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Note: Future minutes will be posted in the Residents Only section SUNWATCH ON ISLAND ESTATES CONDOMINIUM ASSOCIATION, INC. Board of Director's Meeting February 23, 2010 CALL TO ORDER President Sheron Nichols called the meeting to order at 9:00 AM. Board members present were Bob Burwell, Joe Giacomini, Bob Holland and Bob Sylva. MINUTES Minutes of the January 26, 2009 Board Meeting were approved as presented. FINANCIAL REPORT Treasurer Joe Giacomini reviewed the Financial Report for one (1) month ending January 31, 2010. The Operating Account had a balance of $96,065; however $17,421 of that amount was in Prepaid Owners Fees. The Reserve Account had a balance of $687332. Income for the one (1) month exceeded Expenses and Reserve Funding by $7,500. Seven (7) Owners were delinquent a total of $26,829 in monthly maintenance fees, special assessment, late fees and interest. Four (4) accounts have been sent to the Sunwatch attorney. Three (3) units are under foreclosure by the lender. MANAGEMENT REPORT Pat England of Resource Property Management reviewed her email report dated February 16, 2010 with updates. It was moved and seconded to approve contracts with VSC Fire Security in the amount of $1,050 for a one year contract to perform quarterly routine checks of our diesel generator engine and $595 for a one year contract for semi-annual maintenance on our domestic booster. Motion passed unanimously. CORRESPONDENCE George Powers — Unit #701 requested that dogs be restricted from the main 670 elevator and be required to use the service elevator. The Board took no action on the request. Jeff Garfield — Unit 604 requested that two (2) pockets in the pool table be repaired. The Board authorized Jeff Garfield hire someone to make the necessary repairs. COMMITTEE REPORTS Covenants — No report Emergency — No report Guest Units — No report Landscaping — Jo Warn reported that the cold spells had caused damage to some plants, but nothing will be done until the warm weather returns in the spring. Maintenance — Cliff Snedeker reported that the January 5, 2010, Painting Specifications could not be modified by the Board because they are copyrighted. He explained that a joint and severally warranty by the paint manufacturer means that the paint on all surfaces have the same warranty. The Maintenance Committee recommends that one contractor do both the repairs and painting in order to prevent one contractor from blaming the other for any mistakes. The committee also recommends the hiring of an independent inspector to make sure the proper type and amount of paint is applied even though the paint manufacturer warrants the paint. He gave a walk around estimate by a contractor for a high of $655,000 to a low of $573,000 for painting the buildings, sliding doors, window trim, garage, cabanas, pool railings, and building railings (both black and turquoise). Social — No report Welcome — No report Interview — No report SALE & LEASE APPROVALS None OLD BUSINESS It was moved and seconded to grant confirming approval for $2,320 to Jim Towers to install two additional security cameras and repairing the line to the pool security camera. Motion carried unanimously. Ed Reid reported that he had contacted SAI, a local fire alarm service company who is an authorized dealer for Edwards, our fire alarm equipment. A meeting will be set up with them soon. The proposal from D&D Garage Doors, Inc. was not received in time for the meeting. Pat England was requested for find out if a credit card could be issued to Sunwatch for use by our maintenance person without the requirement of the personal guarantee by a Board member. NEW BUSINESS Resource will begin the process to obtain bids for elevator maintenance contracts. It was moved and seconded to order Maintenance Request Forms for $90 in triple copies. Motion carried unanimously. NEXT MEETING Tuesday, March 23, 2010 at 9:00 AM. ADJOURNMENT There being no further business, the meeting was adjourned at 10:25 AM. Robert A. Burwell, Secretary