hoa turnover - transition advisory group...2018/05/09 · board under the hoa documents valencia...
TRANSCRIPT
![Page 1: HOA Turnover - Transition Advisory Group...2018/05/09 · Board under the HOA Documents VALENCIA LAKES PROPERTY OWNERS’ ASSOCIATION, INC. WHAT HAPPENS AFTER TURNOVER? •New Board](https://reader034.vdocuments.net/reader034/viewer/2022042418/5f3414c247b2e148f36864d7/html5/thumbnails/1.jpg)
HOA TURNOVER
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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?
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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
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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
![Page 5: HOA Turnover - Transition Advisory Group...2018/05/09 · Board under the HOA Documents VALENCIA LAKES PROPERTY OWNERS’ ASSOCIATION, INC. WHAT HAPPENS AFTER TURNOVER? •New Board](https://reader034.vdocuments.net/reader034/viewer/2022042418/5f3414c247b2e148f36864d7/html5/thumbnails/5.jpg)
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
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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
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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
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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
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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
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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
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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
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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
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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
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VALENCIA LAKESPROPERTY OWNERS’ ASSOCIATION, INC.
BEST OF LUCK TO ALL WHO RUN
QUESTIONS?