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SUNWATCH ON ISLAND ESTATES CONDOMINIUM ASSOCIATION, INC. Board of Director's Meeting April 21, 2008 CALL TO ORDER President Jo Warn called the meeting to order at 9:30 AM. Board members present were Bob Burwell, Sue Clark and Joe Giacomini. Excused - George Powers. MINUTES Minutes of the March 10, 2008 Board Meeting were approved as presented. FINANCIAL REPORT Treasurer Bob Burwell reviewed the Financial Report for three (3) months ending March 31, 2008. The Operating Account had a balance of $85,518; however $22,008 of that amount was in Prepaid Owners Fees. The Reserve Account had a balance of $502,778. Income for the three (3) months exceeded Expenses and Reserve Funding by $14,798. Five owners were delinquent a total of $3,969 in monthly maintenance fees. MANAGEMENT REPORT Paula Nielsen from Resource Property Management presented her Management Report dated April 21, 2008. The total claim for water damage to the common elements for the malfunction of the fire sprinkler head in unit 606 was $32,571. Chubb Group Insurance paid $22,571 after the $10,000 deductible which will be paid out of our contingency fund. CORRESPONDENCE none COMMITTEE REPORTS Covenants Committee - No report. Emergency Committee - No report. Guest Units Committee - A unit owner is donating their carpet which will be used to replace the carpet in the Guest Units. Landscaping Committee - No report Maintenance Committee - Beginning January 1, 2010 a Federal mandate requires that all new air conditioning systems must use R-410A gas. The committee is obtaining information from two air conditioning vendors to see if they will give a group discount for replacing our individual air conditioning units as they are now thirteen (13) years old. 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 sale: Unit #404 to Phillip and Erin Falconi. Motion carried unanimously. OLD BUSINESS Joe Giacomini reported that the Maintenance Committee together with Chuck Goldsmith and Kerns Whitehouse is still fine tuning the resurfacing of the outside decks and walkways. It appears at this time that we will not have to grind down to the concrete slab and that we may be able to apply the required coatings over the existing floors after doing some cleaning and repairs. Both pools and the SPA will be closed May 12 for about two weeks while they are being resurfaced. NEW BUSINESS It was moved and seconded to approve a contract for $5,920 with The Pool Works for renovation of the swimming pool deck. Motion carried unanimously. President Jo Warn reported that the Roof Inspection has been received. The roof is in very poor condition and in need of some immediate repairs that start at $30,000. Chuck Goldsmith is reviewing the report to see if it is economically feasible to repair the roof in order to put off reroofing for another five years or if we should forget the repair and reroof now. NEXT MEETING To be determined ADJOURNMENT There being no further business, the meeting was adjourned at 10:40 AM. Robert A. Burwell, Secretary/Treasurer