HOA Annual Voting - it is important, read your ballot & vote

[clotheshorse]

I have to admit, I am usually an absent member when it comes to HOA issues and voting as a shareholder of companies in my portfolio. Lesson learned this time around. Regarding timeshares, I own at both Beach House and Windward. I was about to shread my ballot and actually took the time to read the cover letter to find out that we were voting on whether to fully fund reserves with an impact of increased annual assessments between $300 (Winward) - $500 (Beach House) per week. Needless to say that I paid attention and actually voted this year.

 

[alexadeparis]

I have to admit, I am usually an absent member when it comes to HOA issues and voting as a shareholder of companies in my portfolio. Lesson learned this time around. Regarding timeshares, I own at both Beach House and Windward. I was about to shread my ballot and actually took the time to read the cover letter to find out that we were voting on whether to fully fund reserves with an impact of increased annual assessments between $300 (Winward) - $500 (Beach House) per week. Needless to say that I paid attention and actually voted this year.

Yes, mine said the same thing for Coconut Plantation. I think they may have finally heard us about the high (relatively speaking) MF compared to other systems.

 

[bdh]

Yes, mine said the same thing for Coconut Plantation. I think they may have finally heard us about the high (relatively speaking) MF compared to other systems.

While the vote provides each owner a small voice on MF's, the vote is really the HOA Board responding to Florida statutes that require that all Statutory Reserve items be a fully funded level based upon a specific formula unless waived by a majority vote of a quorum of all owners.

Until Florida enacted the fully funded statute a few years back, each HOA Board created a project list based on whatever they thought was the appropriate amount of work/up grades to perform in the upcoming year and adjusted MF's to that. However the potential scenario with that is that there isn't sufficient money in the reserves and a special assessment would be needed in the future. To "protect" against under funded reserves and special assessments, the state passed legislation that requires reserves to be fully funded - unless that requirement is waived by the majority vote of a quorum of all owners.

So the vote regarding "Should the Association approve the waiver of the Association’s full funding of the Association reserves for 2018?” is the HOA Board complying with state statute in lieu of comparing HRC MF to other systems.

 

[Kal]

While the vote provides each owner a small voice on MF's, the vote is really the HOA Board responding to Florida statutes that require that all Statutory Reserve items be a fully funded level based upon a specific formula unless waived by a majority vote of a quorum of all owners.

Until Florida enacted the fully funded statute a few years back, each HOA Board created a project list based on whatever they thought was the appropriate amount of work/up grades to perform in the upcoming year and adjusted MF's to that. However the potential scenario with that is that there isn't sufficient money in the reserves and a special assessment would be needed in the future. To "protect" against under funded reserves and special assessments, the state passed legislation that requires reserves to be fully funded - unless that requirement is waived by the majority vote of a quorum of all owners.

So the vote regarding "Should the Association approve the waiver of the Association’s full funding of the Association reserves for 2018?” is the HOA Board complying with state statute in lieu of comparing HRC MF to other systems.

The underlying fact is that the resort is not fully funding replacements. I'm good with it as long as it doesn't catch up with us down the road. If that occurs, it could be special assessment time. Don't know how serious hurricane damage would play into that issue.

 

[bb70]

I don't recall receiving a ballot. Is voting online or only by mailed, paper ballot?

 

[NWTRVLRS]

We have always received ours in the mail

 

[scsu_hockey_fan]

We have always received ours in the mail

Curious as to if any pinion pointe owner's have ever received this kind of notice. Now or in the past. Have had interest of purchasing here in the past but have been holding out to see how the new pure points system pans out.

 

[NWTRVLRS]

We own a resale at Pinon Pointe

 

[alexadeparis]

Sounds like just Florida units are affected.