Board Meeting – March 21, 2013

by admin on April 18, 2013

Palm Worth, Inc.

Board Meeting

Thursday March 21, 2013

Palm Worth Clubhouse


Meeting called to order by Glenn Keller, Board President at 2:00 p.m.

Board members present:

Glenn Keller President

Juanita Leary Vice President

Jim Apostolico Treasurer

Marian Day Secretary

Linda Brennan Director

David Gerwig Director

Tom Wallis Director


Quorum of the Board was present and verified. Building Manager Marcy Cresswell, LCAM was present along with several shareholders. Marian Day moved that we waive the reading of the January 15, 2013 minutes and that they be approved. Second by Juanita Leary and approved by all.


Jim Apostolico gave the following treasurers report based on the February 2013 financials, the numbers from the Treasurer’s Report are:

$117,615 – In our Operating account

-$27,746 – Prepaid Assessments

$89,861 – Available cash

-$40,000 – Recommended held for emergency by Auditors

$49,861 – Cash available for use

Budget, End of February

Expenses incurred – $52,693

Budget amount – $50, 320

Over Budget – $2,373 (@ 5%)

Jim Apostolico read a letter from an attorney of one of the shareholders who is several months delinquent requesting additional time to settle the estate. Motion made by David Gerwig to send a letter responding stating that the Palm Worth procedure will be followed if payment is not made on account, second by Marian Day and all in favor.4.


Marian Day moved to approve the following items previously approved by e-mail vote:

A. Change stock certificate for 206 from Ruth Overhiser to George Robert Overhiser Jr. and Sharyl Stark Overhiser as joint tenants with right of survivorship, second by Tom Wallis and approved by all.

B. Approve A/C installation for the following units: 102, 512, 208 second by Tom Wallis and all in favor.

C. Approve installation of hot water heater unit 513, second by Tom Wallis and approved by all.

D. Approval to re-sign the contract with Gem Property Management, LLC to Gem Property Management, Inc. second by Tom Wallis motion passed with Linda Brennan voting no. Linda Brennan wanted a letter from Gem regarding old contract and requested a Bond.

E. Approval to hire Slider Engineering for railing project, second by Juanita Leary and all in favor. Juanita will have the engineer look at all the windows and the walls.


A. Glenn Keller discussed FDIC rate change to $250,000. Tom Wallis moved to transfer money to keep maximum amount in accounts at $250,000 at any one bank, second by Linda Brennan and all in favor. After reviewing interest rates for CD’s and money markets from 4 different banks Linda Brennan moved to use Wells Fargo, second by Juanita Leary and approved by all.

B. Board discussing amending property management hours to allow for more flexibility. Juanita moved to amend contract hours, second by Marian Day and all in favor.

C. Juanita discussed starting a committee to discuss long term project of removing privacy wall in front of clubhouse. Sue Keller volunteered.

D. In response to a shareholder question at the annual meeting, Glenn Keller reported that under Florida law coops cannot have term limits for its Board members.

E. Tom Wallis will work with our property manager and maintenance people to standardize the annual maintenance of our Porch Window.


  • Reminding all shareholders to return carts promptly after using them.

  • Recycle bins have been changed. Reminder to put items in correct bin.

  • All shareholders must have all guests sign in even family members whether you are present or not.


David Gerwig moved to adjourn at 3:30p.m second by Jim Apostolico and approved by all.

Minutes submitted by:

Marcy Cresswell LCAM

April 2, 2013

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