BOARD OF DIRECTORS MEETING
WAIKIKI SHORE AOAO, INC.
OCTOBER 23, 2009
CALL TO ORDER
The meeting of the Board of Directors of Waikiki Shore AOAO, Inc. was called to order by President Rich Elliott at 4:35 p.m.
ESTABLISH A QUORUM
Six of seven members present, a quorum was established.
Members present: Rich Elliott, Lou Crompton, Thom Gibb, Davis Whiting, Nick Frost, Don Laster
Members absent: Chris Steis
Present by invitation: Mike Mullaney, Association Manager
Allen Wilson, Hawaiiana Management Co. Ltd.
APPROVAL OF MINUTES
1. It was moved, seconded, and adopted unanimously to approve the minutes of the April 25, 2009 Annual Meeting of the Association, as submitted.
2. It was moved, seconded, and adopted unanimously to approve the minutes of the April 25, 2009 Organizational Meeting of the Board of Directors, as submitted.
3. It was moved, seconded, and adopted unanimously to approve the minutes of the April 25, 2009 Regular Meeting of the Board of Directors, as submitted.
1. The Board received and accepted a report on the status of the Association’s financial performance for the year through September 30, 2009. It was noted for the record that the Association has an operating surplus of $60,789 for the year through 9/30/09. Total cash & reserves of $453,571.00 plus $38,574.63 from special assessment loan receivables.
2. The Property Manager reported that there are no owners with delinquent balances.
There was no unfinished business to be considered at this meeting.
1. It was moved by Director Gibb, seconded by Director Frost, and unanimously adopted by the Board to ratify all actions taken and decisions made since the April 2009 Board meeting.
2. It was moved by Director Crompton, seconded by Director Frost, and unanimously adopted by the Board to approve a proposal to install solar water heating equipment on the building for the purpose of reducing the gas bill, at a cost of approximately $455,000 to be leased from Bank of Hawaii at a rate of approximately $74,000 a year for 5 years. At the end of 5 years, we will own the equipment outright. After State credits, the total payment is $402,000, saving $53,000.
3. It was moved by Director Whiting, seconded by Director Crompton, and unanimously adopted by the Board to approve the 2010 Operating Budget and Reserve Plan with no increase in maintenance fees. It was noted for the record that maintenance fees have not been increased since 1993. (That’s 18 years.)
4. It was moved by Director Frost, seconded by Director Whiting, and unanimously adopted by the Board to authorize the expenditure of up to $16,000 on the annual Owners Party to be held on April 24, 2010 at the Halekulani Hotel from 5:30 to 8:30.
The next Board meeting will be held on April 24, 2010 at 9:30 am at the Halekulani - Ballroom 1 on the 2nd floor.
ADJOURNMENT: There being no further business, the meeting was adjourned at 4:50 p.m.
Friday, November 6, 2009