HOA Turnover - Transition Advisory Group...2018/05/09 · Board under the HOA Documents VALENCIA...

HOA TURNOVER

VALENCIA LAKESPROPERTY OWNERS’ ASSOCIATION, INC.

AGENDA:

•What is Turnover?

•Timetable for Turnover

•Eligibility to Run for the Board

• Initial Election Meeting

•What Happens After Turnover?


WHAT IS TURNOVER?

• Developer-Appointed Directors Resign

• Homeowners Elect New Board of Directors

• New Board Holds Initial Organizational Meeting and Appoints New Officers

• New Board takes over all responsibilities of Board pursuant to the HOA Documents


• First Notice of Initial Election Meeting

• Intent to Run Forms Due

• Second Notice of Initial Election Meeting

• Meet Your Candidates Night

Pre-Turnover Meeting Events

• Developer-Appointed Directors Resign

• Homeowners Elect New Board of Directors

Initial Election Meeting • Organizational Meeting

Held After Election Meeting or Within 10 Days Following Election

• Newly Elected Directors Appoint Officers

Organizational Meeting


TIMETABLE FOR TURNOVER

• June 18 – First Notice of Initial Election Meeting

• July 02 – Intent to Run Forms Due

• July 06 – Candidate Information Sheet Due

• July 12 – Second Notice of Initial Election Meeting

• July 16 – Meet the Candidates Night

• July 31 – Turnover – Initial Election Meeting


ELIGIBILITY TO RUN FOR BOARD• Members or Members’ Parents, Children or Spouses

• If Member is an entity (like an LLC, Corporation or Partnership), then must be partner, shareholder, director, member, manager or officer

• If Member is a Trust, then must be the grantor or beneficiary of Trust


ELIGIBILITY TO RUN FOR BOARD• Candidate must not be delinquent in payment of any

assessment, fee, fine or other monetary obligation

• Not been convicted of a felony or an offense from another state that would be considered a felony in Florida

• Must Timely File Intent to Run Form

• Nominations will NOT be taken on night of election


INITIAL ELECTION MEETING• 7 directors will be elected - Developer will not vote in

the election

• No quorum requirement, but 20% of eligible voters must cast a ballot to have valid election

• Written ballots used for voting; absentee ballots will be available – only 1 vote per Lot

• Proxies cannot be used for voting for directors


INITIAL ELECTION MEETING• 3 Member Election Committee used to supervise

election, count and verify/disqualify ballots, and certify results of election

• Election Committee determines questions by plurality vote

• Results announced to the Members


WHAT HAPPENS AFTER TURNOVER?

• Initial Organizational Meeting of new Board

• Newly elected Board takes over for Developer appointed Board

• New Board carries out all responsibilities of the Board under the HOA Documents



• New Board has 90 days to make statutory certification regarding review of HOA Documents and discharging of duties

• Developer has 90 days to turn over all statutory documents required to be delivered to HOA



• New Board will serve until next Annual Members Meeting in December 2018

• Staggered terms of office will begin for all future elections starting with December electiono 2 years for majority of elected directors

o 1 year for other directors



• New Board will review finances of HOA and condition of Association Property

• Developer will assist new Board with transition


BEST OF LUCK TO ALL WHO RUN

QUESTIONS?

HOA Turnover - Transition Advisory Group...2018/05/09 · Board under the HOA Documents VALENCIA...

Documents

Transcript of HOA Turnover - Transition Advisory Group...2018/05/09 · Board under the HOA Documents VALENCIA...