Warn. MINUTES Minutes of the May 18, 2009 Board Meeting were approved as presented. FINANCIAL REPORT Treasurer Joe Giacomini reviewed the Financial Report for nine (9) months ending September 30, 2009. The Operating Account had a balance of $110,330; however $20,194 of that amount was in Prepaid Owners Fees. The Reserve Account had a balance of $632,045. Expenses and Reserve Funding for the nine (9) months exceeded Income by $14,119. Seven (7) Owners were delinquent a total of $25,117 in monthly maintenance fee, special assessment, late fees and interest. Five (5) accounts have been sent to the Sunwatch attorney. One (1) unit is in bankruptcy and three (3) units are under foreclosure by the lender. Sunwatch is foreclosing on one of those units. One (1) of the delinquent accounts in the amount of $2,820 has been sold and is now paid in full and another is delinquent only $9.50. MANAGEMENT REPORT Sue Duncan of Resource Property Management presented her written Management Report dated November 9, 2009. CORRESPONDENCE There was no correspondence and the suggestion boxes contained only one UNSIGNED note which was NOT read. COMMITTEE REPORTS Covenants — No report Emergency — No report Guest Units — No report Landscaping — Jo Warn reported that the yard and plants were in excellent shape. Maintenance — No report Social — No report Welcome — No report SALE & LEASE APPROVALS It was moved and seconded to grant confirming approval for the following sales: Unit #509 — James and Carolyn Kastner Unit #1004 — Edward and Ruth Reid Motion carried unanimously. OLD BUSINESS Several items were taken care of over the summer by the Board by voting through email. It was moved and seconded to grant confirming approval for the following email approvals: A $6,900 payment to Structural Preservation Systems charged to Contingency for repairing the coating of the 203 balcony. A $1,750 payment for GAB Robins for a new Reserve Study. Adoption of a "Lease Addendum Agreement." Termination of Judy Kitterman for Housekeeping Services. Engaging Action Cleaning Service (ACS) to provide Housekeeping Services. Increasing Guest Units Rates 1-3 nights $225, 3-14 nights at $75 per night. Canceling the Piper Fire Protection contract. Engaging Cintas Fire Protection. A $3,175 payment to National Heating charged to the Reserve Account to replace the air conditioning unit in elevator room #2. A $250 payment to Felton Professional Adjustment Team charged to Insurance for a wind mitigation report. Engaging Elizabeth Wadsworth CPA to perform the 2009 Annual Review Audit and the 2009 Income Tax Return. Canceling the Verizon telephone contract and replacing with Knology. Installation of an air conditioning unit in the Alarm Panel Room. Purchase of a FAX machine. Motion carried unanimously. NEW BUSINESS Bob Thatcher reported that we are having problems with the Fire Alarm Panel. Edwards Fire Panel stopped manufacturing our type panel in 1999 and they do not have replacement parts. A new panel costs approximately $30,000. If we put in a new panel, the Fire Marshal may require we upgrade the entire fire alarm system which may cost up to $90,000. If the system stops working, the Fire Marshal requires that we have a 24 hour fire watch in both building until a replacement part can be located and installed. Further study is taking place. The report from the protective coating specialist, W. B. Poff Consultants, has been received. Because a new Board will be in place after the Annual Meeting, President Burwell has delayed the Painting Workshop in order that the new Board can act on any proposals to repaint the building. Bob Thatcher reported that there is a problem with attaching new air conditioner units to the floors of our building. The new code requires that they be attached to the floor instead of a hurricane pad. This may cause water to leak into our new floors. It was moved and seconded to require that our Maintenance Person (Steve) attach any new air conditioning units with the proper epoxy. Motion carried unanimously. President Burwell announced that five (5) owners had submitted their names for the five (5) 2010 Board positions, therefore they will become Board members without an election. The five (5) 2010 Board members are Bob Burwell, Rick Emshoff, Joe Giacomini, Bob Holland and Sheron Nichols. NEXT MEETING Monday December 7, 2009 at 6:30 PM for the 2010 Budget Workshop followed by the Annual Meeting at 7:00 PM. ADJOURNMENT There being no further business, the meeting was adjourned at 9:55 AM. George Powers, Secretary