hoa turnover - transition advisory group...2018/05/09 · board under the hoa documents valencia...
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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?
VALENCIA LAKESPROPERTY OWNERS’ ASSOCIATION, INC.
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
VALENCIA LAKESPROPERTY OWNERS’ ASSOCIATION, INC.
• 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
VALENCIA LAKESPROPERTY OWNERS’ ASSOCIATION, INC.
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
VALENCIA LAKESPROPERTY OWNERS’ ASSOCIATION, INC.
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
VALENCIA LAKESPROPERTY OWNERS’ ASSOCIATION, INC.
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
VALENCIA LAKESPROPERTY OWNERS’ ASSOCIATION, INC.
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
VALENCIA LAKESPROPERTY OWNERS’ ASSOCIATION, INC.
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
VALENCIA LAKESPROPERTY OWNERS’ ASSOCIATION, INC.
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
VALENCIA LAKESPROPERTY OWNERS’ ASSOCIATION, INC.
WHAT HAPPENS AFTER TURNOVER?
• 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
VALENCIA LAKESPROPERTY OWNERS’ ASSOCIATION, INC.
WHAT HAPPENS AFTER TURNOVER?
• 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
VALENCIA LAKESPROPERTY OWNERS’ ASSOCIATION, INC.
WHAT HAPPENS AFTER TURNOVER?
• New Board will review finances of HOA and condition of Association Property
• Developer will assist new Board with transition
VALENCIA LAKESPROPERTY OWNERS’ ASSOCIATION, INC.
BEST OF LUCK TO ALL WHO RUN
QUESTIONS?
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