BANYAN SPRINGS PROPERTY OWNERS ASSOCIATION

After additions to Reserves and Deductions from Reserves, for costs related to the renovation of the Spa and Fitness Center , the current reserve balance is $285,950.39 as of August 31, 2011.

Our Operational Account shows a balance of $86,954.29 as of August 31, 2011.

Copy attached.

Feige Brody made a motion to accept the Treasurer’s Report, seconded by Harry Sossower and passed unanimously.

President’s/Management Update – Rick Leach

Copy attached.

Highlights:

· On July 1, 2011, the Main Spa Heater at the Clubhouse was replaced by Boucher’s Gas Services for $2,226.00.

· The Spa and Fitness Center Renovations began on July 5^th and are still ongoing. Completion was expected around Labor Day but due to various delays caused by County Inspectors , etc., it should now be completed by the end of September.

· The POA has purchased six pieces of equipment for the Fitness Center as recommended by Fahad Raja. Special thanks go to The Wellness Club for their donation of $1,200.00 towards the purchase of this equipment.

· During the summer, the waterfall in front of the Clubhouse underwent needed repairs caused by numerous cracks in the foundation. Several vendors were consulted to do the work and a contract was awarded to Waterfalls & Patios, Inc. at a cost of $3,500.00.

· A permanent solution to the long standing problem with the drainage pipes in the ladies locker room, which has now been converted for use by the men, was addressed prior to the start of construction on the Spa Renovations. Raider Rooter gave us an estimate for the work at $2,575.00. Our contractor, David Orfinger, recommended the plumber that was already working on the project and he completed the repairs for $500.00, thereby saving us $2,075.00.

· Replacement by TEM Systems of the keypad on the call box at the main gate was made on July 7^th and again on August 8^th. The repairs were covered under the annual service agreement with TEM Systems.

· The Board of Directors held two Special Meetings on August 4, 2011 in order to preserve the Documents and Covenants of Banyan Springs in accordance with the Marketable Record Title Act. Both Documents were recorded at the County Clerk ’s office on August 8^th and are now a part of the Official Banyan Springs Documents. Copies are available at the office.

· A reoccurring electrical problem with the aeration fountain required the replacement of the motor control box at a cost of $370.00

· A tentative schedule to start the annual Tennis Court resurfacing Project should begin on Monday, September 19^th on Courts 4 and 5. The cost of the project is $6,550.00. The work will be done by Papico Construction, Inc.

Barry Prince mentioned that the Court case regarding the flooring in the clubhouse is still ongoing and there is a Court date of September 14^th. This follows several appeals which the Court has entertained. Hopefully, the case will shortly be put to rest.

Old Business

We finally will have a traffic light at the entrance of Military Trail.

New Business

· Joel Brusso advised that our 2010 Annual Statement showed a surplus of approximately $51,000.00 in our budget and made a motion to move approximately $30,000.00 of this surplus into our reserves in the near future. The funds will be moved from our Operating account to our Reserves account at Mackinac Bank.

The motion was approved by Harry Sassower, seconded by Feige Brody and approved unanimously by the Board.

· Fahad Raja’s days and hours at the Fitness Center . Due to increasing private business that Fahad has secured, he has asked to have his days either permanently reduced to three days or increased to four days per week. The additional cost would amount to approximately $2,600.00/year. The hours of Fahad’s attendance will be discussed between Fahad and the Board over the coming days.

· Tony Scorsese made a motion to increase Fahad’s days from three per week to four days per week. Seconded by Paul Whitney and voted unanimously by the Board

· The principals of Norman ’s Café requested an increase on some of their menu items. A copy of the proposed increases has been given to the Board for review and will be voted upon at a later meeting.

Architectural requests

The replacement of a patio door at 10050 Hickorywood Place had been requested and was approved.

Suggestion Box

There were no suggestions submitted.

There were several matters brought up by Association members. The following issues were discussed:

· Improvements to the landscaping at the front entrance by Boynton Beach Blvd. and the berm running along Military Trail. This would be very costly but the issue will be taken up with our landscaping Chairperson, David Lefton.

· A suggestion was made that we use some form of shrubbery that would spell out the name of “Banyan Springs” on the corner of Boynton Beach Blvd. and Military Trail, thus identifying our community. This will also be discussed with Dave Lefton.

· Terry Whitlock inquired about the possibility of a putting green on the common grounds. Barry Prince said this would be considered for the future.

At 11:44 Larry Granet made a motion to adjourn and was seconded by Bob Dow.

Respectfully submitted,

Anthony Scorsese

Secretary