Minutes of the Annual Association Meeting - April 24, 2010

MINUTES OF THE ANNUAL ASSOCIATION MEETING
OF WAIKIKI SHORE AOAO, INC.
APRIL 24, 2010

CALL TO ORDER

President Rich Elliott called the meeting to order at 9:45 a.m. A quorum was established with 87.93 percent represented either in person or by proxy.

CONDUCT OF MEETING

There being no objection, the meeting rules were adopted. (attached)

INTRODUCTIONS
Davis Whiting VP-Board of Directors-Waikiki Shore, AOAO
Lou Crompton Secretary-Board of Directors-Waikiki Shore, AOAO
Thomas Gibb VP-Board of Directors-Waikiki Shore, AOAO
Nick Frost Director-Board of Directors-Waikiki Shore, AOAO
Don Laster Director-Board of Directors-Waikiki Shore, AOAO
Chris Steis Director-Board of Directors-Waikiki Shore, AOAO
Mike Mullaney Manager – Waikiki Shore, AOAO
Allen Wilson Hawaiiana Mgt. Co. – Senior Management Executive
Linda Morishita Administrative Assistant - Waikiki Shore AOAO
Hawaiiana Staff Tally Clerks & Recording Secretary

APPROVAL OF MINUTES OF PRECEDING MEETING

The minutes of the 2009 annual meeting were approved as written.

REPORTS OF OFFICERS

A. President’s Report: President Elliott presented the President’s report.
· Roof solar for water heating – it took three months to get the permit. The City would not allow aluminum and had to get steel for $50,000 more. After the fifth year, the Association will own the equipment. The total cost for the project is $455,000. The Association will lease the equipment from the bank for five years. The Association hopes to save $4,000 per month using solar for water heating.
· The Board is trying to get the City to approve a ramp for the front of the building for wheelchairs, walkers, etc.
· Oceanic Cable has agreed to install HD cable in the building.
· The flower pots in the commercial areas have been removed.
· The 2011 annual meeting will be held on April 2, 2011.

B. Treasurer’s Report: Treasurer Gibb gave a slide presentation on the financial status through March 31, 2010. The Association is in great shape financially with over $408,802 in cash and reserves.

C. Auditor’s Report: The auditor’s report for the year ending December 31, 2009 was accepted.

APPOINTMENT OF TELLERS

Richard Anderson (#PH9) and Mike Bushnell (#PH9) were appointed tellers for any ballot votes.

ELECTION OF DIRECTORS

Nominations: The following persons were nominated to serve on the Board of Directors:
Carol Novick (#816)
Rich Elliott (#1100)
Chris Steis (#812)
Tom Gibb (#1306)

Election: Voting was conducted via secret ballot by plurality voting in accordance with Amendment #4, Article III, Sec. 3 of the By-Laws, using percentage voting. The results of the voting:

Rich Elliott 83.88% Elected to a Three-Year Term
Chris Steis 83.67% Elected to a Three-Year Term
Carol Novick 77.13% Elected to a Three-Year Term
Tom Gibb 14.96% (Not Elected)

NEW BUSINESS

A. Resolution on Assessments. The following resolution was adopted by unanimous consent:

“Resolved, by the owners of the Association, that any excess member assessments not used by the Association in the current year shall be applied against the year 2011 assessments as provided by IRS Revenue Ruling 70-604.”

ADJOURNMENT

The meeting was adjourned at 10:44 a.m.

OWNERS’ FORUM

The Owners’ Forum was convened at 10:45 a.m. The following topics were addressed:
Communications technology is an ongoing problem, and will be replaced.
Flood insurance carried by the Association only covers 80% of the value of the building, but some banks require 100% coverage for their mortgage underwriting.
The various viewpoints on installing a swimming pool on the grounds of the complex.
The need for other aesthetic improvements in the complex.
The need for a committee to study the feasibility of installing a pool.

The Owners’ Forum was concluded at 11:40 a.m.

Submitted by:

Annie Kekoolani
Recording Secretary