Caswell Cove Marina Association

Annual Unit Owner’s Meeting

Saturday – October29, 2011

Minutes of Meeting

(Draft)

1.Call to Order – Roll Call

a)Board members present: David Brickley-Commodore, Tony Faresich – Rear Commodore, tat Murphy - Secretary and Paul Viscount–Treasurer. A quorum of the Board was present. The meeting was called to order @ 9:15 PM.

b)Determination of Quorum: A total of 35 unit owners were represented at the meeting, 9 unit owners were in attendance, 26 units were represented by proxy. A quorum of the unit owners was represented.

c)David Phillips of Sound Marine Solutions was present as the marina manager.

2.Introduction – Purpose of Meeting

DaveBrickley introduced the members of the Board present at the meeting and noted that the Notice of the Annual Meeting had been sent to all unit owners in advance of the meeting. He outlined the purpose of themeeting as:

a)Review last years finances relative to the approved 2011 budget

b)Review and ratify the 2012 annual budget

c)Elect new officers to the Board of Directors

d)Review the 5 year capital projects expense plan developed by the Board

e)Answer any other questions from the unit owners.

Dave Brickley noted that the marina experienced another very good year. Almost all of the available rental slips were filled despite the bad economy. The marina held several Friday night and other party events that were successful. This year’s commissioning party was also a huge success! Some major accomplishments this year included the replacement of the pump-out dock with a new concrete dock and the set up of dinghy docks at various locations around the marina, which are very popular with our members. Two new pole lights were installed in the parking lot as well. Dave B. also noted that the pumout system had been completely rebuilt.

This year also marked the start up of our monthly newsletters. There was a safe boating class in the Spring which was well attended as well. Dave B. also noted the difficult winter this past year and the fact that one boat sank and 3 nearly sank due to not being properly covered or prepared for the winter. It was also noted that we escaped any major damage from Hurricane Irene although the very high storm surge was within inches of coming into the clubhouse and within 2 feet of the tops of our pilings.

Dave B. noted some of the challenges facing the marina for the foreseeable future including continued maintenance and improvements, repairs needed to the clubhouse to replace the existing sliding doors and eliminate leak problems, the need for more social interaction and events and steps to improve the overcrowded parking issues.

3.Approval of Minutes of 2010 Unit Owner’s Meeting – all unit owners present were provided a copy of the minutes from the 2010 annual meeting to review. A motion was made by Richard Cenami to approve the minutes as presented. The motion was seconded by Paul Viscount. The motion was approved unanimously by the members present.

4.Annual Financial Report

Dave Brickley and Dave Phillips provided a synopsis of the expenditures in 2011 vs. the approved 2011 annual budget. It was noted that, except for a few instances, total expenditures were less than the budget.The total operating costs were $142,918 as compared to the budget of $161,843. Income was slightly less than expected due to uncollected common charges. However, this was partially offset by the sale of one of the slips gained through foreclosure in past years. During 2011, a total of $91,525 was transferred to reserve savings, a total of $14,811 more than originally anticipated. Dave B. noted that in almost all categories, expense were lower than projected. He noted electric costs were high this year due to operation of the bubblers for an extended period due to the cold winter, however, total utility costs fell within budget. Capital expenditures were also less than originally anticipated at $80,901 spent vs. $88,000 budgeted. This was despite slight overruns on the costs of the new pump out dock and construction of the dinghy docks, as well as numerous improvements to the bubbler system.At the close of FY 2011, there was approximately $174,719 in the reserve accounts to be set aside for future capitaland maintenance projects. There were no further questions from the unit owners regarding the expenditure for 2011.

5.FY 2011 Budget Ratification

Dave Brickley and Dave Phillips reviewed the proposed 2011 annual budget. No increase in common charges are proposed for the 2011 budget and no special assessments are proposed for the coming year. Upcoming costs for the marina maintenance and other capital improvements such as improved and anticipated repairs and modifications to the clubhouseare included in the budget. Each of the proposed budget line items was reviewed briefly and differences between FY 2011 and FY 2012 noted. Generally, the operating expenses for the marina are expected to be similarto those in 2011. The 2012 budget estimates $162,867 in anticipated operating expenditure as compared to the $161,843 originally budgeted for 2011. Capital expenditures proposed for 2012 total $96,700, which includes repairs to the clubhouse, bubbler system improvements, upgrades to fencing and security and possible development of new parking areas. There were no further questions from the unit owners in regard to the proposed budget.

Dave Brickley briefly reviewed the 5 year capital expenditure plan presented to the unit owners. He noted that the plan is an update the 5 year plan presented at last year’s meeting. Over the past year the Board and Manager worked to updatethe list of anticipated improvement and major maintenance projects that could be anticipated over the next 5 years, as well as long term planning for future dredging. Dave B. noted that overall the plan was a good planning tool and to date it appears the Association will be able to cover its major operating costs and the anticipated capital improvement projects and major maintenance items over the next 5 years without increasing common charges or the need for special assessments, of course assuming there are no significant unforeseen costs. The plan also strives to assure that maintenance reserves are maintained at high enough levels as a contingency to cover these unforeseen costs. Dave B. also noted that a reserve set aside of $50,000 each year for future dredging has been provided for. There were no further questions from the unit owners in regard to the proposed 5 year plan.

Scott Allen made a motion to approve the FY 2012 budget as presented at the meeting. He motioned that in lieu of ballots, that the motion be voted on by a show of hands by those present and that all proxies held by the executive Board be voted in favor of the motion. The motion was seconded by Frank Schweithelm. All the unit owners present at the meeting voted in favor of the motion. Dave Brickley, on behalf of the Executive Board, voted all the proxies assigned to the Executive Board in favor of the motion. Dave Phillips of SMS also had several proxies assigned to him which he in turn voted in favor of the motion. With all proxies voted and all present voting in favor of the motion, the motion passed unanimously. As it takes 51% of all the unit owners (53 votes) to defeat the proposed budget, the budget was ratified as presented.

6.Election of Executive Board Members

a)Dave Brickley noted that his term and the term of Paul Viscount and Tatiania Murphyhave expired. Nominees for the Board of Directors were requested from the floor as well as the nominees received prior to the meeting. There were no nominees from the floor. Tat Murphy (unit A-15) and Paul Viscount (C-23) are the only 2 nominees for the open positions.

b)Questions from the Floor to Nominees - There were no questions from the floor toward any of the nominees.

c)Unit Owner’s Vote – in lieu of ballots, unit owners were asked to vote for the nominees by raising their hands. Scott Allen made a motion to approve the 2 nominees present at the meeting for the2 open positions on the Board. The motion was seconded by Frank Schweithelm. All the unit owners present at the meeting voted in favor of the motion. Dave Brickley, on behalf of the Executive Board, voted all the proxies assigned to the Executive Board in favor of the motion. Dave Phillips of SMS also had several proxies assigned to him which he in turn voted in favor of the motion. With all proxies voted and all present voting in favor of the motion, the motion passed unanimously.

e)The Executive Board members for FY 2012 are as follows:

Dave Brickley, Paul Viscount, Tat Murphy, and Tony Faresich.

8.Unfinished Business/New Business:

There was no old business or new business to discuss so Dave Brickley opened the floor to discussion and questions from the unit owners:

  1. Dave B. noted earlier that parking was in short supply and that one of the items the new board is going to try to work on is finding more parking, possibly leasing space from the City near the entrance to the condo complex.
  2. Several unit owners suggested that some signage near the B-dock dock storage area encouraging unit owners to return some carts to the front entrance would be appropriate. A suggestion was made to put signs in the cart. Richard Cenami volunteered to make up some vinyl stickers to put in the dock carts.
  3. Rob Cappelletti suggested some additional cameras on the docks and in the parking lot which could be configured wirelessly to allow better security. He noted that it would be a nice feature for unit owners to be able to review the videos via web cam to be able to check on their boats.

There was no additional new business or additional questions raised by the unit owners present.

11.Adjourn – With no further businessor discussion brought forth by the unit owners present, a motion to adjourn was made by Dave Brickley and the meeting adjourned at 10:02AM

The new Board members elected to have their 1st meeting to elect officers on Tuesday, November8 at 7 PM.

Prepared By: Sound Marine Solutions, Inc.Date: 11/4/11

1