Board members and homeowners present:
Ron Wiley, Bill Snook, Myron Davis, Lee Blackwell
4 homeowners were present

1. Call to Order
Vice President Ron Wiley called the meeting to order at 6:35 pm

2. Certify Quorum
4 of 5 Board members were present, thus establishing a quorum

3. Proof of Notice
Proof of notice was given

4. Approval of minutes from last meeting
This action was deferred to the next meeting. The management company presented the incorrect minutes for approval. Minutes from the annual and organizational meetings will also be presented at the next meeting. Prior to proceeding further, Ron introduced Penn First's new property manager for Cypress Isles, Larry Skinner. Larry gave a brief description of his background.

5. Financial Report
a. May 2004 financial report - This action was deferred to the next meeting. The management company presented the incorrect financial report.
b. Collection status - Lot 027: Last payment made by homeowner, $109, was incorrectly sent to and deposited by the Master Association. Myron will contact the Master to have the payment returned to the neighborhood association, at that time an assessment will be made to determine the remaining balance and on the next action to be taken. Lot 114: Homeowner has not responded to final demand letter. Motion by Bill Snook to proceed with obtaining the title report and proceed with next step in foreclosure process, second by Ron Wiley; all directors voted in favor. Lot 011: Myron will make a reminder call before the Board takes any action. Lot 050: Penn First will send a statement requesting balance of dues owed. Lot 053: New homeowner, no action will be taken at this time, the Board will wait to see if dues are just delayed by title company.
c. Contracts - Status of contracts and renewals was discussed. General Liability and Board Insurance is due for renewal 6/24/04. The current policy premium will increase by 28% with current underwriter. Lee Blackwell will review the policy and obtain additional quotes and limits to keep the renewal cost in line with the approved budget.

6. Committee Reports
a. ARC report - Manuel Juarez conducted a drive through of the neighborhood and presented a summary report to the Board. Lot 027 is in bad condition and will need Board action and a decision was made to send a final notice. The other items discussed were minor in nature and door knockers will be sent. A discussion ensued on the subject of browned palm fronds on the Washingtonian Palms, the Board agreed that standards need to be developed on the trimming of the browned fronds. The condition of the entrances was discussed along with potential upgrades of the background material. Myron Davis will get a contact for Orange County to request information on the neighborhood grant program.
b. Long term projects - Manuel Juarez presented a long term project list that was discussed. Items to be considered by the Board are speed bumps on Spring Island Way, entrance sign renovation, dead palm fronds, fence maintenance, welcome packets and welcoming process, website, and social planning. Lee Blackwell will determine the cost to obtain a domain name and host space for a Cypress Isles web site.

7. Neighborhood watch - No activity

8. Newsletter - The next newsletter will go out in August, articles are solicited.

9. Old Business - None

10. New Business
a. Property Management Contract - The contract has one more year in force, proposals will be coming in for next year.
b. Landscaping Contract - The Board has received complaints on the performance of the landscaping contractor in mowing around the ponds. Penn First will contact the contractor by letter on this subject.

11. Open Forum - No input form the floor

11. Next Meeting - July

12. Adjournment - Motion by Ron Wiley to adjourn, second by Lee
Blackwell. The meeting was adjourned at 8:20 pm.

_______________________ ________________________
Minutes submitted by Board of Directors
William Snook
Secretary of the Board