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SUNWATCH ON ISLAND ESTATES CONDOMINIUM ASSOCIATION, INC. Annual Meeting & Board Meeting December 7, 2009 CALL TO ORDER The meeting was called to order by President Bob Burwell at 7:09 PM. Board members present were Joe Giacomini, George Powers, Bob Thatcher and Jo Warn. MOMENT OF SILENCE President Bob Burwell asked for a Moment of Silence in memory of the Sunwatch Maintenance Supervisior, Steve Stecher. Jo Warn requested the individual owners consider a gift as a Memorial to Steve in lieu of a Christmas gift. APPOINTMENT OF INSPECTORS Sharon Givens and Ernie Gonzalez were appointed Inspectors for the Annual Meeting. 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. Debbie Reinhardt of Resource Property Management verified that 56 units were represented in person or by proxy thereby establishing a quorum. MINUTES Minutes of the December 1, 2008 Annual Meeting were approved as presented. ELECTION OF DIRECTORS Pursuant to Florida Law 718.112(2)(d)(1), an election of the directors of this Association is not required since the number of persons wishing to run for the Board was equal to the number of vacancies to be filled. F.S. 718.112(2)(d)(2) further states that no nominations from the floor are to be accepted by the Association. Any candidate wishing to run for the Board of Directors must submit their intent to run in writing 40 days in advance of the Annual Meeting. The new Board Members are Bob Burwell, Rick Emshiff, Joe Giacomini, Bob Holland and Sheron Nichols. NEW BUSINESS Ron Craig announced that Sunwatch is conducting a Second Annual Drive to collect food and toys for RCS (Religious Community Services) for the Holiday Season with a donation chest in the 670 Lobby. 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:       56 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: 51 FOR a Reviewed Financial Statement 5 AGAINST a Reviewed Financial Statement USE OF RESERVE FUNDS IF DEEMED APPROPRIATE BY THE BOARD AT THE TIME OF A DISASTER/CATSTROPHIC EVENT       52 FOR use of Reserve Funds          4 AGAINST use of Reserve Funds ADJOURNMENT There being no further business, the meeting was adjourned at 7:45 PM. George Powers, Secretary Board of Director's Organizational Meeting December 7, 2009 CALL TO ORDER Debbie Reinhardt from Resource Property Management called the Organizational Meeting of the Board of Directors to order at 7:45 PM following the Annual Meeting. Board members present were Bob Burwell, Joe Giacomini, Bob Holland and Sheron Nichols. Rick Emshoff was absent. ELECTION OF OFFICERS It was moved and seconded to elect Sheron Nichols as President. Motion carried unanimously. It was moved and seconded to elect Bob Holland as Vice President. Motion carried unanimously. It was moved and seconded to elect Bob Burwell as Secretary. Motion carried unanimously. It was moved and seconded to elect Joe Giacomini as Treasurer. Motion carried unanimously. NEW BUSINESS Joe Giacomini 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 6.15% in Maintenance Fees. Questions were answered from the floor. It was moved and seconded to adopt the 2009 Annual Budget for Total Expenses and Reserve Funding of $790,301. Motion carried unanimously. Florida Statutes require that the Board disclose the Total Possible Deductible for our insurance. The Insurance appraisal dated September 2, 2009 by IP Risk Services, Inc. indicates that the insurable reproduction less exclusions of our buildings, pools and tennis courts is $31,656,035. Our windstorm policy contains a 3% deductible which would be $949,681 for a TOTAL loss. Florida Statue 718.112(2)(f)(3) allows the borrowing from the Reserves to pay the Annual Insurance Premium. The Board recommends that $100,000 be borrowed from the Reserves at no interest to be repaid monthly over one year. It was moved and seconded to recommend to a Special Meeting of Owners on Tuesday, December 29, 2009 at 10:00 AM to vote on the recommendation of the Board to borrow $100,000 from the Reserves to pay the Annual Insurance Premium. Motion carried unanimously. The Maintenance Committee requested permission to seek "Joint and Several" bids to repaint the building. It was moved and seconded to grant the Maintenance Committee to seek "Joint and Several" bids to repaint the building. Motion carried unanimously. NEXT MEETING The next meeting is scheduled for Tuesday, January 26, 2010 at 9:00 AM. ADJOURNMENT There being no further business, the meeting was adjourned at 8:06 PM. Robert A. Burwell, Secretary