Tag Archives: surplus

FL: Fort Myers HOA cuts residents $100 checks

News items of national interest regarding Condominium and Homeowner associations, compiled by the Community Associations Network

After careful budgeting of 2011 funds (maintenance and upkeep for grounds, lake, gate systems, and the ‘unexpected’) the development is now out of debt and decided to give the surplus of funds to their residents.
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Attention: It’s HOA ‘meeting season’

The community association industry is in the midst of what is commonly known as “meeting season.”

Traditionally, annual meetings for HOAs are held near the end or at the beginning of the calendar year. Every year questions arise on annual meeting procedures. Many questions revolve around the issues of proxy forms and ballots – often confused.Proxy form: This is used by an owner who cannot attend the meeting in person, but still wants to cast a vote. It is a document signed by a property owner by which he or she gives another person (who will be at the meeting) the authority to cast the owner’s votes on whatever issues arise. Most HOAs send proxy forms out to owners along with the Notice of Meeting.

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Boards have broad discretion on surplus

Q. Our community adopted the N.C. Planned Community Act several years ago. Our current HOA president and board are of the opinion that they have the authority to spend, without membership approval, any assessment income left over after paying the HOA’s operating and other expenses.

The issue surfaced when the HOA found itself with about $600,000 in excess funds. The board took it upon itself to spend that money on traffic-calming road features and a multitude of playgrounds throughout the community, without getting approval from the membership. Can they do that?First, allow me to congratulate you on being a member of an HOA that actually has a budget surplus. Many HOAs are suffering with budget shortfalls in these tough times. I wish more of my clients had problems like yours.

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