Wednesday, November 30, 2011

Annual Meeting - Take Two - Next Tuesday

The HOA makes its second attempt at holding its annual meeting next Tuesday, December 6. We need 30% of eligible owners (those not more than 90 days in arrears on their HOA dues) to attend or to send in their proxy forms for the meeting to become official.

That number is 66. As of today, we have collected 36 proxy forms. We need 30 more people either to return their proxy forms or to show up in person at the meeting. If we fail, we can't hold the annual HOA board election, which has potentially expensive consequences to all owners.

Here's why:

If we do not elect a new Board and two or more of the existing Board members have to resign, there will not be a quorum of the Board to operate the Association. Then the Association goes into receivership and we pay lawyers lots of money to do what our fellow owners currently do for free.

This could ultimately mean a big rise in HOA fees. Lawyers do not work cheap. No one in the community will have control over this if we forfeit our right to run our own HOA.

No comments:

Post a Comment