GASPARILLA CONDOMINIUM ASSOCIATION, INC.
CALL TO ORDER: President, Tom Voss, called the meeting to order at 11:03am at the Gasparilla Cabana, 160 Jose Gaspar Drive, Englewood, Florida, the location specified in the meeting notice.
CONFIRMATION OF PROPER MEETING NOTICE: Joyce Kendall confirmed that the appropriate notice had been posted in accordance with the Association’s documents.
DETERMINATION OF A QUORUM: A quorum of the Board was established with five (5) directors in attendance: Tom Voss, President; Gary Payne, Vice President; Dave Hubbard, Treasurer; Joyce Kendall, Secretary; and Ron Hook, Director at Large.
OLD BUSINESS:
A. Insurance: Gary Payne reported that three (3) bids were sent out regarding insurance. Changes by the bidders were made several times, including last minutes changes and corrections. The insurance covers windstorm, property, general liability, directors and officers, umbrella, and fidelity bond. Next year the Board will be looking at getting a broker with no tie to an insurance agency. This person will write up the specifications and will put them out to receive bids. The Board also wants to move the flood policy so that it expires in February making all policies renew within the same time frame.
A motion was made by Gary Payne, seconded by Tom Voss, to award the insurance coverage to Statewide Commercial Insurance, Inc. and to authorize President Tom Voss and/or Treasurer Dave Hubbard to sign all forms required to bind coverage. All yes by voice vote. Motion passed.
A motion was made by Dave Hubbard, seconded by Gary Payne, to transfer funds from the Insurance Reserve to the Operating Account in the amount of $52,029.11. As funds come in this money will be paid back into the reserves with interest to be determined by the Insurance/Finance Committee. All yes by voice vote. Motion passed.
Dave Hubbard noted that as per a discussion at the January 29, 2008 Organizational Meeting of the Directors an Insurance/Finance Committee was formed comprised of Gary Payne, Dick Haynes, and Dave Hubbard. Gary will chair the insurance portion with Dick chairing the financial portion.
The Board was reminded by Dave that we have a cash flow problem. At the end of the year 2007, there was $1,300 remaining in the Operating Account. There are times when we must wait for monthly fees to come in so that services can be paid for.
At the next regular Board meeting on February 16, 2008 the special assessment for insurance will be on the agenda for discussion and voting.
ADJOURNMENT: There being no further business to come before the Board at this meeting, motion by Dave Hubbard to adjourn at 11:30am. Seconded by Joyce Kendall. All yes by voice vote. Motion passed.
Respectfully submitted,
Joyce Kendall, Secretary