DRAFT Minutes from the Annual Meeting held June 4th, 2009

Crawford Bay at Olde Towne
Community Annual Meeting
June 4, 2009

Board Members Present - David Warren, Frank Wright, John Park , Franklin Marzullo and Rob Poellnitz. Rosemary Dorow of GSH Management was present.

Unit owners present / proxies represented – 101, 103, 109, 111, 113, 115, 117, 119, 121, 123, 125, 127, 129, 131, 133, 137, 139, 143, 145, 147, 155, 157, 159

* 24 ballots; 15 homeowners present + 9 proxies

Approval of Minutes – The minutes from the previous year’s annual Meeting were not located, therefore no approval was required.

President’s report – David Warren distributed his report to the group and delivered the content to the group. A summary of the past year’s accomplishments included:

* Established community committees which became active. Of note the AR Committee and the Community Welfare and activities Committee
* New web page created by Peter Stinson (www.crawfordbay.blogspot.com)
* Change in deductible for condo master hazard policy
* Completed reserve projects
* Established 15 month maintenance contract with On Target Home Services
* Ceased doing business with Araden Contracting
* Crawford Bay at Olde Towne became incorporated
* Established best financial practices for the community
* Developed a policy statement for investment for the reserve funds

Treasurer’s Report – Frank Wright presented his annual summary of the Community’s financials. His report included:

* A narrative covering a summary of the financial statements
* The financials outlining a breakdown of the income and expenses in the reserve account
* A summary of the monies in the checking; CD and loan accounts with BB&T
1. Checking account balance as of 6/2/2009 - $2,805.81
2. Treasury CD balance as 6/2/2009 - $61,323.24
* In late 2007, the Board committed to a discipline of transferring $1,500 per month from the Operating Account to the Reserve Account. This was accomplished through February 2009. Since that time no transfers have been made due to the unusually high demands for maintenance expenditures on the Operating Account

It was moved that the report be approved and it was unanimously approved by the attendees.

Managing Agent’s Report – Rosemary Dorow distributed a package to the attendees that included a summary of the Operating Account with detail of expenditures.

* Funds owed to the Association as of 5/31/2009 - $1,630.00
* Outstanding balance of loan as of 5/22/2009 - $33,923.89 (maturity date 12/8/2010)
* Income Summary balance as of 5/31/2009 - $9.38
* Summary of 2009 Operating Budget with year-to-date expenses as of 5/31/2009 was also distributed and reviewed

Questions and Answers:

1. From Teresa Park: Questioned the quality of the fence and shed repairs to her unit. She asked if there was any recourse against the contractor (Araden) that Performed the work. Davis responded that the Board was looking into that.

2. Mike Davis: Requested a verbal summary of the financials(a what does this mean to the Community) which David suggested a special assessment may be required in order to meet all the obligations and required maintenance for at Crawford Bay during this budget cycle.

There were no other questions

David Warren thanked Franklin Marzullo, John Park and Rob Poellnitz for their service on the Board this past term.

Election of Board of Directors for 2009-2010:

* Rosemary offered the names of the community members who were on the ballot. They were:
1. Carol Garrett
2. Mike Regan
3. Debbie Rosso
4. David Warren
5. Frank Wright
* David Warren solicited any nominations to the ballot. Debbie Rosso nominated John Park and he agreed to have his name added to the ballot
* Each candidate was asked to share their qualifications with the group and in turn (David Zimmer spoke for Mike Regan), each candidate presented to the group
* The vote was conducted and the results were tabulated by Rosemary Dorow and Brian Freeman
* The new board members were announced to the group. They are:

1. Debbie Rosso (President)
2. Carol Garrett
3. Mike Regan
4. Frank Wright
5. John Park

There was no other business discussed and the meeting was adjourned.

Submitted by

Rob Poellnitz, Secretary (outgoing)

Posted 9/18/2009 as received 9/10/2009 from the Board President. These minutes are draft minutes. Homeowner annual meeting minutes must be approved by a quorum of homeowners and will be presented for acceptance at the next homeowner's meeting.