BANYAN SPRINGS PROPERTY OWNERS ASSOCIATION

Mr. Brusso also mentioned that there will be an additional $21,000.00 transferred out of the Operating Account into the Reserve Account. This will result in a Reserve Balance of $275,325.04 and an Operating Account balance of $140,128.50 which is more than enough to take care of our needs through the next month.

Mel Teitzman made a motion to accept the Treasurer’s Report as read, seconded by Feige Brody and passed unanimously.

Committee Reports:

· Banyan Banner – Barbara Wolfe, Editor

Barbara explained to the new Members when the Banner is available and how best to use the Banner.

· Spa Committee – Pat Andreoli, Chairperson

Pat commented on how magnificent our new Fitness Center turned out. She expressed her dismay that many people are not wiping down the equipment after each use and spoke of how important this is. This practice is for everyone’s health as there is so much disease and bacteria associated with a Fitness Center . Bottom line; help keep our Fitness Center healthy.

· Welcoming Committee: - Feige Brody, Liaison to the Board

Feige informed the attendees that in January they will have either a Tea or Coffee gathering to formally welcome the new Buyers and Renters to Banyan Springs and to introduce them to all of our amenities. She also spoke of the New Residents Guide to Banyan Springs and some of its contents.

· Landscaping Committee – David Lefton, Chairperson

David advised that we have a new bug in the community, the white fly, which is eating its way through our Ficus hedges. A liquid treatment is being applied directly into the root system to combat and kill the insects. If you see any problem of this in your Condo or Villa, please contact David and he will address the problem as soon as possible.

Landscaping maintenance of shrubs will begin in November along with the planting of a variety of color Impatiens. After this period, David will look into any individual owners unit requests. Also, Dave has invited any landscaping Chairpersons from individual Condos to contact him if they need help or advice with their specific landscaping needs.

David also requested another $5,000.00 be added to this years coming budget to help replace the many trees that have been lost over the past five years. Barry Prince said his request has been approved.

Managements Update – Rick Leach

Copy attached.

Highlights:

Mr. Leach reiterated several items and issues that were covered in our Workshop Meeting of October 13^th. These are listed in the Minutes of that Meeting. In addition to those points are the following items:

· The Waterfalls in front of the Clubhouse was repaired by Waterfalls & Patios Inc. for a total cost of $3,500.00

· A transformer was installed for the aeration fountain by R & G Electric on October 14^th at no cost to the Association. This has finally solved the problems that have caused the fountain to shut down.

· The BSPOA Finance Committee had their first meeting on Tuesday, October 18^th to prepare the 2012 Proposed Budget. This will be submitted to the Board for review and mailing to the Association Members. The Finance Committee will meet again on Tuesday, October 25^th to continue working on the 2012 Budget.

· TEM Systems is here today to install card readers and locks for the Fitness Center and Spa Areas to further secure those areas at all three access points in the building. Total cost is $2,630.04. Work should be completed tomorrow.

· The Banyan Springs Annual Meeting and Election is scheduled to be held on Wednesday, January 18^th, 2012. There will be three vacancies on the Board to be filled and all Unit Owners will be receiving Notices of the Annual Meeting and Election, as well as the 2012 Budget Meeting in the mail, sometime in early November.

Presidents Update: - Barry Prince

Mr. Prince advised everyone that December the 9^th was the deadline for submission of Resumes for those considering running for the 2012 Board.

Barry then gave a final accounting of costs for the new Spa and Fitness Center. The process for Project took approximately six months from start to finish and was completed on the 23^rd of September. The original estimate came in at $106,077.00 plus $5,000.00 for the Architect and $3,000.00 for County permits. Additional costs were incurred when County Inspectors made their inspections. These items were: Insulation for the air conditioning, $2,600.00; sprinkler system, $2,280.00; removal of toxic materials behind mirrors, $2,700.00; new mirrors, $4,500.00; drinking fountain & plumbing, $2,000.00 and additional electrical work, $1,500.00. The grand total cost for all items was $129,657.00, all of which has now been paid for and without any assessment to the Association Members.

A new washer/dryer has also been installed in the Salon and was donated by our Contractor, Davale Construction.

Barry then went on to discuss that the main responsibility of the Board of Directors was to maintain our Rules, Regulations, Documents and By Laws of our Community and to see that they are followed. He cited a couple of examples, such as when the Theatre Center was built, it required that two thirds of the Association Members had to approve the project because the cost exceeded the allowable amount that could be spent without two thirds of Association approval. Also, when the length of the term of service was changed for Board Members from two to three years, it required a consenting vote of two thirds of the Association. Basically, it is the fiduciary responsibility of the Board of Directors to represent all of our community, both Condos and Villas, equally.

Now, we have another issue that came up with regard to the maintenance of the common areas in the Villas. Mr. Prince explained what incident lead up to this situation, the matter of replacement of a mail box, and the ensuing circumstances that bring us to where we currently stand. It is now in the hands of the Attorney’s for both the P.O.A. and that of the Villas Association for them to interpret the legal position of our Documents. Until this decision is made, the P.O.A. will continue to maintain the common areas in the Villas as usual. No further discussion will be had until we have a Legal decision.

Old Business:

There were several motions made and voted upon since our last General Meeting of February 16^th, 2011. The following is a synopsis of these motions:

v March 31, 2011 – Mr. Dow made a motion to accept a new contract for the Café, a/k/a Norman ’s Café, and was passed unanimously by the Board. A copy of the contract is available at the office.

v April 21, 2011 – Mr. Dow put forth a motion to accept a proposal from Davale Construction. It was accepted unanimously, pending final signing of the contract, to begin the process of obtaining the necessary permits required in order to proceed with the project on the Spa and Fitness Center .

v August 4, 2011 – Mr. Brusso made a motion to accept the Declaration of Covenants and Restrictions for Banyan Springs Property Owners’ Association, recorded on January 29, 1988 along with all amendments that shall be preserved pursuant to Chapter 712 of the Florida Statutes. It passed unanimously.

v August 4, 2011 – Mr. Brusso made a motion to accept that the Declaration of Covenants and Restrictions for Banyan Springs Property Owners’ Association, recorded on June 28^th, 1981, together with all amendments shall be preserved pursuant to Chapter 712 of the Florida Statutes. It passed unanimously.

v September 1, 2011 – Mr. Brusso made a motion to move $30,000.00 of a $51,000.00 surplus from our Operating account into our Reserves account. The motion was approved unanimously.

v September 1, 2011 – Mr. Scorsese made a motion to increase Fahad’s days from three per week to four days per week, year round. The motion was passed unanimously.

v October 13, 2011 – With $21,000.00 of surplus funds not yet transferred from the Operating account into our Reserve account, Mr. Dow made a motion to now make that transfer. The motion passed unanimously.

v October 13, 2011 – Mr. Sassower made a motion to accept, with some minor changes, the proposed increases for Norman ’s Café Menu. The motion was approved by all Board Members with the exception of Joel Brusso.

A more complete and detailed copy of these Motions is attached.

Director, Larry Granet brought to the Boards attention a matter that has been discussed several times over the past couple of years regarding the need for a stand alone air conditioner in our Billiard Room. He explained the discomfort that the players have to deal with, especially in the high volume season and the heat of the summer. We are now involved in the Inter-Community League play and are hearing these same complaints from those coming in from the outside. Mr. Granet asked if the Board would please consider this improvement in the upcoming 2012 Budget.

Miriam Plonsky commended Audrey Arian for her diligent work and effort in helping to secure the new traffic light which has now been installed at the entrance to our Community on Military Trail.

New Business

None

Larry Granet made a motion to adjourn the meeting at 8:32 P.M. Seconded by Paul Whitney and passed unanimously.

Respectfully submitted,

Anthony Scorsese

Secretary