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Meeting Minutes

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Grande Cay Association Finance Committee Minutes for meeting held on Thursday, February 23,2006

Present at Meeting:

Bill Banglesdorf, Denny Collins, Sam Herold

Subjects:

1. Election of Finance Committee Officers^ Bill Banglesdorf was elected Chairman. Sam Herold was elected Secretary.

2. Committees Role & Responsibility:

A. Maintain actual spending within budget. *

B. Provide input for the Board's use in establishing the annual budget.

C. Conduct an annual audit and submit a report of its findings to the Board.

D. Make periodical reviews of our investments of reserve funds for     _ changes in rates, current conditions, needs, and estimated life of items. Provide Board with findings and recommendations.

E. Conduct an annual review of all the Association's insurances for the purpose of updating our insurance needs, researching current market conditions, establishing a program for getting competitive bids from insurance agents and carriers well in advance of the May renewal date, and making a report and recommendations for the Board's consideration. The committee is also charged with arranging for periodic insurance seminars and the providing of information on insurance to the unit owners.

3. Financials for year 2005. Denny Collins presented and explained a full printed financial statement for the 12 months ended 12/31/05. We ended the year with a net income of $5002.55. The report was accepted, an copies are available at Suitor's office

4. Budget. Denny Collins gave everyone a copy of our 2006 budget. It was noted, the budget may have to be revised after the May 2006 insurance renewal is determined. If need be, the committee will present a proposed revised budget for the Board's consideration, with options for addressing any increase expenses.

5. Audit. The finance committee is prepared to conduct its audit of the year 2005 financial results. It will probably take place in April when Suitor can devote the time and lend the assistance needed for conducting the audit. After completion, a report will follow.

6. Insurance. Our insurance renewal conies due May 6,2006. Some members of the Finance Committee have already begun researching what is happening in the insurance market now, and trying to seek insurance expert help from our present agent, a competitive large agent, and a long time family owned insurance consultant firm. We expect having their input in about three weeks. A number of firms seek competitive bidding from at least three agents every three years. So we are following that same practice. Our goal is to have three proposals, recommendations and a financial plan covering in­surance expenses ready for Board consideration and action at its April meeting.

7. New Business. Denny Collins presented the committee a vendor's proposal covering the updating of our property "replacement cost" for use in determining our total reserve amounts. The committee recommended the proposal be presented for Board approval at its next meeting. Meeting adjourned at 10:30 AM.

Respectfully, Sam Herold, secretary * Update Bank signature cards.