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
Friday, July 31, 2009
Thursday, July 23, 2009
Sunday, May 24, 2009
Next meeting dates announced.
The next Board of Directors Meeting will be on Oct 23, 2009, time & place to be announced.
The next Annual Homeowner's meeting has been confirmed for April 24, 2010 at the Halekulani. Same rooms, same times.
Meeting: 9:00 registration. Meeting starts 9:30 in Ballroom I
Reception: 5:30 - 8:30 on the Hau Terrace.
See you there!
A Hui Hou!
The next Annual Homeowner's meeting has been confirmed for April 24, 2010 at the Halekulani. Same rooms, same times.
Meeting: 9:00 registration. Meeting starts 9:30 in Ballroom I
Reception: 5:30 - 8:30 on the Hau Terrace.
See you there!
A Hui Hou!
AOAO Meeting Notes, April 25, 2009
MINUTES OF THE ANNUAL ASSOCIATION MEETING
OF WAIKIKI SHORE AOAO, INC.
APRIL 25, 2009
CALL TO ORDER
President Rich Elliott called the meeting to order at 9:35 a.m. A quorum was established with 90.06 percent represented either in person or by proxy.
CONDUCT OF MEETING
There being no objection, the meeting rules were adopted. (attached)
INTRODUCTIONS
Thomas Gibb VP-Board of Directors-Waikiki Shore, AOAO
Lou Crompton Secretary-Board of Directors-Waikiki Shore, AOAO
Ted Simon Treasurer-Board of Director-Waikiki Shore, AOAO
Davis Whiting Director-Board of Directors-Waikiki Shore, AOAO
Tom Hull Director-Board of Directors-Waikiki Shore, AOAO - Absent
Chris Steis Director-Board of Directors-Waikiki Shore, AOAO - Absent
Al Hamai Registered Professional Parliamentarian
Allen Wilson Hawaiiana Mgt. Co. – Senior Management Executive
Trudy Benigno Hawaiiana Mgt. Co. – Tally Clerk
Luana Farias Hawaiiana Mgt. Co. – Tally Clerk
Annie Kekoolani Hawaiiana Mgt. Co. - Recording Secretary
Michael Mullaney Manager - Waikiki Shore, AOAO
Brad Thomas Maintenance - Waikiki Shore AOAO
Linda Morishita Administrative Assistant - Waikiki Shore AOAO
APPROVAL OF MINUTES OF PRECEDING MEETING
The minutes of the November 21, 2008 Board of Directors meeting were approved as written.
REPORTS OF OFFICERS
A. President’s Report: President Elliott reported that a majority of the owners received a letter regarding charges against him from the State of Hawaii. The State has discharged and dismissed all counts.
This is the 17th year that maintenance fees have not been increased. Some of the
projects accomplished this past year were:
§ The sewer line replacement is completed;
§ The water line repair has been completed;
§ A new glass door was installed by the elevator;
§ The outside shower was upgraded;
§ New exterior signage has been installed;
§ Extensive garage cleanup and repainting is completed;
§ Walkway railings have been repaired.
The following are projects being worked on by the Board:
§ Cable TV upgrade vs. satellite;
§ Makai walkway extension;
§ Storage lockup completion;
§ Roof solar for water heating;
§ Spalling repair—ongoing.
Mention was made that about 15 owners are being over-charged on Real Property taxes. In December, owners will be informed whether they have been over-assessed and it will be up to them to file a tax appeal. In closing, President Elliott reported that all litigation involving Waikiki Shore is completed.
B. Treasurer’s Report: Treasurer Simon gave a slide presentation on the financial status through March 31, 2009. The Association is in great shape financially with over $465,453 in cash and reserves. The Treasurer announced that maintenance fees will stay the same for the rest of the year.
C. Auditor’s Report: The auditor’s report for the year ending December 31, 2008 was accepted.
APPOINTMENT OF TELLERS
Richard Anderson (#PH9) and Mr. 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:
Don Laster (#216)
Willis Howard (#508)
Paul McCrea (#410)
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:
Don Laster 71.27% Elected to a Three-Year Term
Willis Howard 8.00% (Not Elected)
Paul McCrea 6.76% (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 2010 assessments as provided by IRS Revenue Ruling 70-604.”
ADJOURNMENT
The meeting was adjourned at 10:50 a.m.
OWNERS FORUM
The Owners’ Forum was convened at 10:51 a.m. The following topics were addressed:
Expression of thanks to Ted Simon for a great job as Treasurer
Expression of thanks to Rich Elliot and Mike Mullaney for management of the building.
Outstanding obligations for the special assessment.
Inclusion of a fitness center in the planning for the swimming pool.
Concerns over the condition of the elevators.
Clarification of rules related to guests parking in the garage.
Explanation and discussion of the status of the swimming pool project. A letter will be sent to all owners explaining the project, projected costs, benefits, etc.
The Owners’ Forum was concluded at 11:40 a.m.
Submitted by:
Annie Kekoolani
Recording Secretary
Concurred by:
Louis Crompton
Board Of Director-Secretary
OF WAIKIKI SHORE AOAO, INC.
APRIL 25, 2009
CALL TO ORDER
President Rich Elliott called the meeting to order at 9:35 a.m. A quorum was established with 90.06 percent represented either in person or by proxy.
CONDUCT OF MEETING
There being no objection, the meeting rules were adopted. (attached)
INTRODUCTIONS
Thomas Gibb VP-Board of Directors-Waikiki Shore, AOAO
Lou Crompton Secretary-Board of Directors-Waikiki Shore, AOAO
Ted Simon Treasurer-Board of Director-Waikiki Shore, AOAO
Davis Whiting Director-Board of Directors-Waikiki Shore, AOAO
Tom Hull Director-Board of Directors-Waikiki Shore, AOAO - Absent
Chris Steis Director-Board of Directors-Waikiki Shore, AOAO - Absent
Al Hamai Registered Professional Parliamentarian
Allen Wilson Hawaiiana Mgt. Co. – Senior Management Executive
Trudy Benigno Hawaiiana Mgt. Co. – Tally Clerk
Luana Farias Hawaiiana Mgt. Co. – Tally Clerk
Annie Kekoolani Hawaiiana Mgt. Co. - Recording Secretary
Michael Mullaney Manager - Waikiki Shore, AOAO
Brad Thomas Maintenance - Waikiki Shore AOAO
Linda Morishita Administrative Assistant - Waikiki Shore AOAO
APPROVAL OF MINUTES OF PRECEDING MEETING
The minutes of the November 21, 2008 Board of Directors meeting were approved as written.
REPORTS OF OFFICERS
A. President’s Report: President Elliott reported that a majority of the owners received a letter regarding charges against him from the State of Hawaii. The State has discharged and dismissed all counts.
This is the 17th year that maintenance fees have not been increased. Some of the
projects accomplished this past year were:
§ The sewer line replacement is completed;
§ The water line repair has been completed;
§ A new glass door was installed by the elevator;
§ The outside shower was upgraded;
§ New exterior signage has been installed;
§ Extensive garage cleanup and repainting is completed;
§ Walkway railings have been repaired.
The following are projects being worked on by the Board:
§ Cable TV upgrade vs. satellite;
§ Makai walkway extension;
§ Storage lockup completion;
§ Roof solar for water heating;
§ Spalling repair—ongoing.
Mention was made that about 15 owners are being over-charged on Real Property taxes. In December, owners will be informed whether they have been over-assessed and it will be up to them to file a tax appeal. In closing, President Elliott reported that all litigation involving Waikiki Shore is completed.
B. Treasurer’s Report: Treasurer Simon gave a slide presentation on the financial status through March 31, 2009. The Association is in great shape financially with over $465,453 in cash and reserves. The Treasurer announced that maintenance fees will stay the same for the rest of the year.
C. Auditor’s Report: The auditor’s report for the year ending December 31, 2008 was accepted.
APPOINTMENT OF TELLERS
Richard Anderson (#PH9) and Mr. 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:
Don Laster (#216)
Willis Howard (#508)
Paul McCrea (#410)
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:
Don Laster 71.27% Elected to a Three-Year Term
Willis Howard 8.00% (Not Elected)
Paul McCrea 6.76% (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 2010 assessments as provided by IRS Revenue Ruling 70-604.”
ADJOURNMENT
The meeting was adjourned at 10:50 a.m.
OWNERS FORUM
The Owners’ Forum was convened at 10:51 a.m. The following topics were addressed:
Expression of thanks to Ted Simon for a great job as Treasurer
Expression of thanks to Rich Elliot and Mike Mullaney for management of the building.
Outstanding obligations for the special assessment.
Inclusion of a fitness center in the planning for the swimming pool.
Concerns over the condition of the elevators.
Clarification of rules related to guests parking in the garage.
Explanation and discussion of the status of the swimming pool project. A letter will be sent to all owners explaining the project, projected costs, benefits, etc.
The Owners’ Forum was concluded at 11:40 a.m.
Submitted by:
Annie Kekoolani
Recording Secretary
Concurred by:
Louis Crompton
Board Of Director-Secretary
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