Gasparilla Condominium Association

GASPARILLA CONDOMINIUM ASSOCIATION ANNUAL MEMBER MEETING DEER CREEK CLUB HOUSE JANUARY 29, 2008

CALL TO ORDER: President Bill Leavitt called the meeting to order at 7:00 p.m.

CERTIFICATION OF PROXIES: President Leavitt attested that proxies had been sent out as specified.

DETERMINATION OF A QUORUM: A quorum was met by members present and by proxy. Manager Corrine Malopolski reported that as of 1:00pm today she had received 34 proxies; 30 are needed for a quorum.

CONFIRMATION OF PROPER MEETING NOTICE: Affidavits were presented stating that notice had been mailed to all owners in accordance with the Bylaws of the Association and requirements of Florida Statutes.

INTRODUCTION OF BOARD MEMBERS FOR 2008: Bill Leavitt introduced Ron Hook, Dave Hubbard, Joyce Kendall, Gary Payne, and Tom Voss as the Board of Directors for 2008. As there were five director’s seats open and five people running this was an uncontested election.

APPROVAL OF MINUTES: Bill Leavitt noted that the minutes of the January 23, 2007 Annual Meeting had been posted and mailed to all owners. A motion was made by Dave Hubbard to dispense with the reading of the minutes and to approve the minutes. Tom Voss seconded the motion. All in favor.

OFFICER’S REPORTS: a. President: Bill Leavitt recapped the year’s highlights. Due to the drought and to the problem with irrigation some planting were lost; the well went dry, the irrigation pump had to be replaced, and the lift station pump also had to be replaced. Lift station repairs for the year totaled $4,900. The handyman repaired many sheds, the Brazilian Peppers were removed as per request of the county, and most notably, the pool came in under budget and on time. Due to termites the cabana had to be rebuilt and as a result termite treatment has begun throughout Gasparilla. The restrooms in the cabana are up to ADA code. All has been completed thanks in large part to the Buildings and Grounds volunteers. Bill also thanked Corrine, the Board of Directors, and Gene Sullivan for his work with the financial review and all the chairpersons and committees for their hard work. b. Treasurer: Dave Hubbard thanked Corrine and the management company, Antares, for getting the financials in on time. There is a $4,711.75 profit left over after the special assessment. We budgeted for a $2,600 federal tax bill; an accountant will fill out the tax return. Gene Sullivan has agreed to once again do the financial review. That will be mailed out upon completion. We need to recognize continued lift station and irrigation problems. At this time there is $214,890 in the reserves. The pool cost in 2007 came in at $271,773 with $9,864 spent out of the 2006 budget for a total project cost as of December 31, 2007 of $281,637 The rebuilding of the cabana due to the termite problem was $21,000. Jim McMahon asked if the community should have some say as to what to do with the $54,800 remaining from the pool project. Dave answered that this money must stay in the reserves. Jim McMahon also asked where we were in regard to insurance. Dave replied that we have $50,000 at this time to fund the insurance deductible. We are expecting to pay $40,000-$45,000 for insurance due Feb. 5, 2008 and that we had anticipated about $700 per unit in a special assessment for insurance. He noted that the MIT study for which we paid $1,900 would probably save us about $6,000 for the wind policy. Corrine added that this savings would continue each year. The Board is in the process of analyzing three bids for this upcoming insurance.

UNFINISHED BUSINESS: None

NEW BUSINESS: a. Approval or waiver of reserves as required by F.S. 788.112(2)(f). 49 Yes 1 No Waiver approved b. Approval of reallocated 2008 proposed reserves (of $63,720). 47 Yes 3 No Approval of reallocated 2008 proposed reserves. c. Application of carryover funds. 14 put into budget 36 allow Board of Directors to apply funds as they deem necessary Board of Directors to apply funds as they deem necessary. d. Approval or Waiver of financial reporting requirements. 46 Yes 4 No Waiver approved. Review to be done by Gene Sullivan e. Other: Tribute to Bill Leavitt for his years of service to the Gasparilla community. A gift basket was presented to both Bill and Carol with appreciation from all.

CALL TO ADJOURN: Motion to adjourn made by Tom Voss, seconded by Dave Hubbard. All in favor. The meeting adjourned at 7:30pm.

Respectfully submitted,

Joyce Kendall, Secretary