867 South Atlantic Avenue, Ormond Beach, FL  32176 (386) 677-8111 A Unique Vacation Experience!   Director Update and Status Report June 4, 2008     Facilities             Reserve Projects for 2008: Status and Target Date   Unit dishwashers-1st floor  .................................................................................. COMPLETE Pool deck wooden decking & bridge................................................................... COMPLETE Hard goods - chairs 4th floor studios .................................................................... COMPLETE Unit safes - 2nd floor ............................................................................................ COMPLETE Renovations - unit shower rods JUNE 2008 Hard goods - 2 bedroom dining tables .................................................................. JULY 2008 Unit sliding glass doors - 7 units  .......................................................................... NOV 2008 Renovations - 1 bedroom jacuzzi tubs.................................................................. NOV 2008 Air Conditioning................................................................................................... NOV 2008 Unit carpet - 4th floor ........................................................................................... NOV 2008 Hallway carpet - 2nd, 3rd & 4th floors .................................................................. NOV 2008 Pool furniture - as needed ..................................................................................... NOV 2008 Renovations - cabinets & counter tops .................................................................. NOV 2008 Drapes & Sheers - as needed  .............................................................................. NOV 2008 Unit mattresses - as needed .................................................................................. NOV 2008 Unit refrigerators - if necessary............................................................................. NOV 2008 Unit ranges - if necessary...................................................................................... NOV 2008 Unit microwave ovens - if necessary......................................................................  NOV 2008 Renovations - pocket doors .................................................................................. NOV 2008 Renovations - mirrors & closet doors .................................................................... NOV 2008 Resort washer/dryer - if necessary  ........................................................................ NOV 2008     UNIT SAFES-2nd FLOOR Since our last meeting new safes were installed in the remaining 10 units on the 2nd floor. This project is complete.             COMPLETE HARD GOODS-2nd BEDROOM DINING TABLES The 35 new dining room tables which were approved at the last Board Meeting have been ordered. Delivery and set up by the manufacturer is expected in late June or July.                 JULY 2008 UNIT SLIDING GLASS DOORS We have installed a new sliding glass door in i unit since the last report. The new doors have been installed in 6 units so far leaving 3 units to go. The plan is to install the remaining doors as the units become available. NOV 2008 RENOVATIONS-1 BEDROOM JACUZZI TUBS So far the new jacuzzi tubs and bathroom renovations are complete in all four one bedroom units on the north end. The remaining bathrooms will be renovated as the units become available.              NOV 2008 AIR CONDITIONING The plan is to replace air conditioners on an as needed basis. Since the last report, we have replaced the 2-ton air conditioner for unit 4007 and the air handler for unit 4003. So far this year, we have replaced three 2 ton and one 5 ton air conditioners.   NOV 2008 OTHER RESERVE PROJECTS: Installed 6 new tabletops on pool deck tables. Have 4 kitchen cabinets on property awaiting installation. Replaced the entire closet on both sides of the murphy beds in 2 units. Installed 44 additional curved shower rods-only 6 units to go. Waiting for the final inspection of the kiddie pool resurfacing work. Ordered carpet for the 4th floor units and 2nd, 3rd & 4th floor hallways.     Operations   TURTLE SEASON With the start of “Turtle Season” on May 1st the resort has turned off or redirected any lights, which can be seen from the beach. This impacts our exterior building, balcony, pool deck and parking lot lights. HEAT PUMP UPDATE As requested we have obtained electrical quotes for this project and talked with several of the contractor’s references. The electrical cost came in much higher than expected and other changes have been made to the original proposal. Therefore, a revised proposal will be presented at the June Operations and Facilities Committee Meeting. ENERGY MANAGEMENT THERMOSTATS No new thermostats have been installed since the last report. To date approximately 107 units have been equipped with the new energy saving thermostats. The remaining 7 units will be completed when their existing air conditioners are replaced.     Other Achievements     Installed ground level lighting in hot tub area. Ordered ground level lighting for street side of building. Installed new gutters on Barnacles walkway roof. Removed the seldom used car vacuum. Posted a notice at the front desk of the $100.00 fine for smoking violations. Replaced the bathtub faucet & handles in 2 more 4th floor units. Received tile and expect to repair the Beach Bucket floor soon. Installed new cabana over pump house for band and DJ. Repaired the connector for the pool deep end safety line. Purchased a digital pool test kit for more accurate pool readings. Replaced Beach Bucket exhaust fan motor and filters.       BUSINESS OFFICE   The Financial Statements for 2008, which were approved by the Board at the April meeting, have been issued and as required, a copy has been filed with the State of Florida. Copies will be distributed to all directors at the June Finance Committee Meeting.   The 4th quarter maintenance fee invoices were prepared and mailed in early June as scheduled. In addition, our normal collection activities have continued in accordance with our policies and procedures.   The 2008 maintenance fees for both restaurants have been billed based on this year’s budget and our normal billing schedule.   The Annual Tax Disbursement Schedule has been filed with the Department of Revenue as required. This form reports the property taxes collected and remitted to the county tax assessor for the year.   The summer issue of the Ocean East Tidings approved at the April meeting was mailed as scheduled in May. Each newsletter included a two-sided flyer. One side announces the upcoming building paint and concrete repair project while the other side advertises Association Foreclosure weeks for resale.   I am pleased to report the resale flyer has been a great success! At last count 9 foreclosure units have been sold.   The business office has updated our employee handbook. Copies of new policies and/or revised policies will be distributed to all directors at the June Finance Committee Meeting.   The Ocean East Web Site has been updated since the last meeting with the following information: Summer 2008 edition of the Ocean East Tidings Notice of the Building Paint & Concrete Repair Project Hot Summer Deals on Association Foreclosures   The business office has upgraded our local area network by adding a new dedicated server. The old server will be used as a workstation.   An employee meeting was held in May to review our Amended 401k Plan including the new enhanced matching provisions. The plan information was presented by a representative of Morgan Stanley with assistance from the business office.   If you have any questions, please feel free to send us email or give us a call.   (386) 677-8111 staff@oceaneast.com