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Palm Worth, Inc.

Board of Directors Meeting Minutes

Monday, February 28, 2011 at 3:00 PM

Palm Worth Clubhouse

2850 South Ocean Blvd.

Palm Beach, FL 33480

1. CALL TO ORDER

Meeting called to order by Jim Apostolico, Board President at 3:05 PM.

Board members present:

Jim Apostolico President

Linda Brennan Vice President

Glenn Keller Treasurer

David Gerwig Director

Juanita Leary Director

Len Lilyholm Director

Tom Wallis, Secretary was absent due to illness.

2. ROLL CALL

Quorum of the Board was present and verified, Robert Bucchere, LCAM, Palm Worth building manager, was present as were numerous Palm Worth shareholders.

Jim Apostolico gave an official welcome to Juanita Leary and Len Lilyholm as new members of the Palm Worth Board of Directors.

3. LAUNDRY CONTRACT

Jim stated that Palm Worth lost the court hearing regarding the King Coin laundry contract. Jim also stated that Palm Worth is not pleased with the outcome of the court hearing and that Palm Worth will have a named partner in our corporate law firm review the case. Treasurer, Glenn Keller also stated that we should have a partner review this outcome and we will work diligently to get out of this laundry contract.

4. BOARD MEMBER RESPONSIBILITIES

Jim states that he would like to have a policy of “board member buddies” to make it easier to communicate among the board members and to keep open the “flow of information.”

The Buddy System is as follows:

Linda Brennan – Juanita Leary

Glenn Keller – Len Lilyholm

Tom Wallis – David Gerwig

5. PROJECT ASSIGNMENTS

Jim states that the following board members will oversee projects as follows:

Fire Alarm System – Glenn Keller

Parking Lot – David Gerwig

Beautification Committee – Juanita Leary

Social Committee, Legal Matters & Contracts – Linda Brennan

Stock Certificates, Leases and House Rules – Tom Wallis

Elevator Project – Jim Apostolico

Railings, Windows & Doors – Len Lilyholm with possible input from David Hobson who had worked on the Window Committee.

6. PLUMBING INSPECTION

Len Lilyholm suggests that we have a plumbing inspection of the water shut off valves in the kitchen and baths of all the units as well as the seals in the bathroom toilets.

Motion is made to have the plumbing inspection done (Keller, Lilyholm 6-0 in favor).

7. COMMITTEE APPROVAL

The following committees are approved:

Document Committee – Valerie Nemirow Chairperson

Citizens’ Association – Mike Mellquist, David Hobson

Beautification Committee – David and Vickie Gerwig, Juanita Leary

Social Committee – Linda Brennan, Chairperson, Sue Apostolico, Carol Boyle, Kit Hanvey and Sue Keller

Motion made to accept the committees (Brenna, Lilyholm 6-0 in favor).

8. TREASURER’S REPORT

Motion is made to waive reading of the Treasurer’s report (Leary, Keller 6-0 in favor).

9.  PREVIOUS BOARD MEETING MINUTES

Motion is made to waive and approve the reading of previous board meeting minutes (Brennan, Lilyholm 6-0 in favor).

10. WINDOWS AND DOORS

Motion is made to have the 1^st floor porches included in the Porch Window System (Brennan, Keller 6-0 in favor).

11. NEW BUSINESS

Fanning Unit 314 Sale Approval

Motion is made to approve sale of Unit 314, Diana and Emory Fanning to Tom Oliff (Brennan, Leary, 6-0 in favor).

Koehl Unit 407

Motion is made to approve change of Unit 407, Barbara Koehl Lease/Stock Certificate to a Trust (Apostolico 6-0 in favor).

12.  LETTER TO SHAREHOLDERS

Jim states that a letter is going to shareholders regarding water/mold issues and the parking lot resurfacing.

13.  STAIRWELL PAVERS

Motion is made to approve installation of pavers by Home Depot under the East Stairwell (Leary, Gerwig, 6-0 in favor).

14.   ADJOURNMENT

Motion is made to adjourn at 4:30 PM. (Brennan, Leary, 6-0 in favor).

Minutes submitted by

Robert Bucchere, LCAM

March 18, 2011

Click Here

Palm Worth, Inc. Annual Meeting Minutes
Tuesday, February 15, 2011
2850 S. Ocean Blvd Palm Beach, Fl 33480

CALL TO ORDER Board President, Linda Brennan welcomed everyone to the 49th annual meetingand called the meeting to order at 7:05 PM.

Board members present:

Linda Brennan, President
Glenn Keller, Treasurer
Tom Wallis, Secretary
David Gerwig, Director

Secretary Torn Wallis reported that 27 Shareholders were present and there were 30 proxies so a quorum is met.
Robert Bucchere, LCAM, Palm Worth property manager, is also in attendance.

PROOF OF NOTICE Secretary, Tom Wallis, verifies that he has received and verified the proof of notice of the mailings for the annual meeting.

READING OF THE PREVIOUS BOARD MEETING MINUTES Motion made by Tom Wallis to waive reading of the 2010 Annual Meeting minutes and that they be approved. Seconded by Glenn Keller and approved by all.

PRESENTATION ON THE FIRE ALARM SYSTEM
Mr. Mickey Volk of Florida State Fire and Security gave a brief explanation of the system that would be installed. They will be in each apartment for a brief time as they install the warning horn. This system Does Not detect fire but alerts residents when someone pulls the fire switches. The new system that will be installed in May.    He also answered all shareholders questions.

REPORT OF OFFICERS

A.    Treasurer’s Report

Glenn Keller presented his report based on unaudited results as of 31 December 2010 which is attached.

B.    The Secretary read the following motions to the shareholders:

1. The Board of Directors of Palm Worth, Inc. be authorized to contract the services of Hafer and Company, as our auditing firm and to prepare 2010 Federal and State tax returns.
Seconded by Gerwig and Passed.

2. The Board of Directors of Palm Worth, Inc. retains Laurie Manoff as our corporate attorney until the 2012 annual meeting. Seconded by Keller and Passed

3. The Board of Directors of Palm Worth, Inc. be authorized to cross fund the reserve accounts to the operating accounts, if necessary during 2011 and to  borrow operating funds from the reserve funds, if necessary.
Seconded by Gerwig and Passed

GENERAL MANAGERS REPORT AND EAST STAIRWELL PROJECT

Robert Bucchere presented his report. This report will be made available to all shareholders along with the minutes of the Annual Meeting.

BEAUTIFICATION COMMITTEE REPORT

Will be included with minutes.

SELECTION OF BALLOT COUNTERS

Linda Brennan reports that Dick Wing and Mary Ann O’Bryan have been asked to count the ballots for the Board of Directors Election.

CITIZENS ASSOCIATION REPORT

Robert Bucchere read the report prepared by David Hobson which will be included with the minutes.

PRESIDENT’S REPORT

Linda Brennan Presented 2010 President’s Annual Report which will also be available with the publication of the minutes.

SHAREHOLDER QUESTIONS

Mike Meliquist, responding to a question about the Omphoy’s status, stated that it is currently in Bankruptcy and being operated by the bank holding a $60 million loan. He also reported that the new bank next door should be open in a couple of weeks.

BOARD ELECTION RESULTS

The President reported that Jim Apostolico , Glenn Keller and Juanita Leary were elected to the Board of Directors for two year terms. [In Executive Session the Board of Directors unanimously selected Lenny Lilyholm to complete the term of Bill Hanvey]

ADJOURNMENT Motion by Tom Wallis adjourn at 8:45 PM; seconded by David Gerwig and approved by all.

Respectively Submitted,

Thomas Wallis, Secretary
Linda Brennan, President

MINUTES OF THE BOARD OF DIRECTORS MEETING

January 20, 2011

PALM WORTH COOPERATIVE

2850 SOUTH OCEAN BOULEVARD

PALM BEACH, FLORIDA 33480

1. President Brennan called the Meeting to order at 3:00 PM.  Directors Gerwig, Keller, Wallis, Brennan, Apostolico and Hobson were present. President Brennan announced the resignation of Director Bill Hanvey.

2. Secretary Wallis moved that the reading of the November 16, 2010 minutes be waived and they be approved. Seconded by Gerwig and Approved.

3. Treasurer Glenn Keller presented the financial results as of November 30th with the operating account showing a surplus of $55,016.  Line item expenses are in line with the budget.  Special projects are not yet in, but are projected to be on budget. Wallis moved we accept the report, Seconded by Hobson and approved.

4.  The board reviewed the bids to replace the elevator doors and do extensive maintenance to the working parts. Both elevators would be done this summer using money from the Reserve account. Keller moved we accept the bid from our present elevator maintenance company Thyssen Krupp for $33,000. Seconded by Hobson and approved.

5.  Robert presented the three bids for resurfacing the parking lot and Wallis moved we select M&M paving for $3,780. Seconded by Apostolico and passed.

6. Jim Apostolico discussed the three estimates to replace railings on our walkways. Carousel, which did the stairwell project, was the lowest bidder at $720 per rail. The evaluation done last year identified about 20 -25 rails that should be replaced. Jim Apostolico moved we accept Carousel’s bid. Seconded by Wallis and approved.

7. Bill King reported that the Citizens Association is selling flags to celebrate the 100th birthday of Palm Beach at $200 per flag which would be hung on A1A in front of our building. Wallis moved we buy one. Seconded by Hobson and approved.

8. The social committee recommended we buy a convection oven for the clubhouse kitchen. Motion by Hobson, seconded by Apostolico and approved.

9. Robert reported that the Palm Worth website, www.palmworth.net is in the beginning stages under the hard work of Mike Moffit.

10 Jim Apostolico led a discussion of various proposals for beach chair storage under the new stairwell. The Beautification Committee under David Gerwig will come up with a proposal and estimate. Wallis moved we authorize Robert to contract for the fencing to close off the open access to the pool. Seconded by Hobson and approved.

Motion to adjourn at 4:22 PM approved.

Linda Brennan, President

Thomas Wallis, Secretary