DRAFT

SUMMERLIN HOMEOWNERS ASSOCIATION

ANNUAL MEETING

NOVEMBER 03, 2012

MINUTES

Board Members Present:Keith Brown, President

Calvin Vasseur, Vice President

Jenny Loucks, Treasurer

Bob Sweeney, Secretary

Bob Gardner, Director

Owners Present:Lee Ann Sweeney, unit 101James & Gail Garner, unit 402

Tom & Julia Steed, unit 103Eve Brown, unit 501

Duane Susetts, unit 203Janet Vasseur, unit 505

Pat & Paul Mayfield, unit 203Bob & Dale Gardner, unit 604

Timothy & Barbara Davis, unti 205

Jack & Aileen Ziegler, unit 303

Brooks and Shorey

Representation:Ron Shorey, Association Manager

Bill Treon, General Manager

Stasia Pavlich, Executive Assistant

CALL TO ORDER

President Keith Brown called the meeting to order at 10:00 a.m.

ESTABLISH QUORUM

President Keith Brown confirmed that a quorum of owners were present, with a total of 21 owners represented in person or by proxy.

PROOF OF NOTICE

Ron Shorey advised that the Notice of the meeting was posted in accordance with the By-Laws and Florida Statutes.

PROXY VOTES

Should the Association resolve that any excess membership income over membership expenses for the year ended December 31, 2012, shall be applied against the subsequent tax year member assessments as provided by IRS revenue ruling 70-604? The motion passed for a vote for “YES” by a margin of 26-0.

DISPOSITION OF MINUTES

Tom Steed, unit owner 103, made a motion to approve the meeting minutes of November 05, 2011. Timothy Davis, unit owner 205, seconded the motion. The motion passed unanimously.

REPORTS OF OFFICERS

President: Keith Brown stated there was no need for an election this year, because no other owners requested to run for the Board of Directors and he encouraged owners to volunteer for the Board. He stated last year at this time the lobby was completed and it looks great also the pool was replastered last year and the tiles replaced, which was paid from reserves. This year two covered grills were replaced, but they do not last very long. The elevator was down for about a week, the hydralic pump that pumps the oil had to be replaced. The walkways and garage were pressure washed and the walkways have been painted.

Vice President: Calvin Vasseur stated the property looks great.

Treasurer: Jenny Loucks stated the Association is in good financial position right now in the operating and reserve accounts. It’s been a rough year with the loss of income from one unit and the elevator repair, however we are on target to meet our budget through year-end. She thanked the owners for paying on time and those that pay in advance, which makes it possible for us to pay our expenses in a timely manner. She stated the reserves are fully funded and a new reserve study will be performed next year. Also noted was that the Board and management were able to reduce the monthly HOA payment by $5.00 per month.

Secretary: No report

Association Manager: Ron Shorey thanked the Board for setting policies and letting us manage the Association. He stated the beach renourishment project has been terminated, unfortunately that may result in a lot of condominiums being rezoned for flood insurance premiums. FEMA is 18 billion in debt and will try and recoup the money through the rezoning, which could potentially raise insurance premiums by as much as $100,00.00.

UNFINISHED BUSINESS

Keith Brown stated the Association foreclosed on unit 104, but at this point the lender has not. He further stated there is a contract on the unit now, which hopefully will close on November 15th. The lender will pay a years worth of dues, the buyer will pay a years worth of dues and the lender will pay a years worth of legal fees.

Keith Brown stated there may be sea oats to plant March 2nd, 2013, possibly free of charge, but we will just need volunteers to plant them.

NEW BUSINESS

NONE

NEXT MEETING

To be determined.

ADJOURNMENT

Tom Steed, unit 103, motioned to adjourn the meeting at 10:29 a.m. Timothy Davis, unit 205

seconded the motion. The motion passed unanimously.

DATED:______APPROVED:______