MANAGER'S REPORT

MANAGER’S REPORT December 16, 2009



Units for sale Units for rent



#505 $375,000 #301 $2,000 Unit #1404 under contract and

#803 $375,000 #305 $1,600-$1,800 in process of closing.

#1005 $350,000 #1006 $2,300

#1202 $295,000 #1101 $1,500

#1806 $649,000 #1803 $ ?



Administrative



1. Associations are required to fully fund reserve accounts unless a majority of the

membership waives full funding.

2. Common surplus = the excess of all receipts of the Association, including, but not

limited to Assessments, rents, profit and revenues on account of the Common

Elements, over the amount of the Common Expenses. If the association has been

organized as a corporation not-for-profit and the common surplus does not result

from excess funds from a special assessment, it cannot be returned directly to the



owners and an alternative disposition MUST be used. The excess funds can be

credited towards to next year’s budget OR can be allocated to the reserve accounts.

Funds remaining from a special assessment may either be returned to the unit

owners OR applied as a credit toward future assessments with membership approval.

3. Air Force contracted personnel removed their equipment from our rooftop on Tuesday. The Association is investigating their intentions and the status of our contract.

4. Roof Special Assessment: 86 owners paid full amount; 8 made two payments; one

paid half; one paid $800. Total collected: $221,200 of possible $244,800. We are

fairly sure of collecting 2 more or $4,800. The estimated roof costs are less than

$150,000. $800 could be returned to 86 owners ($68,800).

5. Unit 204 up for auction 12/17/2009. Units 502 and 1205 will likely be auctioned as

well.



Building and Property



1. Unit #1001 claimed at auction. Owners are remodeling kitchen. Units 1206 and

1801 still being remodeled. Unit #1702 may start remodeling in January.

2. No water leaks this period. The damage from suspended main wasteline cleaning

remains unresolved. Attorneys are involved with the matter. The Association had

level one cleaning done where possible in affected units.

3. The roof project started Monday, 12/14/2009 and halted due to bad weather after

two days. Work will probably carry into January.

4. South elevator has been an intermittent problem. Significant components replaced.

The latest problem diagnosed as low voltage to controller module. Schindler has

responsive in maintaining operational status.

MANAGER'S REPORT

01/18/2010





UNITS FOR SALE UNITS FOR RENT



#505 $375,000 #205 $2,000 N/A SUMMER

#1001 $399,000 #301 $2,000 N/A SUMMER

#1005 $335,000 #305 $1,600-$1,800

#1806 $649,000 #801 ?

#1006 unfurnished

#1101 unfurnished

#1603
Watson 759-0474

ADMINISTRATION



1. Audit start postponed due to computer problems. Motherboard replaced on

01/13/2010. Compter infected with viruses and not useable.

2. Reserve study scheduled for mid-February.

3. Contract with Leland Management signed 01/04/2010. Cost is $550 per mo.

Or $6,600 annual. Legal to review: $1,140

4. Quarterly payroll returns in progress; also annual returns..

5. Anticipate four insurance agents submitting proposals. A decision needs to be

made by February 5, 2010.

6. Little or no progress has been made toward resolving the damage to three

Units from the November drain cleaning.

7. We have five troubled units: 3 of which are in foreclosure (204, 502, 1205).

The two with liens will follow.

8. Three storage bins appear to have been broken into. One had two toolboxes

taken.

9. Certain elevator upgrades are required by law. Electronic door restraints will

Cost $4,654. Universal fire service key switches for zone 3 will cost $2,213.00.

These are required and must be completed before the next license to operate

Is issued in August.



BUILDING AND PROPERTY



1. Chemical treatment of drains – 90 day trial period.. Evaluation in February.

2. Pigeons are a problem in the 18th floor, especially the oceanfront balconies.

May need to obtain netting to limit their access.

3. It appears that we lost very few plants due to the cold weather early in the

Month.

4. Unit #1001 finished a kitchen remodel; #1801 remodeled entire unit. Doors

And windows were replaced in unit #1002.

5. A wall in the library was removed along with an old a/c condensing unit.

New lighting and ceiling installed. Electrical and telephone lines moved.

MINUTES

MINUTES December 17, 2009 at 6:30 PM


Board of Directors’ Meeting

Directors present: Colette Sellers, George Koury, Jaime Calzada, Philip Lynch


Motion: To approve the Minutes of the November 07, 2009 meeting and post to the PP BLOG.
Made by: Jaime Calzada
Seconded by: George Koury
Vote: Approved unanimously.

Motion: To hire Leland Management Svcs. to process Accounting Transactions & provide financial reports monthly.

Made by: Philip Lynch
Seconded by: George Koury
Vote: Approved unanimously.

Motion: That the forecasted Common Surplus from 2009 be allocated to the 2010 Operating Budget to fund expenses.
Made by: Jaime Calzada
Seconded by: Philip Lynch
Vote: Approved unanimously.

Motion: To engage Reserve Advisors to conduct a Reserve Study and issue a Florida State required Engineering Report that evaluates the maintenance systems, with funding from Operating funds.
Made by: Colette Sellers
Seconded by: Philip Lynch
Vote: Approved unanimously.

Motion: To approve the Proposed Budget as presented to the Members, which includes a $500 monthly assessment.
Note: The Association lost an antenna lease, which will be replaced by the Operating surplus.
Made by: Philip Lynch
Seconded by: George Koury
Vote: Approved unanimously.

Motion: To approve the proposed Parking Policy, requiring all vehicles to post a Pelican Point decal or a Visitors Permit.
Made by: George Koury
Seconded by: Jaime Calzada
Vote: Approved unanimously.

Motion: To adjourn at 8:04 PM and tentatively set next meeting on Monday, January 18, 2009 at 6:30 PM.

Made by: Colette Sellers
Seconded by: George Koury
Vote: Approved unanimously.