ROTONDA WEST ASSOCIATION, INC.
Budget & Finance Committee
Minutes - Thursday, February 22, 2007

Present: Claudette Romano, Hank Artz, Bud Nill, Fred Warner, John Carroll

Absent: Bruce Miller

Management: Norene Kugler, Assistant Manager

Others: Nick Gizzi, George Krabbe, Joe Romano, John Piepmeier, Gerry Townsend

Call to Order
In the absence of Bruce Miller, Claudette Romano called the meeting to order at 2:10 PM with a quorum present.

The minutes of the February 9, 2007 Budget & Finance Committee meeting were discussed. In the third paragraph of the minutes, the President of First Community Bank, Michael Bullerdick, “also indicated that he could provide a nightly sweep of our checking account,” – after that statement, insert “but it is not in place yet.” The minutes were then approved.

Minutes of the February 16, 2007 Budget & Finance Committee meeting were corrected from “Just North of 4$” to “Just North of 4%” then approved.

CD investment was discussed.

John Carroll made a motion to purchase a 3 month CD from Englewood Bank in the amount of $50,000 at an interest rate of 5.1 or above. Second by Hank Artz and approved unanimously.

Tom Madsen is to transfer $50,000 from First Community Bank Money Market to the First Community Checking Account, in order to purchase the CD from Englewood Bank.

Hank Artz commented that the Rotonda West Association needs a planning committee. He gave examples of having a handyman on staff and someone on staff to do the mowing, rather than hiring a mowing contractor.

John Piepmeier said an absolutely critical priority is that the backup of the data should be located off site, out of this area. Tom Madsen is to do the follow up. It was suggested that the daily backups could be stored at the RWA office and at Tom Madsen’s house; and a weekly backup at U Store of Rotonda.

Gerry Townsend is a CPA. She and her husband are planning to move to their home in Rotonda West, in September of this year. Gerry offered to become a member of the Budget & Finance Committee at that time.

The meeting adjourned at (Not Recorded) PM.

Norene Kugler
Assistant Manager