Sunday, January 10, 2010
Friday, November 6, 2009
Board of Director's Meeting; October 23, 2009
MINUTES
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.
TREASURER’S REPORT:
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.
UNFINISHED BUSINESS:
There was no unfinished business to be considered at this meeting.
NEW BUSINESS
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.
NEXT MEETING:
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.
Louis Crompton
Association Secretary
Friday, July 31, 2009
Important Flood Insurance Letter
From: Michael Mullaney
Subject: FLOOD INSURANCE
Date: Tuesday, July 28, 2009, 4:00 PM
Dear Owner,
The AOAO has been receiving numerous calls from owners whose lenders are requiring 100% insurance coverage.
Attached is a letter in which our insurance agent explains this issue a little further. Mike Ayson will gladly help you with any questions or concerns so please contact him if you would like more information.
Aloha,
Waikiki Shore AOAO Inc.
===========================================================
ATLAS
INSURANCE AGENCY
Michael Ayson
AOAO Account Manager
1132 Bishop Sireet, 16 Fir
Honolulu, HI 96813
Phone: (808) 533-8607
Fax: (808) 550-1041 mayson@www.atlasinsurance.com
July 22, 2009
AOAO Waikiki Shore, Inc.
2161 Kalia Road
Honolulu, HI 96815
Re: American Saving Bank Flood Insurance Requirement
Dear Unit Owner,
I have been informed that American Savings Bank recently sent you a letter requiring additional flood insurance coverage. ASB is not satisfied with the association’s $29,321,600 flood policy limit. They prefer that it match the association’s $34,653,000 property policy limit. Most lenders only require the association’s flood insurance limit to be within 80% of the association’s property policy limit. It appears unlikely that the association will increase its flood limit since only a few unit owners are affected. It would cost the association approximately $14,000 more per year to increase its flood limit to $34,653,000.
The easiest and least expensive way for you to satisfy ASB’s requirement is to purchase a personal flood policy through a company that has access the National Flood Insurance Program rates (NFIP). ASB can add the cost of the policy to your escrow account The annual cost using the NFIP rates is $291. I would be glad to assist you if you in procuring a policy are interested. Please note that if you do not respond to ASB’s letter they will force place a policy on your behalf. Force placed policy premiums are exorbitant. They are approximately 3 times the normal rate.
Feel free to contact me if you have questions or concerns.
Sincerely,
Michael Ayson
Subject: FLOOD INSURANCE
Date: Tuesday, July 28, 2009, 4:00 PM
Dear Owner,
The AOAO has been receiving numerous calls from owners whose lenders are requiring 100% insurance coverage.
Attached is a letter in which our insurance agent explains this issue a little further. Mike Ayson will gladly help you with any questions or concerns so please contact him if you would like more information.
Aloha,
Waikiki Shore AOAO Inc.
===========================================================
ATLAS
INSURANCE AGENCY
Michael Ayson
AOAO Account Manager
1132 Bishop Sireet, 16 Fir
Honolulu, HI 96813
Phone: (808) 533-8607
Fax: (808) 550-1041 mayson@www.atlasinsurance.com
July 22, 2009
AOAO Waikiki Shore, Inc.
2161 Kalia Road
Honolulu, HI 96815
Re: American Saving Bank Flood Insurance Requirement
Dear Unit Owner,
I have been informed that American Savings Bank recently sent you a letter requiring additional flood insurance coverage. ASB is not satisfied with the association’s $29,321,600 flood policy limit. They prefer that it match the association’s $34,653,000 property policy limit. Most lenders only require the association’s flood insurance limit to be within 80% of the association’s property policy limit. It appears unlikely that the association will increase its flood limit since only a few unit owners are affected. It would cost the association approximately $14,000 more per year to increase its flood limit to $34,653,000.
The easiest and least expensive way for you to satisfy ASB’s requirement is to purchase a personal flood policy through a company that has access the National Flood Insurance Program rates (NFIP). ASB can add the cost of the policy to your escrow account The annual cost using the NFIP rates is $291. I would be glad to assist you if you in procuring a policy are interested. Please note that if you do not respond to ASB’s letter they will force place a policy on your behalf. Force placed policy premiums are exorbitant. They are approximately 3 times the normal rate.
Feel free to contact me if you have questions or concerns.
Sincerely,
Michael Ayson
Thursday, July 23, 2009
Subscribe to:
Posts (Atom)
