Mariners Cove Condominium Board of Directors Meeting August 10, 2006 at 7:10 PM Attending: Carol Hassebrock, Greg Bistline, Wayne Holverstat, Jim Morehouse, Arlyn Plagerman, Deanne Wright, Anne Van Der Zahm Review of the minutes from the annual association meeting and the June board meeting were conducted. M/S/P. Arlyn then reviewed the budget with the board. He then continued with the distribution of copies of the official forensic auditors report, reviewing the embezzlement amount that has been derived at $40,185.16 and verified by the forensic auditors as the amount being lost. Arlyn reiterated that it will take some time for settlement of this amount to Mariners Cove, but we should be receiving it in this fiscal year once everything is agreed upon with the insurance company and bookkeeper. Deanne then gave a report on the landscaping. She indicated the landscaping company is doing the best they can under the circumstances, but again stated that it is important that the board’s plan to undertake landscaping projects once the association receives the embezzlement reimbursement be followed through. Wayne proceeded with the building and maintenance report. He provided an update on the deck repairs for Phase III. Additionally, Wayne has now begun conducting outside property walk-throughs and keeping safety records for the association. It was brought up whether the association should accept the final result of the cleaning of the patio for unit 240. Motion to accept as is – Deanne/Second – Arlyn. Discussion occurred. Wayne indicated he would provide further sealant to the coat the patio. Vote – 6-1 in favor of accepting the current clean-up of the patio of unit 240 following Wayne conducting the sealant for the patio on that unit. Carol then spoke about the clean up of the parking lot of Mariners Cove. She reiterated that the membership needs to follow the current CCRs until they are revised by the board and approved by the membership. Jim’s report on the Birch Bay steering committees was tabled until the next meeting. Greg excused himself from the meeting at 9:15 PM. Carol agreed to record the conclusion of the meeting minutes in Greg’s absence and would forward to him for compilation. Discussion was held on the 2006-07 association insurance. Carol reported that the insurance broker, Snapper, Schuler and Kenner insurance, does not have quotes back from four of the seven insurance companies that they have contacted on our behalf. She will contact members by email with information as soon as it is available. The board will need to make a decision before August 27, 2006. Our present insurance lapses August 29, 2007. Snapper, Schuler and Kenner have increased the complex’s replacement cost to $6,000,000. Quotes for increased liability insurance will be available after we select the insurance carrier for the 2006-07 year. The review of the by-laws was tabled until the next board meeting. Adjourn 9:50 PM.