Confirmation of Proper Meeting Notice Notice was posted and in accordance with Florida Statute and the Associations Bylaws.

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1 CRESCENT BEACH - FOUR WINDS CONDOMINIUM ASSOCIATION, INC. Board of Directors Meeting and Continuation of Meeting of the Membership Minutes 8/26/17 10:00am Onsite at the Condominium Rental Office Determination of a Quorum A quorum was obtained with Dan Cantliffe, Joe Joseph, Jimmy Helms, Dennis Williamson, Dana Clark and Dena Treloar Not in attendence Rosa Travis Call to Order Dan Cantliffe called the meeting to order at 10:00 am Confirmation of Proper Meeting Notice Notice was posted and in accordance with Florida Statute and the Associations Bylaws. Approval of Minutes. { } Dana Clark moved to approve the minutes from 7/29/17, Dena Treloar seconded the motion which carried with all in favor. Officer Reports: President- No report. Treasurer- Dana Clark gave the treasurers report. Attached Committee Reports: Rental- Cindy Logo gave the report Attached Building and Grounds- JD Kingly gave the report Attached Manager Report- report attached Palm tree trimming Backflow Firewalls inspection Joe Joseph moved to approve the proposal from A-Z to inspect J building and A building for firewall damage and prepare repair proposals. Dennis Williamson seconded the motion which carried with all in favor. Resident events- Dena Treloar moved to require owners who are having special events in their condo that require utility or amenity access to notify management in advance so that association work and repair can be scheduled around their event dates so there are no repair delays or increased expenses. Dana Clark seconded the motion which carried with all in favor. Website- Management will begin creating a website to comply with recent changes to Florida statute. Unfinished Business. Water main- Proposals still are being obtained NFPA Code and Grills The association will stand behind its attorney s advice and the memo that was sent to owners. New Business. Engineering report (CSI) CSI to attend September meeting. Landscape projects Dan Cantliffe moved to approve lawn salon estimate 1707 to extend eleagnus hedge down towards sanddollar condominium property. The cost is $ The expense will come from operating. Dana Clark second the motion which carried with all in favor. Entryway design was tabled. Roof leaks- F 13 completed

2 September and October meeting dates September 23 and October 21. Adjourn With all business conducted the meeting adjourned at 12:35 am Attachments: Managers report Rental report B&G report Treasurer Report Four Winds Treasurer s Report August 26, 2017 Board Meeting Association: 1. Operating cash on hand, excluding account for insurance: $301, Operating cash for insurance: 60, Total Operating Cash as of July 31 $362, Cash flow is 5.71, which is excellent. This means that if we received no more cash, we could continue to operate and pay our expenses for roughly 5.7 more months. Note that cash flow will be highest in the month that quarterly assessments are received and will go down throughout the quarter until the next quarterly assessments are received. Finally, note that this cash flow number excludes the operating cash that we have set aside to help pay for annual insurance. If this amount were included the cash flow number would be larger. 3. Reserve Balance as of June 30: $107, We continue to contribute $10, monthly to the reserve account. Expenditures from reserves this month included $1,800 to A to Z and $3,150 to Construction Solutions (Stucco Evaluation Report). 5. Accounts Receivable as of July 31 st totaled $1, Of this amount, none was over 90 days due and only $1, was over 60 days due. Our collections on assessments continues to be excellent. 6. We continue to make a monthly $8,000 deposit to the operating cash account established for insurance, so that when the property insurance is due we don t have to borrow as much. The balance of this account declined from the prior month due to payments made in July for annual flood insurance policies on the buildings which totaled $30, The balance of our prepaid insurance account is $124, (Note that this balance increased from the June balance due to the payment made on the annual flood insurance policy noted above.) Our insurance payable balance (the amount we owe) is $59, Our interest on this payable was $ this month. 8. Prepaid expenses of $2, are related to expenses paid in advance for the annual pest control and the CPA retainer. 9. Monthly insurance expense is $13, related to liability, flood, D&O, and property insurance. 10. Security was over budget by $1, this month, but this expense is related to summer security. So, we incur this expense over the summer but must budget for this monthly over the year. This will average out over the year. The 2 accounts related to the pools were over budget by $ the majority of which was due to replacement of chaise lounge/umbrella. Trash service is also over budget this month by $430.77; however, this is due to summer trash service where we use an extra dumpster. Again, this will average out over the year. Water/Sewer is over budget by $ We need to continue to be diligent over water expense and reviewing usage for early detection of any leaks. Note that utility expenses as a general category expense are under budget for the month. 11. Net income for the month is $7,265.75, while the year-to-date net income is $12, Rental Program:

3 1. The rental program has $124, of cash on hand and its cash flow is This means if the rental program received no more cash, it could continue to operate and pay expenses for roughly 4 more months. 2. Net income for the month is $19, Remember that the summer is when the rental program will have its greatest net income. This will offset for months like October, November, and December when rentals are at their lowest. 3. The rental program s accumulated revenues for June and July represent approximately 46% of the annual budgeted revenues. 4. Cleaning services are over budget but this would be expected with high rentals. Unit supplies are also over budget, but this is when Cindy does a lot of supply purchases so this is also to be expected. Security is also over budget, but again this is a timing difference. We budget for the summer security monthly for the entire year, but incur this expense only in the summer. Telephone/Internet service is over budget by $ The total cleaning income for June and July ($31,930) was slightly more than the cleaning service and supplies expense for these months ($30,231.45) for a slight profit of $1, August 26, 2017 Board of Directors Meeting Four Winds Rental Program Report ALL CURRENT YEAR SALES ARE AS OF August 19, 2017 YTD Fiscal Sales (June, 2017 May, 2018) 2016: $817, : $838, : $751,457. -As of August 19, 2017 Summer Sales (May through August 31, 2017) 2015: $358, : $374, : $383,458 -As of August 19, % Budget Report We were operating with a months cash flow of $124,152 as of July 31, 2017 in our 2 Rental Operating Accts- (Harbor & Fidelity Banks). We are operating with a $44,328 YTD surplus. The over budget accounts were: Cleaning Summer rentals are higher thus cleaning services are higher than monthly budgeted amount. The cleaning services will even out with the budget throughout the year. Security- We employ security from Memorial Day through Labor Day, but this is budgeted monthly so it will all even out within our budget for the year. Telephone I switched to AT&T U Verse for our wireless internet as broadband DSL was phasing out of this area. We will save $10 per month with new AT&T contracts for phones, fax, 800#, and U-Verse wireless internet. Rental Handyman This cost will be paid at the end of the month through services orders deducted from rental proceeds. Advertising: We are working on more advertising websites. Many of the websites are now requiring you run the reservation & payment through their website and they take a commission. Our Four Winds on-line Reservations are up 6%. Our repeat guests are up 8% over last year. Our new website is attracting more guests with a better presence on Google than what we had last year with the old website. Fall Deep Cleaning: We are setting up the Fall Deep Clean Schedule and Unit Inspections. We will notify owners in mid-sept. of their schedule based on reservations, owner time blocks or remodel dates. Winter Guest Events: We are organizing some new events for January, February and March, 2018 winter guests. Cindy Longo August 20, 2017

4 The Four Winds Building & Grounds Report AUG 2017 A Building & Grounds walk around was conducted on Tues 8/08/17. The following items were observed and/or recommendations made: BUILDINGS: 1. Upper walkway surface (front of F-12) is cracked/peeling either as a result of concrete spalling or walkway surface covering deterioration. Neither is good. 2. Both storm doors, unit E-10 still in disrepair. 3. Recommend a new window on the S side of the shop building 4. Recommend a split A/C unit in the shop 5. Buttress shingle (F-2) & lattice strip (top of mid F stairs) have been replaced, repaired & painted. 6. All gutters/downspouts have been repaired GROUNDS: 1. Border stone replenishment scheduled for 3rd week of AUG 2. Palms scheduled to be trimmed this month 3. Border stones in upper level parking area need re-installation/epoxy 4. Committee recommends adding further hibiscus in the upper level parking natural areas 5. Fan palms in N upper parking natural area still need removal 5. Border stones around natural areas adjacent to lower parking drive up ramps scheduled for this month 6. Committee reaffirms decision to install hedge extension to SandDollar IV wall on A1A side of tennis court 7. Committee recommends BOD consideration of lowering or removal of the asphalt speed bumps at bottom of the parking drive up ramps 8. Committee recommends BOD consideration of re-striping/painting of parking lot spaces and special use areas 9. Committee recommends BOD discussion of recycle program 10. Compromised grass areas noted on the Oceanside of the E building. Suspect these areas were not sprayed when the other upper level grass area were recently sprayed for fungus, cinch bug, web worm etc. POOLS: 1. N pool repair scheduled for SEP 2. Pool chair count: N pool - 24 S pool - 24 Respectfully JD Kinsley Committee Member

5 CRESCENT BEACH - FOUR WINDS CONDOMINIUM ASSOCIATION, INC. Report to Board of Directors Date: August 26 th 2017 Please find below our report related to Crescent Beach- Four Winds Condominium Association, Inc. Unit Owner Code/Rule Violations (CCR) Status Unit Owner Code/Rule Violations (CCR) Actions by Management No Report at this time Unit Owner Maintenance Status Unit Owner Maintenance Status Actions by Management Condo Maintenance Updates/ Ronnie and Steve Revised firewall proposal obtained Backflow replacement completed, quote for new enclosure is coming. Status of Upcoming Inspections/Projects/Contract Renewals. Palm tree trimming Rock work and curbing Flats that have not repiped As of A-2, A-3, A-4, A-5, B-1,D-2, E-3, E-4, E-8, E-9, F-3, G-2, H-1, H-5, I-1, I-2, I-10 Status of Upcoming Inspections/Projects/Contract Renewals FHA approval status on track Unit Owner Delinquencies Update Association Budget Status Prepared by: Steven Sheremeta Sovereign and Jacobs

6 Four Winds Treasurer s Report on August 31, 2017 Financials September 23, 2017 Board Meeting Association: 12. Operating cash on hand, excluding account for insurance: $293, Operating cash for insurance: 61, Total Operating Cash as of August 31 $355, Cash flow is 5.65, which is excellent. This means that if we received no more cash, we could continue to operate and pay our expenses for roughly 5.6 more months. Note that this cash flow number excludes the operating cash that we have set aside to help pay for annual insurance. If this amount were included the cash flow number would be larger. 14. Reserve Balance as of August 31: $113, We continue to contribute $10, monthly to the reserve account. Expenditures from reserves this month totaled $5,576.45, which included $3,300 to Lionheart Landscapes, LLC for pavers and stone and $2, to Signs NOW Inc. for building number signs. 16. Accounts Receivable as of August 31 st totaled $ Our collections on assessments continue to be excellent. 17. We continue to make a monthly $8,000 deposit to the operating cash account established for insurance, so that when the property insurance is due we don t have to borrow as much. The balance of this account increased only slightly because payments of $7,093 were made from this account to American Bankers Insurance for flood insurance policies. 18. The balance of our prepaid insurance account is $117, Our insurance payable balance (the amount we owe) is $52, Our interest on this payable was $ this month. 19. Prepaid expenses of $2, are related to expenses paid in advance for the annual pest control and the CPA retainer. 20. Monthly insurance expense is $13, related to liability, flood, D&O, and property insurance. 21. Exterior pest control was over budget by $ this month, but this is a timing issue as we budget over the entire year but incur this expense at discrete points in time. Irrigation repairs were over budget by $ this month, but is still under budget year to date. Security was over budget by $ this month, but this expense is related to summer security which ends Labor Day weekend. So, we incur this expense over the summer but must budget for this monthly during the year. This will average out over the year. The 2 accounts related to the pools were over budget by $ the majority of which was due to the purchase of supplies. 22. Net income for the month is $8,856.21, while the year-to-date net income is $21, Rental Program:

7 6. The rental program has $113, of cash on hand and its cash flow is This means if the rental program received no more cash, it could continue to operate and pay expenses for roughly 4 more months. 7. Net income for the month is a loss of $7,323.62, and the year-to-date net income is $37, The school season starting a week earlier in August hurt our rentals this month. 8. The rental program s accumulated revenues for June through August represent approximately 50% of the annual budgeted revenues. 9. Unit supplies are over budget this month and for the year to date, but summer is when Cindy does a lot of the supply purchases so this is to be expected. Security is also over budget, but again this is a timing difference. We budget for the summer security monthly for the entire year, but incur this expense during the summer. On-site office payroll was over budget slightly this month by $239.98, and it is over budget for the year by $2, The RNS software update expense was over budget slightly for the month by $ and by $ for the year to date. The RNS software must be updated from time to time. This software is used to book rentals, so it s very important to the rental program.