Terraces at Celebration s1

TERRACES AT CELEBRATION CONDOMINIUM ASSOCIATION, INC. Board of Directors Meeting January 26, 2015

MINUTES

A duly noticed Board Meeting was held on Monday, January 26, 2015 at the Celebration Town Hall, 851 Celebration Ave, Celebration, FL. The following Board Members were in attendance: Richard “Larry” McDonald, Flavio Della-Pupa, and Biagio “B” Russo Absent was Todd Scott and present telephonically was Michael “Bill” Carbrey. Tim Swisher, representing Associa Community Management Professionals, was also in attendance.

UNIT OWNER OPEN FORUM Larry McDonald called for a unit Owner Forum to allow members to express their concerns and ask questions.

Theresa DeMarie inquired about when her storage closet fans would be repaired. This repair was already supposed to have been completed. The manager stated that the issue would be addressed.

Bob Metcalf stated that the manager’s cell phone was not working properly and after several attempts to contact the manger by phone, Bob called the Orlando office only to have been received unprofessionally. Tim Swisher, manager stated that he was aware of the cell phone reception issue and was working with Associa IT to rectify the issue. Tim would also address the Orlando office receptionist issue as well. Bob, as a financial committee member, stated that he was not getting the financials e-mailed to him as was done previously. It was discovered later that the manager had an old e-mail address for Bob and has since updated Bob’s e-mail address and sent financials for Bob’s review.

ESTABLISH QUORUM/PROOF OF NOTICE/CALL TO ORDER A quorum of the Board was established with three Board members present and one on conference phone and with proper statutory notification.

Larry McDonald called the Board Meeting to Order at 7:01 p.m.

APPROVE THE AGENDA Larry McDonald asked for a motion to approve the agenda. Biagio Russo motioned to approve, Flavio Della-Pupa seconded, motion passed unanimously.

APPROVAL OF THE MINUTES Larry McDonald asked for a blanket motion to approve the December 15, 2014 minutes, Flavio Della-Pupa motioned to approve the minutes. Biagio Russo seconded, and the motion carried unanimously.

APPROVAL OF FINANCIALS: October, November & December, 2014 Larry McDonald reviewed the December Financial Report, stated that the year ended with a balance in the operating account of $253,242.63, with $36,207.62 in prepaid assessments and $10,660 in outstanding invoices for sealing project. The operating cash account ended up approximately $40,000 above where the year-end balance was projected to be back in October. The reserve is funded up-to-date in accordance with the 2014 budget.. Larry McDonald then highlighting the delinquency accounts totaling $78,570.96, with one unit owner owing approximately $67,000 of this total amount, and that the attorneys were in the process of pursuing HOA foreclosure on the unit in conjunction with the Celebration Residential Owners Association. Larry McDonald asked for a motion to approve the financials. Biagio Russo motioned to approve the October, November and December financials. Flavio Della-Pupa seconded, and the motion passed unanimously. Page 2

MANAGEMENT REPORTS Management reports for November, December and January were reviewed by the Board. Tim Swisher stated that during the three month period, 2 units had been sold, 5 leases were approved, 5 parking decals were issued and 12 violations/tickets were issues. Projects completions included building 3 breezeway painting, roof cleaning, and the pavement repairs prior to resealing had been completed.

LANDSCAPE COMMITTEE REPORT Biagio Russo reported that the landscape budget ended the year $3,312 over budget due to unbudgeted pine tree removal and the replacement of plants damaged by Smart City during the fiber optic cable installation. Grounds maintenance ended $3,748 over budget, Plant Replacement $3,102 over budget and Irrigation repairs and maintenance $3,538 under budget.

COVENANTS COMMITTEE REPORT Larry McDonald and Flavio Della-Pupa discussed the need to get back to a routine of checking vehicles for parking decal compliance during the nights and weekends. It was also discussed that Bobby Velez had volunteered to make night inspections, in addition to those conducted by Tim Swisher.

OLD BUSINESS  Paving Repair, Sealing and Striping: Update: The pavement re-sealing has experienced delays due to the recent holidays and inclement weather, but that the project should be completed by the first week in February.

NEW BUSINESS  Investment Policy: There was discussion that the investment policy was needed to officially allow the purchase of CDARS, as an investment vehicles, for the association. Bill Carbrey stated that he wanted to be absolutely sure the CDAR vehicle was safe and 100% protected by FDIC coverage. This was confirmed by the manager. Also, the board asked the manager to double check to and make sure the investment maturities were properly laddered for the availability of funds, and to maximize interest income. Larry McDonald asked for a motion to approve the Investment Policy. Biagio Russo motioned to approve, Flavio Della-Pupa seconded, and the motion passed unanimously.  Revised Coverall Contract: Board discussed providing Coverall with a revised contract that would change the monthly fees to include a 5% increase, which was requested but not included when the 2015 contract was approved during the December board meeting. Larry McDonald asked for a motion to approve the revised Coverall Contract with the new pricing. Michael “Bill” Carbrey motioned to approve, Flavio Della-Pupa seconded, and the motion passed unanimously.

Adjournment A motion to adjourn was made by Biagio Russo at 7:34 p.m. It was seconded by Flavio Della-Pupa. Meeting adjourned.

Respectfully submitted, Tim Swisher. CMCA, AMS, Community Association Manager