The meeting was called to order at 9:21 a.m. by President Tim Pellerin. Board members in attendance were Steve Couch, Tim Pellerin, Terry Barrett, and Deborah Stevens. Mike Dammeyer was present via Zoom. Attending from Hilton Grand Vacations (HGV) were Sharry Luneke – Regional Vice President; Matt Fox – Area Managing Director; Chip Fosth – General Manager; Tami Phillip- Assistant to the General Manager; Amy High – Administrative Assistant. There were 2 owners present on the call as well.
2024 AUDIT – Jennifer Coleman, a Principal of Myers, Brettholtz & Company, P.A., independent auditing firm for the Association, met with the board of directors to review the draft of the audit of the 2024 financial statements. She stated that “In our opinion, the financial statements present fairly in all material respects, the financial position of Seawatch On-the-Beach Condominium Association, Inc. as of December 31, 2024, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.” This is a clean, or unmodified, opinion. A management letter was distributed with the audit. No control deficiencies or material weaknesses were found.
In 2024, total Operating cash was $93.938; Reserve cash was $1,074,717; Contract Liability was $669,301; Operating loss was $(513,988); and the ending fund balance was $(2,066,603).
Reserve balances by fund were: $379,691 – Interior; $5,656 – Roof; $56,683 – Painting; $8,650 – Paving 23 $127,452 – Capital Improvements for a total reserve balance of $578,132 on December 31, 2024.
After discussion and review, MOTION was made by Steve Couch and seconded by Deb Stevens to accept the audit of the 2024 financial statements with changes stated by Myers, Brettholtz &
Company and authorized the President to sign the Management Representation Letter. Mr. Pellerin voted aye, Mr. Barrett voted aye, Ms. Stevens voted aye, Mr. Dammeyer voted aye, and Mr. Couch voted aye. Motion carried unanimously.
Ms. Coleman dropped from the call.
APPROVAL of MINUTES – MOTION was made by Steve Couch and seconded by Mike Dammeyer to approve the minutes of the board meeting held on February 5, 2025, as presented. Mr. Pellerin voted
aye, Mr. Barrett voted aye, Ms. Stevens voted aye, Mr. Dammeyer voted aye, and Mr. Couch voted aye. Motion carried unanimously.
PROPERTY UPDATE
• Pool/Spa Repair – Engineer and pool company will be onsite today for further inspection.
• Electronic Locks – this issue has been resolved. Training on key creation will be set up. Gates still need locks installed.
• Propane – permit is waiting for the flood review. Our tank will be buried, not elevated. S. Florida Propane has taken over from AmeriGas, who services all other HGV properties. They are not
responsive and have been replaced at some properties.
• Back-up generator – discussed.
• Grills – waiting for propane tanks to be buried and connected. Four grills have been temporarily converted to bottled gas.
FINANCIALS
• Delinquency Report – discussed
• Sales Report – Stephanie Jenkins called into the meeting.
2024 Year End Totals 27 weeks (includes Assoc. Sales)
$168,400 Total Dollar Volume (includes Assoc. Sales)
2024 Assoc. Year End Sales Totals 13 Weeks $39,300 Total Dollar Volume
2025 Year to Date Totals 13 weeks sold (includes Assoc. Sales)
$85,500 Total Dollar Volume (includes Assoc. Sales)
2025 Assoc. Year to Date Totals 0 Weeks $0 Total Dollar Volume
MOTION was made by Steve Couch and seconded by Terry Barrett to allow the association owned weeks, weeks 30-39, to be sold for a price as low as $1,500 including 2025 occupancy, buyer to pay closing costs, with a $250 bonus to selling agent. Mr. Pellerin voted
aye, Mr. Barrett voted aye, Ms. Stevens voted aye, Mr. Dammeyer voted aye, and Mr. Couchvoted aye. Motion carried unanimously.
• Financials – discussed. The question was asked by the board who is paying the late and convenience fees on invoices not paid on time due to cash flow issues. HGV management did not have an answer. It was also pointed out that for the period January-April 2025, certain invoices were not being paid when due, apparently due to the timing of insurance proceeds being collected. Matt Fox confirmed that for part of this period, he was unaware that bills were not being paid timely. He assured the Board that he will pay closer attention in the future to avoid this in the future.
A break for lunch was taken at this time and both owners dropped from the call.
• 2026 Reserve schedule
o Living Room 40” TVs – prices will be requested.
o Flood Barriers – other options will be investigated.
o Bathrooms – discussed.
o Sliders and doors – 01/06 units never got the small porch sliders hurricane upgraded when the remaining doors were done.
NEXT MEETING DATE: Tuesday, August 12, 2025 @ 10:00 am ET via Zoom
Thursday & Friday, October 2-3, 2025 @ 9:00 am ET – Budget@
Monday, January 26, 2026 @ 10:00 am ET via Zoom
Friday, April 24, 2026 @ 9:00 am ET (Board); 3:00 pm ET (Annual)
A MOTION was made by Steve Couch and seconded by Deb Stevens to move into Executive Session to discuss items regarding association personnel. All voted in favor. Motion carried unanimously.
A MOTION was made by Terry Barrett and seconded by Steve Couch to move out of Executive Session. All voted in favor. Motion carried unanimously.
The meeting recessed at 2:28 pm for the Annual Meeting and reconvened at 3:20 pm.
ELECTION OF OFFICERS – Duly nominated and unanimously elected were:
Tim Pellerin as President
Mike Dammeyer as Vice President
Deb Stevens as Secretary/Treasurer
ADJOURNMENT
There being no further business, MOTION was made by Steve Couch and seconded by Deborah Stevens to adjourn. Mr. Pellerin voted aye, Ms. Stevens voted aye, Mr. Dammeyer voted aye, Mr. Barrett voted
aye, and Mr. Couch voted aye. Motion carried unanimously.
Meeting adjourned at 3:29 p.m.
A property walk was conducted by all attendees, along with viewing a newly furnished unit.
These minutes were approved on October 2, 2025.