PRESIDENT’S ANNUAL REPORT
PALM WORTH COOPERATIVE
FEBRUARY 19, 2013
The Board of Directors and I want to welcome all Shareholders to the 2013 Annual Meeting.
I would like to begin this report by thanking all of my fellow Board Members for their work and efforts during 2012. 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.
2012 Work
On your return this year, I trust you found Palmworth looking as beautiful as ever. During the summer, John Self worked very hard to make improvements on our interior walkways. This saved us a considerable amount of money, as opposed to a very expensive reconditioning by a contractor. Also the south side was brightened up with a new fence and gates. This improvement should give us many years of service.
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 possible. I thank Mike Moffit for all his work with the website.
Financially, Palm Worth is in excellent shape. Our annual audit of the books again showed a positive report. Our budget has remained the same and that is why your monthly maintenance has remained the same for the last three years. This is due to the Board staying within or below our budgeted amount for our projects in 2012, reducing segments of the budget in 2013, 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.
2013 Work
In 2013, we are considering replacing the water shut off valves in each apartment. This is to keep the plumbing system current, and up to date, and for improved safety against water leakage. We are also looking at replacing more of the concrete railings that are in bad shape. Probably around 25 need replacement, mostly on the West end and Stairwell. A building over 50 years old needs continual monitoring for deterioration and to keep up with repairs as they are needed. The building takes a major beating from salt and wind because we face the ocean. There is a cost for this and we are constantly reviewing the required maintenance to ensure the building withstands these elements.
During 2012, we a lost two of our long time shareholders, Ruth Overheiser and John Durkin. Ruth and John were fixtures at Palmworth, and will be deeply missed. Our sympathies go out to Ruth’s daughter Cindy and son Bob, and to John’s wife, Catherine. We want to also extend our sympathies to all shareholders who have lost family members and friends during this past year.
Now some special thanks to our Board members, our friends at GEM Property, John Self, Kevin Brocious, and our Committee Members.
Board Members:
Juanita Leary – Juanita is my Vice President. She has been a tremendous asset to me and the Board. Besides her duties as Vice President, she is the Chairperson of the Beautification committee, her work to keep Palmworth looking great with fantastic greenery and just a beautiful spot to live, is greatly appreciated.
Tom Wallis – Tom is the Secretary of the Board and oversees the Minutes of each Board Meeting. He also works with Marcy on the proprietary leases, the stock certificates and the trusts. Tom also did a great job updating the House Rules. Wally has been a stalwart on the Board for years.
Glenn Keller – Glenn is the Treasurer of Palm Worth. Glenn works closely with Marcy and Amanda Shade, our Accountant, on our budget and monthly financials. Glenn’s knowledge and expertise in financial matters, is a great asset for us all.
Linda Brennan – Linda is one of our directors. She has served in many officer positions on the Board. She helps us to deal with the legal matters that we face at Palmworth, and does a great job working with contracts.
David Gerwig – David oversees the landscaping committee and is responsible for choosing the beautiful flowers and shrubs you see here in Palmworth. This takes a lot of time and effort and his work is appreciated by all. David also helps with issues dealing with the building and the Parking lot.
Marian Day – Marian just completed her first year on the Board, and what an asset she has been. Always willing to help, she kept the flowers looking great while most of us were away for the summer. Marian also oversees the Social Events here at Palmworth.
Gem Property
Robert Bucchere – Robert is Vice President of Gem Property, the property manager at Palmworth. He has handed over his onsite duties to Marcy Cresswell, and GEM is contracted to be our Property Management Company through 2014.
Marcy Cresswell – Marcy came to Palmworth from GEM Property. She Is one site here every day, Monday through Friday, to make sure the Property operates properly. Marcy is quickly becoming a fixture here, and is a tremendous asset to myself and the Board. Thanks for all you do, Marcy.
John Self – John works diligently to ensure that Palm Worth remains beautiful. We all appreciate him and thank him for all that he does. John will have an operation on his foot in February, and will be out for about 6 weeks. We surely will miss you John, get well soon.
Kevin Brocious – Kevin joined us last year, and has done a fantastic job. Kevin has become a friend to all of us, and works with John, during the season. He is a real asset, and is always willing to help.
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 community functions so well. There efforts help us to keep our costs down and encourages all of us to help 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. Thanks to each of you for this very important work.
Social Committee
We have had many successful parties this past year revolving 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 every one on this committee for their creativity and work throughout the season. Special thanks go out to Sue Apostolico, Sue Keller, and Carol Boyle. The Golf Tournament run by Tom and Jeannie Wallis, The Christmas Party, run by Barbara Koehl and Shirley McKinney, and the Wednesday socials at the pool, were also very successful.
Citizen’s Association
Special thanks to David Hobson, Bill King and Mike Mellquist 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. It has been an honor to serve as your President.
Jim Apostolico
President, Palm Worth Cooperative
