President’s Report 2012

by admin on April 18, 2012

PRESIDENT’S ANNUAL REPORT

PALM WORTH COOPERATIVE

FEBRUARY 21, 2012

The Board of Directors and I want to welcome all Shareholders to the 2012 Annual Meeting.

I would like to begin this report by thanking all of my fellow Board Members for their work and efforts during 2011. Each of these Board members have specific responsibilities and work many hours ensuring that Palm Worth is run smoothly and is financially stable. I thank each of them for their contributions.

2011 Work

2011 was another busy year. We completed many projects and managed to do that under budget, with no special assessments. This past summer we had Carousel install 30 new concrete railings around our walkways. The new railings, like the ones on the East Stairwell, are concrete with fiberglass rebar. Fiberglass will not rust and corrode like the older steel rebar, so we should see many years of service from these railings. Both elevators were overhauled by Tyson Krupp. This included new doors, tracks, and safety features. Now, you may have noticed, the doors will open if anything passes into the opening. The parking lot was re-surfaced and new lines were painted. This will give us years of service until we need to repave,

Please continue to check the webpage, Palmworth.net to see information on Palmworth. You will find past minutes, Bylaws, etc. We will continue to update it, so that all new information will be available to each of you as quickly as we get it. I thank Mike Moffit for all his work with the website.

Financially, Palm Worth is in excellent shape. We continue to do an official audit of our books on an annual basis. We have done very well with these audits and will do them each year. Our budget has remained the same and that is why your monthly maintenance is the same as 2011. This is due to the Board doing its best to stay within or below our budgeted amount for our projects in 2011, reducing segments of the budget in 2012, and covering other projects with our reserves for this year. Out of 67 units, we have only one foreclosure which we are pursuing with legal action.

2012 Work

In 2012, we will look at replacing the expansion joints where the two buildings join, on both the north and south sides, and the expansion joints joining the buildings on the west stairwell. The decks need to be patched and painted. The building is 50 years old this year We will need to monitor it closely for major deterioration and fix things when they break. The building takes a major beating from salt and wind by facing the ocean. There is a cost to this and we are constantly reviewing the required maintenance to ensure the building withstands these elements.

New Shareholders

During 2011, we welcomed two new shareholders to Palmworth. In Unit 301, Dan and Nancy Schrage, and in unit 314, Mr. Thomas Oliff. We also lost three of our long time shareholders. Jim Grinnel, Walter Carnes, and Oscar Morgenstern were fixtures at Palmworth and will forever live in our hearts. Our deepest sympathies go out to Mary Lou, Mary Lane, and Anne, and their families. Also our thoughts are with Barbara Ashe and her family on the loss of her mother and former shareholder, Beverly Shug. We want to also extend our sympathies to all shareholders who have lost close family members during this past year.

I want to take this time to extend my appreciation to our Board members, Our friends at GEM Property, John Self, Kevin Brocious, and our Committee Members.

Board Members:

Linda Brennan – Linda is my Vice President and has been a tremendous help to me in my first year as President. Her experience made my job much easier. She did a great job dealing with the legal matters that we face at Palmwort, and also was the Board’s liaison with the Social Committee.

Tom Wallis – Tom is the Secretary of the Board and oversees the Minutes of each Board Meeting. He also works with Robert on the proprietary leases, the stock certificates and the trusts. Tom also has been working hard on updating the House Rules. Wally has been a true mentor for me and I appreciate all of his help.

Glenn Keller – Glenn is the Treasurer of Palm Worth. Glenn works closely with Robert and Amanda Shade, our Accountant, on our budget and monthly financials. Glenn also was the Board member in charge of the Fire Alarm Monitoring System that was installed this past summer. Always the professional, Glenn is the watchdog of our assets.

David Gerwig – David oversees the landscaping committee and is responsible for choosing the beautiful flowers and shrubs you see here in Palm Worth This takes a lot of time and effort and his work is appreciated by all. David also was in charge of the Parking lot resurfacing and stripping.

Juanita Leary – Juanita has been a tremendous asset in her first year on the Board. Chairperson of the Beautification committee, her work included the overseeing of the completion of the bottom of the East Stairwell beach chair area and the beautiful new pool furniture that we all are enjoying.

Len Lillyholm – Len served briefly on the Board, and has elected not to finish his term. We did appreciate his efforts, which included the railing replacement work and chairmanship of the door and window committee.

Marian Day – Marian is our newest Board member and we all are excited to have her as an associate.

Gem Property

Robert Bucchere – Robert is our property manager and once again has done a great job in keeping Palmworth in operation. Robert was planning to take a well-deserved break and take a cruise with Camile in November, but he took me too literal when I told him to have a good TRIP. After his fall, he worked from home to make sure that Palmworth was ready for our return. Robert, thanks for all you do, and thanks for making me look good.

Marcy Cresswell – Marcy came to Palmworth from GEM Property, to help during Robert’s recovery. She made the transition so easy, she became one of us and truly helped all during her time here. Thanks Marcy.

John Self – We can’t forget our hard worker, John works diligently to ensure that Palm Worth remains beautiful. We all appreciate him and thank him for all that he does. John experienced an injury and was away from Palmworth for the last quarter of 2011. It is great to have him back

Kevin Brocious – Kevin joined us to help out during John’s recovery, and has done a fantastic job. Kevin has become a friend to all of us, and now I can announce that he will be staying on our payroll during the season. He is a real asset.

Committees

Palm Worth does a lot of its work through its committees and the volunteers who give their hours to this community. Our shareholders who volunteer are an important part of why this building retains its beauty and works so well. This helps us to keep our costs down and encourages all of us to know our neighbors.

Beautification Committee

David and Vickie Gerwig and Juanita Leary are responsible for choosing the beautiful flowers, newer shrubs, poolside containers and the containers around the clubhouse. David and Vickie go out to nurseries and choose these plants and have them delivered. Juanita and Vickie have worked closely with our landscapers to ensure that our grounds stay healthy and beautiful throughout the year. We also don’t want to forget all of the volunteers who have helped to water the plants around the pool. Mary Lane Cairns has worked in the past to put this together. Thanks to each of you for this very important work.

Social Committee

We have had many successful parties this year. Special thanks go out to Sue Keller, Carol Boyle, Kit Hanvey, Sue Apostolico, Barbara Koehl, Shirley McKinney and Jeannie Wallis. The Golf Tournament run by Tom and Jeannie at the Par 3 up the street was also very successful. The Christmas Party, the Valentine’s Party, the socials at the pool, all of these events contribute to knowing your neighbor. This year festivities revolve around the 50th anniversary of Palm worth. They include cocktail parties, a bus trip to the casino, and a Dinner at Coco Pazio. I thank each and everyone on this committee for their creativity and work throughout the season.

Citizen’s Association

Special thanks to David Hobson, Bill King and Mike Melquist who have worked closely with the Citizen’s Association this year. All three of these gentlemen attended each of the meetings and represented Palm Worth throughout the season.

In closing I would like to thank all of our shareholders for their help and support this past year. Palm Worth continues to be magnificent building in a spectacular setting. This can only be accomplished by the efforts of the entire community and so many of you have been a part of that. This is why the building is in good shape and we continue to be financially stable.

Jim Apostolico

President

Palm Worth Cooperative

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