BOARD OF DIRECTORS

OCTOBER 25, 2004

BOARD MEMBERS PRESENT: Roy Regeski, Michel Pytlarz, Carlos Resende, and Marge Trani.

ABSENT:        Marie Kastenbauer.

OWNERS PRESENT: Eight

Meeting called to order at 7 P.M.

TREASURER’S REPORT:

Carlos deposited $ 11,592.00 on October 20, 2004. Balance is $ 69,999.49. Roy requested a total of all expenses to be paid by December 31, 2004, as all Maintenance Income has been collected for this calendar year. In the event that we do not have sufficient cash to cover these expenses, as there will be no money coming in until January 1, 2005, it may be necessary to levy a special assessment. Also, $ 10,000 needs to be returned to the savings account since this amount plus monies remaining in the painting account were used to cover emergencies not covered by the 2004 budget—for example, the heat exchanger and the pump. It seems we just about break even every year; however since we have no reserves if a major emergency occurs we do not have any funds available.

MINUTES OF OCTOBER 11, 2004:

Read by Marge and accepted by the Board.

BUDGET MEETING:

There will be a meeting next week—time to be determined—solely, to discuss the 2005 Budget.

LAWYER’S LETTER:

Proposed amendment regarding 20% down-payment and one year prepayment of maintenance required by prospective new owners to be reviewed by all board members and comments and/or questions to be presented to our attorney prior to the amendment being sent to all owners for their vote.

WINDOW STRIPS:

The board of directors has made a motion and it was unanimously passed that window strips will no longer be required for new windows and can be removed on recent installations.

IF ANY UNIT OWNER IS INTERESTED IN REPLACING THEIR EXISTING WINDOWS—IN THE NEAR FUTURE--MARGE SUGGESTED THEY CONTACT DORIS AND IF THERE ARE A NUMBER OF US , PERHAPS, WE COULD OBTAIN A GROUP RATE RATHER THAN PROCEED ON OUR OWN AND POSSIBLY ONLY ONE PERMIT WOULD BE REQUIRED.

PILLARS:

Roy has proposed we pressure clean and change the existing brick pillars, at the entrance and exit of the front parking lot, to conform to the new Nassau House sign (Similar to what the Bermuda House has done). The board has decided to put this on hold pending our review of the financial situation.

ODOR CONTROL:

This is the company that maintains the deodorant for the trash room and they have a procedure to degrease and pressure clean the room, on an annual basis, for the nominal fee of $ 700.00. This will be considered when the budget is being prepared.

Meeting was adjourned at 8:35 P. M.