Palm Worth, Inc. Board Meeting
April 9, 2014
Palm Worth Clubhouse
1. CALL TO ORDER
Meeting called to order by Juanita Leary, Board President at 2:30p.m.
Board members present:
Juanita Leary President
Jim Apostolico Vice President
Marian Day Secretary
Len Lilyholm Director
Arthur Boyle Director
Glenn Keller Treasurer and Stacey Graiziger Director were absent
2. ROLL CALL
Quorum of the Board was present and verified. Building Manager Marcy iZresswell, LCAM
was present along with several shareholders.
3. PREVIOUS BOARD MEETING MINUTES
Marian Day moved that we waive the reading of the March 13, 2014 min Jtes and that they
be approved. Second by Jim Apostolico and approved by all.
4. TREASURERS REPORT
In Glenn’s absence, Jim Apostolico gave the following treasurers report based on the February
2014 financials. The numbers from the Treasurer’s Report showing income and expenses right
on budget with a net income of $772.
$398,079 -Total Cash
-$28,432 – Prepaid Assessments
-$10,654- Payables
$85,584 -available cash
-$40,000 – Recommended held for emergency by Auditors
$45,584 – excess cash o n hand
Marion Day moved to accept the Treasurers report, second by Arthur Bo I’le and approved by all.
5. OLD BUSINESS
A. Approve items previously approved by E-mail.
Motion made by Marian Day to accept Reliable Plumbing for pipe replacement in the storage
room. Second by Arthur Boyle and approved by all.
B. Railings Project update
Juanita stated that the railing project was set to start in June and expected to be completed by mid-August.
There were possible 3 more railings than projected. Six (6) Railings have already been paid for. Some
concrete and stucco work will be done.
C. Revised Electrical Work – Storage Area
Arthur Boyle stated that because of the extent of the railing job and the plumbing issue in the storage room
that Palm Worth decided to hold off on the electrical work in the storage room. There are still some issues
he will be looking into further such as a fixture with motion sensor in the walkway near bathroom and storage
locker room doors and moving the switch and installing motion detection light in small storage room.
D. Final Vote to Approve Posted Changes in House Rules
Jim Apostolico moved to approve the motion passed on January 23 amer ding the House Rules, second by
Arthur Boyle and approved by all. Marian or Marcy will send an e-mail to all shareholders with the approved
changes to the House Rules.
6. NEW BUSINESS
A. Recommended Accounting Policy
Glenn Keller recommended changes to the fixed asset capitalization policy. See attached report Motion made
by Jim Apostolico to accept new policy, second by Len Lilyhiolm and all in favor.
B. Beach and Dune Project
See attached report from Jim Brennan and Sam Nemirow who are working on project to protect the dunes.
There will be signs and ropes in the fall to indicate private beach.
C. Tomasello Inspection of Units
Tomasello checked all 1st floor apartments on South side. One apartmert has termites which are confined to that
apartment. One apartment has palmetto bugs. Tomasello put in traps and sprayed. They say that the problem
should be better within 2-3 weeks. H not cleared up, there will need to be further investigation by a plumber to
determine if problem coming from pipes.
D. Discussion for Removal of Rusty Screws throughout the Exterior Bldg. area.
There are currently quite a few screws that are rusting throughout Palm Worth exterior walls. Screws should be
marine grade stainless steel. Juanita spoke with Waterfront and they said that the rusty screws need to be removed.
They stated that they have a hydraulic drill and can do this job for $4 a screw. We do not have the time or the
equipment to do this in house. Kevin will be checking the fire alarm pull screws to make sure they are not rusting.
E. Sewer Pipe Repair/Replacement- Storage Area
The second tier North side sewage pipe is beginning to leak and could crack. Always Reliable Plumbing has been
approved to do the work.
F. Planned Summer Repair Projects- Building Maintenance
1. Porch Window Annual Maintenance Plus replacement of Window cranks where needed.
Window maintenance will be a priority. Kevin will be replacing any cranks as he is doing the porch windows.
They cost $46.90 each or $39.90 for orders over 50. Marcy will order them so that he has them on hand.
2. Ocean Sidewalk Repair Contract Started
Len Lilyholm is still getting quotes and will get back to the Board.
3. Fire Hydrant Covers Refurbished
All fire hydrant boxes will be fixed and in working order this summer.
4. Strips Removed From Steps and Repainted after Completion of Railing Work.
When the concrete and railing work is completed all stripping will be removed from stairs and they will be repainted.
7. SHAREHOLDERS QUESTIONS AND COMMENTS
There was a discussion regarding the bars on the windows. Jim Apostolicco and Len Lilyholm will look at possible
easier solutions for installing the bars. The washing machine replacement was discussed. Discussion regarding
having the A/C maintenance include washing the units on the roof and the availability of the water supply to the roof.
Jim Morton thanked Tom Wallis for changing out the light bulbs in the storage room. It made a big difference.
Juanita Leary thanked Marian Day and Carol Lilyholm for all the work they did cleaning out the storage rooms and closets.
8. ADJOURNMENT
Motion made by Marian Day to adjourn at 3:55 p.m. second Arthur Boyle: and all in favor
Minutes submitted by: Marcy Cresswell, LCAM April 17, 2014
PALM WORTH, INC
FIXED ASSET CAPITALIZATION POLIICY
Palm Worth, Inc. will regard fixed assets as capital expenditures when all of the following criteria are met:
Assets purchased, built or leased that have useful lives of one year or more.
The cost of the asset (including installation) is $1,5iOO or more. Multiple assets whose cost is less than $1,50o
but the aggregate of which is more than $2,000 or more are capitalizii3d..
The cost of repairing or renovating the asset is $1,500 or more and prolongs the life of the asset.
The association will regard the purchase of computer software programs as fixed assets subject to the above
capitalization policy and will amortize them over an estimated life of three years.
Costs associated with software maintenance and technical support are considered expenditures and will not tie capitalized.
Other considerations:
Repair – Is an expenditure that keeps the property in ordinary efficient top oeratingc ondition. The cost of the repait does
not add to the value or prolong the life of the asset. All repair expenditures are charged to the appropriate expense account.
Improvements – are expenditures for additions, alterations and renovations that appreciably prolong the life of the asset,
materially increase its value, or adapt it to a different use. Improvements of this nature are capitalized.
BEACH and DUNE PROJECT REPORT April 3,2014
Met this morning with Ms Christian Lambright of the Florida Department of Environmental Protection.
DUNE
Ms Lambright identified the dune line of Palm Worth and provided us ivith a ])ermit allowing us to install
sand driven rope and posts to protect the existing dune, (copy attached). The permit does not need to be
renewed and is valid for instillation any time prior to April 2, 2015.
No installation is allowed during turtle nesting season.
She also indicated that there is a small amount of an invasive specie of vegetation(Beach Naupaka) within the
dune which should be removed.
PRIVATE BEACH
Ms Lambright advised us that the attached survey correctly indicates the location of the current Mean High
Water Line and that we could have a surveyor use those details to mark the easternmost point of our private
property, both north and south. Once that is done we can install a rope along the beach and post appropriate
“no trespassing” signs. We will not need a permit to install the signs, etc. The rope; identifying the private beach
and the signs must be removed each nighi:. It does not need to be put out everyday… up to our discretion.
It should be noted that once posted the public is allowed to traverse the private; beach but not to sit or stay
on Pahn Worth beach property.
SIGNS
Attached are examples of dune and no trespassing signs used elsewher:; in Palm Beach. There seem to be a
number of different signs which could be used.
NEXT STEPS
\ We have been in contact with Robert Weber the Coastal Coordinator for the Town of Palm Beach. He is the senior person responsible for all beaches in the town. He supports this effort and with his final approval we will contact the Code Enforcement office and the Police Department in order to have them assist with enforcement as necessary.
2. Board and Shareholder approvals including approval of the costs related to the surveyor and the acquisition and installation of the signage. The company that provided the signs for the Bellaria is Testa Brothers.
ATTACHMENTS
1. Permit
2. Beach Naupaka
3. Survey
4. Dune Sign
5. No Trespassing Sign
6. No Trespassing Sign
